Main Characteristics and the basic rules of Company registration in Dominica
The Commonwealth of Dominica is also popularly known as Dominica. It is a former British Colony. Located in the Eastern Caribbean, Dominica is a presently Constitutional Independent Democracy. If you are planning to start a business overseas, you can always choose Dominica as your destination. We at BRIS Group will assist you in all possible ways for establishing the business successfully in the foreign land.
It was in June 1996 that the International Business Companies Act (IBC) was legislated. This Act offers flexible company structures, progressive legislation and highly efficient and transparent incorporation procedures. Dominica company formation with our assistance will not be a problem at all.
Advantages of incorporating a company in Dominica
There are many advantages of incorporating a company in Dominica. Some of the prominent ones among them include the following:
Privacy of Dominica companies
While Dominica company formation, we at BRIS Group inform our clients in detail about the privacy of the Dominica companies. Under Section 112 of IBC Act, it is a punishable offence with monetary fine of US $25,000 along with imprisonment of 2 years for anyone who will reveal any kind of confidential information about a Dominica corporation, until and unless it is asked and ordered by the court. It is regarded as a serious offence even if it is done by the official liquidator or the auditor. Complete information regarding the Beneficial Owners is kept highly confidential at Registered Office and no public has access to that information in any situation.
Handling all kinds of legal and official formalities for company formation
Though it is mentioned again and again that Dominica company formation is a hassle-free process, yet there are innumerable formalities and procedures which have to be completed and accomplished. At BRIS Group we have experts in our team, who know the nitty-gritty of these things and can handle all the things on their own. They can take care of all formal and legal proceedings which are needed for company formation in Dominica ably. Call us today for more details and information!
|Dominica Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Dominica Tax Information Exchange Agreements:||Yes, TIEAs signed by Barbados|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Dominica Company Formation||Registration Requirements|
|Classes of Share Available for Dominica company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Minimum paid up share capital:||US$1|
|Bearer Shares:||Yes, Allowed|
|Registered Office Required:||Yes, required and must be maintained in Dominica.|
|Registered agent:||Yes required and must be maintained in Dominica.|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality and need not be resident in Dominica. Corporate directors are allowed.|
|Company Seal:||Yes, company must have a company seal.|
|Your Company language:||Latin alphabet.|
|Name of your Company must be ended:||“Corporation”/ Corp., “Limited”/Ltd, “Incorporated”/Inc.,, “Societe Anonyme”/S.A., “Sociedad Anonima”|
|Documents required for Dominica company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Dominica Company Formation||Restriction|
|For Dominica company formation you cannot use words in your company names without justification:||your company names without justification: “Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Dominica Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Possibility to use Nominee Shareholders and Nominee Directors for Dominica Company Formation:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||NO, The names or identities of beneficial owner do not appear in any public records|
|Meetings of Directors and Shareholders to be held:||You can hold Meetings of Directors and Shareholders of Dominica IBC anywhere.|
|What is the stability to register Dominica Company (IBC):||Assured jurisdiction and prominent reputation.|
|Political System:||Parliamentary republic|
|Government:||The Prime Minister of Dominica is the head of government.|
|Governing corporate legislation:||The Business Companies Act, 1996 (“the Act”) as amended.|
|Type of Law:||Common|
|Type of company:||International Business Company (IBC)|
|Currency:||East Caribbean Dollar (XCD)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.