Dominica is an island country in the West Indies. The country is surrounded by several other small islands that are noted for providing tourist attractions along with opportunities for offshore company formation. Like its neighbors, the economy of Dominica is also dependent on these two factors. Investors from different parts of world choose Dominica for formation of offshore corporation mainly due to its location and advantages it provide to IBCs.
Following are main benefits available in Dominica for those setting up offshore company in the Dominica republic.
- IBCs in Dominica are exempted from all types of taxes and duties for 20 years after their incorporation. These include income tax, capital gains tax, withholding tax, stamp duty etc
- Only a single director and shareholder are required for registration of IBC. These directors and shareholders can be an individual or a corporation. They can reside anywhere and it is not mandatory for them to stay in Dominica. There is no requirement of secretary for IBCs
- Annual meetings are not necessary. These meetings can also be held anywhere in the world
- It is also not required to publish or file annual returns
- Accounting records are necessary but they can be prepared in any way. Audits are not necessary
- Dominican law guarantees maximum security and privacy of offshore company and the names of owners, directors and shareholders are not made public. Also, there is a fine and imprisonment for those reveling private information of IBCs
- The registration and incorporation process is simple and quick. It usually takes 1 to 2 working days to establish offshore company after submission of application
- Shelf companies are also available. These accelerate the process of creating IBCs
- Dominica has legalized documents by Apostille. It makes easier to conduct international business paperwork
- Minimum authorized share capital is marginal at $100
- English is the official language in Dominica and it is used in all legal documentation
These are important factors that clearly highlight the importance of Dominica as a preferred offshore jurisdiction for investors from all around the world. Dominica provides one of the best opportunities in the world to setup your offshore company. Several of these benefits are just unique that you may not find in any other offshore jurisdiction. For further details and assistance on the matter, you can contact DOCS Consultancy via our WhatsApp # 971-56-9971225 or email address [email protected]