Dominica Offshore Companies

Dominica offshore companies have been incorporated in Dominica from 1996 when the Dominica International Business Companies Act was successfully passed in parliament. This legislation made it possible for the incorporation of Dominica International Business Companies or Dominica offshore companies as they are commonly known. Other offshore services which are available on the island include offshore banking.

Dominica offshore companies are very easy to incorporate. A person interested in Dominica offshore company formation should contact one of many offshore service providers or offshore agents present in Dominica as legislation stipulates that Dominica offshore companies cannot be formed without an offshore agent. The registered agent will prepare and submit documents to the Registrar of Companies who will issue the company with a Certificate of Incorporation.

Once incorporate a Dominica offshore company becomes a legal entity and is able to conduct its business operations anywhere in the world. Dominica offshore companies are not allowed to do business operations on the island of Dominica or with residents of the country. The offshore company can have an office in Dominica and recruit professional such as accountants and managers to ensure that the business of the company is run effectively.

Perhaps the biggest benefit to Dominica offshore company incorporation is the tax benefits which these companies get. Dominica offshore companies will pay no taxes on its incomes as this is not earned in the country. Dominica offshore companies must pay an incorporation fee and an annual license fee. License fees are paid at the end of each business year. Dominica offshore companies are exempted from Stamp Duty and transfer fees. Dominica offshore companies are also known as exempt companies for this reason. Dominica offshore companies are guaranteed these tax exemptions by legislation. According to Dominica offshore company legislation tax exemptions are guaranteed from the day of incorporation. These companies enjoy a guaranteed twenty (20) year tax exemption period.

Documentation requirements are demanding but this is necessary for administering a reputable second citizenship program. Second citizenship by investment is supervised by FSU or FSC (Financial Services Commission) in the respective countries. Application documents include copies of passport for identification, health checks, character references and proof of school attendance for children. The programs are designed for families and single individuals and contributions are organized accordingly. Licensed agents are government approved and are regulated to operate according to strict rules.

The structure for Dominica offshore companies is very simple. For offshore company registration in the tax haven of Dominica one shareholder and one company director is needed. The shareholders and company directors can be of any nationality and can be the same individual. There is no obligation to appoint a company secretary. Dominica offshore companies can keep shareholder meetings anywhere in the world and keep financial statements and audits anywhere in the world. Since Dominica offshore companies pay no local taxes there is no need for these companies to submit financial statements to the local tax authorities at the end of the financial year.

Setting up a Dominica offshore company is very easy. The minimum authorized capital for a Dominica offshore company is US$100. For offshore company formation in the offshore jurisdiction of Dominica a Memorandum of Association and Articles of Association are submitted to the Registrar of Companies by the registered agent on behalf of the company shareholders. The owners of the Dominica offshore company benefits from confidentiality as the names of the company owners are not made public knowledge.

Dominica offshore companies or Dominica International Business Companies are good companies to invest in as they provide asset protection and as well as privacy for owners.

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