The Dominica IBC was enacted by IBC Act 10 of June 26 of 1996 and it is one of the best offshore vehicles available:
- Only one director required;
- Corporate body can be Director and Shareholder of the Company;
- One person or corporate body can be both, director and shareholder;
- There is no requirement of the secretary of the company;
- Barer Shares available (but have to be kept in Dominica);
- No limitation of the amount of share capital of the company;
- Registration and annual fees do not depend on the amount of the share capital;
- Annual Government fee for the tax exemption is due to be paid at the date of incorporation of the company;
- Share capital can be formed and registered in any recognizable currency;
- There is no requirement to pay up the share capital, in whole or partly;
- There is no requirement of audit/financial returns for the company;
- Tax exemption for 20 years;
- Annual meetings of shareholders and directors of the company (if more than one) could be held anywhere in the world. There is no requirement of personal meetings, you can do it with the electronic sources of communication;
- No requirement to file any information on the director(s) and shareholder(s)
- There is no any international agreements on the dual taxation;
- You can use any internationally recognized ending, which states Limited Liability of the company (LTD., Limited, Corp., Corporation, Inc., N.V., S.A., GmbH, etc.)
IBC, international business company, also known as offshore company or non-resident company, is fully exempt from taxation in Dominica for its lifetime. The Government guarantees the tax-exempt status for twenty years. No financial reporting is to be lodged with the local authorities. The company is to pay fixed annual fees on the anniversary date to keep in good legal status.
The governing legislation: International Business Companies (IBC) Act 1996 (“IBC Act”).
Directors and shareholders can be individuals or corporate bodies of any nationality and residence, including from Dominica. The company may have a single shareholder, and the same person can be appointed a director. The director does not need to be a shareholder. Secretary is not required by law. Details of directors and shareholders are not available from the Public Registry.
Share capital can be nominated in any recognizable currency, in any amount (not less than US$ 100). There are no paid-up requirements towards the company’s share capital at the moment of incorporation and no time frames stated for further payment of share capital. Bearer shares are available. No par value shares are available.
There is no obligation to undertake annual meetings of the Board of Directors or Shareholders. The directors and shareholders can meet in person, by proxy, by phone or other electronic means.
Corporate books and records can be kept both in Dominica and in any other country of the world, and can be managed by electronic files or programs.
There is no currency control in Dominica. The company may open bank accounts in any currency in Dominica and overseas.
Use of Apostille is available.
Incorporation takes 24 to 72 hours, shelf companies are available.
Dominica allows for re-domiciliation of companies to and from Dominica and continuation under another jurisdiction. A company incorporated outside Dominica may continue as a Dominica company, notwithstanding any provision to the contrary in the laws of the jurisdiction under which it is incorporated.
Common Uses of Dominica Companies
Legislation governing setup and operation of an IBC is very flexible, which makes the Dominican company a useful vehicle for many businesses. An IBC can be incorporated for any legal purpose and may conduct any legal activity, except for banking and insurance business. It is also prohibited to carry on business in Dominica or own interest in a real property situated in Dominica other than used as an office facility.
An IBC can be used for any commercial activities, including but not limited to:
- Offshore savings and investments
- Manufacturing and transportation
- Trading, marketing and distribution
- Forex and stock trading
- E-commerce, Internet trading
- Professional service company
- Employment of overseas stuff
- Online casino and other gaming, providing you obtained the necessary Internet gaming license
- Ship management and maritime operations; owning and lease of yacht & vessels
- Holding of title to any property (apartments, lots, houses or other movable or immovable asset, intellectual property (copyright, royalty, patent, know-how, trademark), shares of subsidiaries in other companies, including high tax jurisdictions.
Samuel Lewis Avenue and 55th Street PH SL 55 Building, Suit 3 Panama City, Panama
0834-1987 Panama, Republic of Panama
Toll free from the US/Canada: + 1-800-961-9655
Toll free from Switzerland: + 41 0800-562068
From the UK please dial: +44-2081149531