Dominica Offshore Company
Dominica offshore companies are legally referred to as Dominica International Business companies, IBCs for short. The incorporation of the Dominica company began with legislation in 1996. Offshore companies are legitimate business vehicles used all over the world. The scope of business for which an IBC can be used is broad, with very few limitations or restrictions. A Dominica IBC is formed through a local agent (offshore service provider) who will file the Memorandum of Association and Articles of Association. The following information must be found in the Memorandum of Association:
- A proposed name of the corporation
- A company’s purpose statement
- The name and address of the offshore service provider (registered agent )
- The authorized share capital of the company
- The types of shares to be issued, and the rights and privileges of each type of share
- The company’s by-laws (contained in the Articles of Association).
All Dominica offshore companies benefit from tax free enterprise for a guaranteed twenty years (20), and this tax exemption for Dominica companies applies to all corporate taxes. Further, revenue generated offshore, is not taxed. In fact true to its intent, an offshore company registered in Dominica, is subject to 100% tax free operations providing it complies with the few restrictions imposed on Dominica offshore companies. Offshore corporations incorporated in Dominica are not subject to capital gains tax, inheritance tax, withholding tax, transaction duties or taxes or gift tax. In addition, although Dominica does have exchange controls in place, it does not impose foreign exchange restrictions or tariffs on Dominica offshore companies.
The license fees in Dominica are set at a very low rate which is paid regardless of the authorized share capital of the company
While the Dominica offshore company can perform business operations anywhere in the world that type of Dominica company may not conduct any business in Dominica, except to employ the services of professionals such as accountants, lawyers and investment managers. Offshore companies incorporated in Dominica do not have to maintain financial records, and in the event that such financial records for the Dominica offshore company are retained, the physical records can be held anywhere in the world. Similarly, the annual general meeting for Dominica Offshore companies can be anywhere in the world.
Only one shareholder (1) and one (1) director is needed for Dominica offshore companies. The director and shareholder of an offshore company formed in Dominica can be the same person.
The privacy of offshore corporations and their rightful owners us scared and upheld by follow up legislation, where infractions can be penalized with heavy fines and jail sentences. To further enhance and protect the privacy of the beneficial owners the Dominica Company. Nominee shareholders and directors are permitted, and information pertaining to the beneficial owners of the Dominica IBC is not a public record.
Dominica Offshore companies can be formed in as little as one business day, and the support and maintenance services are offered by licensed and seasoned professionals.