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Business The Commonwealth of Dominica is an English speaking, independent Island Nation and offshore jurisdiction located in the Eastern Caribbean. Dominica has passed some of the newest offshore legislation in the World and is a lot more advanced than most other offshore jurisdictions. It also has the pick of the asset protection and secrecy features of the other offshore centers. IBC's incorporated in The Commonwealth of Dominica are completely free of all taxes. It is an independent sovereign jurisdiction and will not be affected by OECD or EU/UK legislation. The Act provides for total confidentiality with civil and criminal penalties for any disclosure of information. There is no requirement for the disclosure of the beneficial owner to any authority and bearer shares are allowed. There is no requirement to file audited accounts with the authorities.Offshore Legislation The International Business Companies Act was enacted in June 1996 and provides for the incorporation, operation and regulation of International Business Companies (IBC's). The advantages of incorporating in the Commonwealth of Dominica include the following:  There
is exemption from all local taxes, death duties and other similar
charges. There
are no exchange controls on the movement of funds by IBC's and there is
unrestricted operation of bank accounts in most International
currencies.
The US$ is the default currency. Bearer
shares are allowed and there is strict confidentiality.
There
is no requirement to file accounting information with any authority.
Dominica
has a closed registry, meaning directors and shareholders are kept
totally
secret. There
is no capital gains tax. Shareholders
may re-issue and re-acquire their own shares and sole directors and
shareholders
are allowed. The sole director may also be the sole shareholder.
Directors
may be persons or another company. Shareholder's
and directors' meetings can be held outside Dominica.
There
is no statutory requirement to hold an Annual General Meeting.Asset
security is maintained, as provisions restrict seizure, expropriation
or
confiscation by foreign authorities.There
is no requirement for your company to have a secretary.There
are no minimum capital requirements.There
is no need to come to Dominica to have your IBC formed.You
can have your IBC in Dominica and your offshore account in another
jurisdiction.
We provide you with choices.Government The Commonwealth
of Dominica
became an independent nation on 3 November 1978. Dominica has a
parliamentary
style of government on the UK model and is a member of the British
Commonwealth.
Elections are held every five years. Executive power rests with the
Prime
Minister and Cabinet. Legal System The Commonwealth of Dominica is an independent Sovereign State with a written constitution. The legal system is based on English common law. Monetary System & Exchange Controls Dominica is a member of the Eastern Caribbean Central Bank. The legal currency is the Eastern Caribbean (EC) dollar which is issued and regulated by the Central Bank. Your account can be in any major currency you like and we provide a choice of banks and jurisdictions. The EC dollar is fixed to the US dollar at the rate of US $1.00 equals EC $2.6882. US currency is also legal tender on the island and is readily accepted everywhere. The banking
system is well established
and there are both onshore and offshore banks. There are no exchange
controls
and funds are easily transferred into and out of Dominica.
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