DOING BUSINESS IN DOMINICA IN 2017
Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in the Commonwealth of Dominica. Our services include i) Dominica company incorporation ii) government license registration iii) business bank account opening iv) employee recruitment v) visa strategies and vi) office rental solutions.
Press the link headings below to read detailed, relevant, up to date information.
Advantages of Dominica company registration
- A minimum of one shareholder and one director are required for Dominica company formation. The shareholder and director need not be residents in Dominica, and can even be the same person. Corporate shareholders and directors are permitted;
- The minimum capital requirement to complete Dominica company registration is US$1, which must be fully paid-up. No par value shares are not permitted under Dominican company law;
- There is no public register of shareholders, directors or beneficial owners with Dominica company formation, thus preserving Client confidentiality. In accordance with Section 112 of Dominica’s IBC Act, it is an offence for anyone to reveal any information regarding a Dominica corporation, except when related to criminal activity being investigated in Dominica itself. Breach of this law comes with a US$15,000 fine and two years in prison;
- No company secretary is required for a Dominican IBC, but a registered agent is compulsory;
- Following Dominica company setup, no annual audited financial statements are required. Therefore, it is convenient and cost effective to maintain a Dominica company in the long-term;
- Dominica is a member of the Organization of Eastern Caribbean States, along with Anguilla and several other nations in the region. Learn more about the OECS and the role of this regional organization on our blog;
- Dominica company formation is a legitimate corporate structure which, when properly structured, can house international tax-exempt profits. A Dominica company is also legally exempt from withholding tax, capital gains tax and value added tax (VAT);
- Dominica is not perceived as corrupt, ranking as the 39th least corrupt country in the world, according to Transparency Corruption Perceptions Index 2014;
- Healy Consultants can open a corporate bank account to support Dominica company formation in the jurisdiction of your choice. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered, and Citibank to provide corporate bank account services.
Disadvantages of Dominica company registration
- Dominica company formation may be perceived as a tax haven structure, increasing the risk that international banks’ compliance departments reject bank account opening applications from Dominican IBCs;
- A Dominica IBC cannot undertake banking, trust, and insurance or re-insurance business without prior government approval. In addition, it cannot own local property;
- Dominica company formation is a relatively time consuming and tedious process. According to the World Bank’s Doing Business 2016 Survey, Dominica poorly ranked as the world’s 91st easiest place to do business in the world, its greatest difficulty in ‘registering property’.
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- Time to incorporate: Two weeks
- Cost to set up: US$8,450
- Minimum capital: US$1
- Physical office required: No
- Shareholders: 1
- Directors: 1
- Registered agent: Yes
- Resident director: No
- Corporate tax rate: 30%
- Corporate tax base: Territorial
- Shelf companies: Unavailable
- Main company type: IBC
Useful links for Dominica
Government and public authority websites:
- Dominica Tax Authority
- Dominica Company Registrar
- Dominica company name search
- Dominican Financial Services Unit – the Dominican financial regulator
- Investment Promotion Authority
- Dominica airports
- Visiting Dominica
- Dominica Government
- Dominica Yellow pages
- Dominica Business Directory
- Dominica Doing Business – Country Profile 2016
- Doing Business wirh Dominica
- Survey of the Caribbean Tax Systems
- Corporate Income Tax Competition in the Caribbean
- Dominica National Export Strategy
- Foreign Direct Investment in the Caribbean
- Invetment Opportunities Dominica