Dominica

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Dominica

General information about the jurisdiction

The Commonwealth of Dominica is the state, situated on the island in the Caribbean, which attracts tourists by hot springs, beaches with black and yellow sand, a variety of flora and fauna.

Dominica became independent in 1978, after which it were multiple economic crises. Today the agriculture and the financial sector is developing.

1. Legislation

The International Business Companies Act 1996 regulates companies’ activities in Dominica.

2. Company formation

2.1 Types of companies

International Business Company (its name must include Limited, Ltd, Corporation, Corp., Inc., S.A. etc.). The companies can not receive income from the sources located in Dominica or to own property there. 

2.2 International Business Company:           

  • The minimum authorized capital – not established. Payment by the moment of incorporation in not required.
  • Shares –bearer shares are allowed but their certificates must be kept by the resident agent.
  • Director – at least 1 individual or legal person, no residency required. 
  • Members – at least 1, individual or legal person, no residency required. 
  • Secretary – not required.
  • Confidential information: information about directors and shareholders. Nominee service may be used. 
  • Company is not obliged to keep and submit an annual financial report, to be audited. 
  • Annual meetings of shareholders are not required. 

3. Taxes

An offshore company is exempt from taxation.

The state fee is $150 per year for companies with declared authorized capital less than $10 000.

4. Currency control

None

5. Agreements on avoidance of double taxation

Dominica has no agreement on avoidance of double taxation.

6. Features

Dominica is not in the tax havens list of Ukraine.