Dominica International Business Company is a flexible tool which can be used for various purposes- assets holding, international trading, financial intermediary, international tax planning. Dominica IBC offers flexibility and benefits to global entrepreneurs for their business or holding operations.
DOMINICA IBC ADVANTAGES
» Dominica IBC is absolutely tax-free for 20 years
» Annual returns and accounts filling is not required
» Directors and shareholders can be of any nationality and residency
» Corporate directors and shareholders are allowed
» All types of shares are allowed
» Meetings can be held anywhere in the world
» No requirements to pay out share capital
» Incorporation process is quick and clear
Dominica Legal System is based on English common law with local modifications.
Company Law: IBC Act of Dominica (1996).
» The name of the Company must end with the following abbreviations: Ltd, Corp, SA, GmbH, Inc.
» IBC may not be incorporated with the name of another IBC that already been incorporated in Dominica.
» Restricted names: special permission is required for certain names, typically those implying a connection with financial services
» IBC name may be registered in any language, but has to be written in Latin characters.
REGISTERED AGENT & REGISTERED OFFICE
» Dominica IBC must have a registered agent who may be corporate body or individual resident in Dominica. Registered office is required.
DOMINICA IBC CORPORATE STRUCTURE
» Minimum one director is required
» Minimum one shareholder is required
» Shareholder and director may be the same person
» A director does not have to be a shareholder
» Directors and shareholders may be either natural or legal persons
» Shareholders and directors may be of any nationality and residency
» Nominee shareholders and directors are allowed
» Company secretary is not required
» Company officers are not required
» Nominee service permitted. Thus the true directors and shareholders can remain undisclosed. NTL can provide nominee service upon request.
Shareholders may be of any nationality, residency, individuals or legal entities, nominees are allowed.
Directors may be of any nationality, residency, individuals or legal entities, nominees are allowed.
PRIVACY & DATA PROTECTION
It is an offence punishable by a fine of US $25,000.00 and imprisonment for two years for anyone including an auditor or official liquidator to reveal any information regarding a Dominica corporation, except by order of the Court, and solely relating to criminal activities. (Section 112 of the Dominica IBC Act).
Documents which are kept at the Companies’ Registry:
» Certifcate of Incorporation
» Memorandum and Articles of Association (and amendments)
Documents which are kept at the registered agent office:
» Minutes of the First meeting and Director’s appointment
» Registers of Directors/Shareholders
» Share Certificate
» Register of mortgages and encumbrances (optional)
» Benefcial Owner Declaration and passport copies
» IBC records and accounts do not have to be held or filed with the authorities. If the shareholders, directors or officers decide to maintain such records or accounts, these may be held anywhere in the world.
» There is no requirement for meetings of shareholder(s) and/or director(s). If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other. Meetings can be held anywhere in the world.
PURPOSES & RESTRICTIONS
Dominica IBC may be organized for any lawful business purpose or purposes. There are no restrictions on doing business outside of Dominica except illegal activities or such activities that require additional licenses. Company should not conduct a business within the jurisdiction of Dominica. Dominica IBC should not conduct any business with persons who are domiciled or resident in Dominica.
Company should not conduct banking, trust, insurance or re-insurance, mutual fund business unless it was properly licensed.
It is restricted to own interest in real estate property in Dominica.
DOMINICA IBC SHARE CAPITAL
Minimum required share capital is USD 100. There is no maximum limit. It can be denominated in any currency. The standard authorized capital is USD 1,000 divided into 1,000 registered shares of USD 1.00 each.
Types of shares: registered, bearer (must be kept in Dominica at the registered office at all times), with a nominal value, without par value, with voting rights, without voting rights, preference shares, redeemable; One company may issue multiple types of shares.
» Law provides minimum twenty (20) years tax exemption for Dominica IBC beginning from the day of incorporation.
» There is no VAT
» There is no capital gain tax
» There is no income tax
ACCOUNTING & AUDIT REQUIREMENTS
There is no requirement to keeps accounts and to file annual reports.
IBC must keep financial statements, which management considers to be necessary to reflect the company’s financial condition.
The company must keep:
» all minutes of meetings of directors, members, committees of directors, committees of officers, committees of members;
» copies of all resolutions of the directors, members, committees of directors, committees of officers, committees of members;
» Reporting documents and minutes must be kept at the registered office of the company or any other place.
» The penalty levied on the company for violation of these requirements is $ 25 per day. If director deliberately violates these rules – he is also levied $ 25 per day.
» Audit is not required.
Completed Order Form and KYC form;
Each Beneficial Owner, Shareholder and Director must provide the following documents to complete IBC incorporation:
» A certified copy of passport or another acceptable ID document;
» A copy or original of a document proving address, such as a utility bill or bank statement;
» A copy or original of a reference letter or bank statement.
Dominica IBC corporate seal is not required.
TERMS OF INCORPORATION
Dominica IBC formation takes 2 business days. Apostilles take an additional one business day.
Our office always has a convenient supply of shelf companies ready for immediate transfer.
DOCUMENTS PROVIDED UPON COMPANY INCORPORATION
» Certificate of Incorporation
» Certificate of Good Standing (upon request)
» Memorandum and Articles of Association
» Appointment of the First Director
» Minutes of the First Meeting of Directors
» Certificate of Stock
» Registers of Directors, Shareholders
» Letter of Surrender of the Subscriber Shares
Dominica IBC has to be renewed every year on the anniversary date of the incorporation. Annual Fees include government fees, registered agent fee and registered office fee, and are to be paid every twelve months thereafter.