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  Professional offshore incorporations and offshore banking services since 1996

Dominica

 

BENEFITS OF DOMICILING YOUR BUSINESS IN THE ISLANDS
Offshore Banks in Dominica
Dominica Citizenship
EXEMPT INSURANCE
INTERNATIONAL TRUST
INTERNET GAMING AND WAGERING
INTERNATIONAL SHIP REGISTRY

More about Dominica


An offshore company (IBC) in the Commonwealth of Dominica is only $999:
Only one person is enough to incorporate a company.

Basic:
Incorporation Fee: $399
Registered Office/Agent: $450 p.a. 
Government Licence: $150 p.a. due in June each year
Total: $999

Names of directors and shareholders are not made public.

Options:
Corporate Seal: $100  (required for bank acc)
DHL/FedEx Courier: $100 
Assistance to open a bank account in Dominica at the largest Commercial Bank: $500 

Annual maintenance fees after first year:
 
Registered Office/Agent: $450 p.a. 
  Government Licence: $150 p.a.

Total: $600     
 

For all individuals (not companies) who are directors, shareholders and beneficial owners we need:

  • a certified copy of identification pages of passport,

  • police clearance certificate

  • a copy of their resume.
    These can be faxed, to start the incorporation, but originals will have to be sent to Dominica.

If you will need a bank account in Dominica:

  • police record

  • a bank reference and

  • a copy of most recent tax return will also be required
    for us to assist you with opening of the bank account.

The director can be secretary.
Importantly, copies of all resolutions and accounts, reports of the company must be sent to the Registered Agent in Dominica, by the secretary if one is appointed, and if one is not appointed by the director.
 


ORDER your Dominica company here


HIGHLIGHTS OF DOMINICA'S REGULATORY REGIME

INTERNATIONAL BUSINESS COMPANIES (IBCs)

DUE DILIGENCE
It is a fact that one of the strongest appeals of an IBC is the corporate veil and strict confidentiality that it provides. This feature has to be retained in order to maintain that appeal. However registered agents, in order to protect themselves, the reputation of the jurisdiction, and the interest of their clients who want to be domiciled in a reputable jurisdiction, have a statutory obligation to know their clients, and the beneficial owners of the company they represent, at all times.

COMPLIANCE ISSUES
The registered agent is required to comply with all the record keeping, document filing and other requirements under the Act, and laws and regulations relating to money laundering prevention. The IBC must also maintain a registered office in Dominica, which may or may not be the office of its registered agent.

ATTRACTIONS OF DOMINICAN IBCs

  • The IBC Act, in general, places emphasis on providing ease of operation to international companies

  • There are no statutory requirements to hold annual general meetings

  • The time and venue for meetings, can be determined by members, and participation in meetings can be by telephone or other electronic means

  • Single directorates, corporate directors and corporate shareholders are allowed

  • Foreign Exchange Controls do not apply to IBCs

  • Shares can be issued for non-monetary considerations and without par value

  • IBCs can apply to be licenced to engage in internet gaming business

  • IBCs can apply through their registered agents to register ships at Dominica's international ship registry

  • A minimum of one person can form an IBC

  • IBCs can issue voting shares, non-voting shares and different categories of voting shares

  • Can issue common shares, preferred shares, limited shares or redeemable shares

  • The share register which must be held at the registered office or by the registered agent of the company, can be kept in any form approved by the directors, but if held in electronic or other data storage form, legible evidence of its content must be available

  • Dominica offers on-line registration of IBCs. An IBC can be registered in Dominica any time of the day and any day of the week

  • Dominica grants its IBCs a 20-year exemption from the payment of taxes, duties and similar charges



Offshore Banks in Dominica

ARE SHELL BANKS ALLOWED?
No. In order to adequately regulate licensees, the legislation requires licensees to have a physical presence, which means that, at least one senior executive must be based in Dominica, and all books and records must be kept in Dominica.

WHO CAN BE DIRECTORS AND MANAGERS?
Only individuals who are of 'fit and proper' character with appropriate experience.

DUE DILIGENCE
The due diligence requirements are aimed at protecting the clients of the licensees, the licensees, and Dominica's good reputation Every shareholder, beneficial owner, and proposed director and senior officer of the applicant must complete and submit the required Disclosure Form as well as the Personal Questionnaire. The outcome of the due diligence checks will determine the likelihood of a licence being granted by the authorities.

SPECIAL TAX PROVISIONS
The licence holder is exempt from paying income tax, or any other direct tax levied in Dominica, upon its profits or gains in respect of its business in Dominica. Accordingly, licence holders are not required to submit tax returns in Dominica. When specialist services, which are not readily available in Dominica must be sourced from overseas, special incentives (by way of tax- free salaries and payment of salaries in foreign currency) will be granted.
Licensees are also granted duty free concessions on imports, which are related to the conduct of their offshore banking business. Service charges however are not waived, but these tend to be minimal.

CONFIDENTIALITY
Existing legislation provide for the imposition of a fine of $10,000 or a term of imprisonment for one year on anyone who except when lawfully required to do so, discloses any information (which he has acquired in the performance of his duties under the Act) on any licensee or customer.

COMPLIANCE ISSUES
We work closely with the applicant to ensure that the application is prepared according to the guidelines issued by the authorities. We review all required supporting documentation to ensure that there are no unnecessary delays at the processing end.

On receipt of the licence we, and the management team including the bank's Compliance Officer work together to ensure that the bank meets its statutory obligations including those relating to the prevention of money laundering, as well as meeting capital and reporting requirements, and other prudential guidelines.

INVESTMENT OPPORTUNITIES IN DOMINICA
The existing law allows offshore banks, licenced in Dominica, to participate in the financing of major employment and foreign exchange generating projects. By this process the banks can demonstrate that they are good corporate citizens.

 

INTERNATIONAL TRUST

There is existing, modern legislation that makes provisions for the registration of international trusts and for matters connected therewith.

DUE DILIGENCE

Every shareholder, director or senior officer of a trust company must complete the Disclosure Form, and the outcome of the due diligence check and assessment of relevant experience will determine the likelihood of a licence being granted or not. In addition to the Disclosure Form there is a Questionnaire to be completed by each as well.

COMPLIANCE ISSUES
We work with the applicant to ensure that the application is completed in accordance with guidelines set by the regulatory authorities. We review all required supporting documentation to ensure that there are no unnecessary delays during the processing of the application by the authorities.

On receipt of the licence, we work with your management team to ensure that the company meets its statutory obligations including those relating to the prevention of money laundering, capital, and reporting requirements.

SOME REASONS WHY YOU SHOULD REGISTER YOUR INTERNATIONAL TRUST IN DOMINICA
 

  • Trust income in Dominica is not subject to tax, beneficiaries are not subject to tax on their income. There are no stamp duties or similar taxes payable when property is passed to a trustee

  • The Act protects the Settlor's wishes by providing that a trustee can only invest trust funds in securities and assets authorized by the instrument creating the trust

  • The Act allows beneficiaries to trace and recover trust property in the event that the trustee mixes up the assets with other 'non-trust' property

  • The Act imposes penalties on a trustee who commits or concurs in a breach of trust

  • The Act allows for the registration of spendthrift, charitable and non-charitable international trusts

  • There is provision for the appointment of a protector of the trust

  • The Trust is governed, solely by the laws of Dominica, foreign judgements are therefore not enforceable, and the application of foreign laws expressly excluded

  • The Act allows for the appointment of a single Trustee

  • The entry in the register of Trusts can only be inspected if a Trustee gives written authorization to someone to inspect the entry

  • An international trust registered in Dominica is protected from forced heirship rights

  • International trust instruments are registered by the Registrar who is required to maintain a closed register.



EXEMPT INSURANCE

WHO CAN BE AN APPLICANT? WHAT CAN THE APPLICANT DO?
The Act allows for the licensing of exempt insurance companies, and for a company to obtain a licence as a Management Company to provide management services to exempt insurance companies. Residents who obtain the necessary approval of the Minister can be licenced as Management Companies to provide accounting, administrative, brokerage and underwriting services, and the processing of claims for exempt insurance business. We possess the expertise and network to provide your exempt insurance company with the management services it requires.

The exempt insurance company may retain a Management Company but must have a registered office in Dominica and must have a Resident Representative in Dominica who has a statutory obligation to work with the licensee to ensure compliance with the provisions of the Act.

The Act further makes provision for a body corporate under the Companies Act on successful application to be licenced by the Minister to act as a Holding Company. The sole objective of the Holding Company must be to own shares in a company whose objectives and activities are the transaction of exempt insurance business from within Dominica, the beneficial shareholders must not be residents of Dominica, and at least one director must be a resident citizen of Dominica.

DUE DILIGENCE
Dominica's due diligence requirements for financial institutions are always aimed at protecting the financial institutions, their clients, and Dominica's reputation. Every shareholder, beneficial owner, proposed director and senior staff is required to complete the Disclosure Form. The outcome of the due diligence checks with respect to fitness of character and relevant experience where appropriate, and ability to meet solvency requirements will determine whether or not a licence will be granted.

SPECIAL TAX PROVISIONS
The exempt insurance company, holding company or management company, are exempt from income tax or any other direct taxes on profits or gains, and are not required to submit tax returns in Dominica.

CONFIDENTIALITY
The Act prohibits the disclosure of any information relating to the affairs of a licensee or the application of a prospective licensee, which does not form part of public records unless a court of competent jurisdiction so order- The penalty for breaching this confidentiality provision is a fine of $10,000 or a one-year term of imprisonment.

COMPLIANCE ISSUES
The management of the exempt insurance company or its retained Management Company, the Resident Representative/ Compliance Officer, and directors are required to work as a team to ensure that capital and reporting requirements are met, prescribed solvency requirements are adhered to, and statutory obligations with respect to anti-money laundering measures are in place and complied with.

 
INTERNET GAMING AND WAGERING

WHAT CAN THE LICENSEE DO
The licenced Internet Gaming Company can offer internet sports-book business, cyber-casino business and 800 number betting business to its offshore clients

DUE DILIGENCE
Every shareholder, beneficial owner, proposed director and senior staff must complete the Disclosure Form. The result of the due diligence checks particularly relating to fitness of character, and relevant experience where appropriate will weight heavily in determining whether the licence will be granted or denied.

COMPLIANCE ISSUES
Every licenced Internet Gaming Company must have a local office and address, and a resident agent.

The resident agent, the registered agent where the registered agent is not the resident agent, and the management are required to work as a team, in ensuring compliance with the IBC Act, the terms of the Contract of Concession for the licence, the Technical Standards and Guidelines, and statutory obligations relating to money laundering prevention. One of the technical standards requirement is that the system be configured to deny entry to any would-be player from an address in Dominica

TAX PROVISIONS
Like the offshore banks, Internet Gaming companies are exempt from payment of income tax and other direct taxes on income or profits from their business operation, and are granted duty free concessions on business related imports

INTERNATIONAL SHIP REGISTRY


Existing legislation provide for the establishment of the Dominica Maritime Administration, the operating of an international ship registry and creation of a maritime programme consistent with international law. Under the Act, the Maritime Administration Unit was established in early 2000 with offices in Washington and Dominica, to develop and maintain an effective Maritime Administration to ensure that the Dominica flag remains one of quality and responsibility.

The International Ship Registry allows ships owned by entities outside Dominica to be registered under the Dominica flag. Any IBC or other company can apply. Registration gives ships a national entity and recognition under international law. Dominica is committed to ensuring that all ships under its flag comply with the design, construction, operational and technical standards required by international treaties.


BENEFITS OF DOMICILING YOUR BUSINESS IN THE ISLANDS

The islands offer to the international investor:

  • Economic and Political Stability

  • A legal system based on English Common Law

  • English as the official language

  • Easy air access to international destinations, and just about 3 hours flying time on average, to Miami

  • No exchange controls, and a stable local currency with relatively low rates of inflation

  • Cutting edge telecommunication facilities and overall lowering of costs as a result of liberalization in that sector

  • Exemption to offshore companies from duties on business-related imports and income tax on their operations. Dominica, for instance, is a zero tax jurisdiction for offshore companies and has no Capital Gains Tax.

  • A cadre of tertiary level professionals and secondary level trainable graduates.

  • Accommodating and regular review of legislation and regulations to preserve confidentiality and also to screen out those with undesirable intentions, so you will always be comfortable

  • The presence of international banks including Barclays Bank PLC, Bank of Nova Scotia in most of the islands, and in addition in Dominica Banque Francaise Commercial

  • The facility to apply for second citizenship in Dominica, Grenada and St Kitts or permanent residency in Antigua

  • A relaxing and friendly environment in which to conduct business

BENEFITS OF CHOOSING OffshoreSimple

We offer:

  • The expertise of a network of professionals across the islands

  • A practical understanding of the peculiarities and strengths of the islands, and ability to put you in touch with the island that specifically suits your needs

  • Directors who understand and are responsive to the needs of investors in terms of confidentiality and efficiency of service

  • Directors who also understand your desire to domicile in a country with good reputation, that meets industry best practices

  • Awareness of its responsibilities relating to reputation building and compliance with money laundering laws and regulations in the islands, and an obligation to take such precautions as will adequately safeguard itself and its bona fide clients

  • Professionals who have established track records in their respective areas of expertise in the field of corporate management and support services, and who operate successful private practices

  • The ability to communicate with you in Spanish, French or English
     


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