Dominica Company Formation with Offshore Bank Account
Dominica company formation is based on the International Business Companies Act of June 26 1996. The Act offers a new way of approaching corporation legislation. The legislation offers IBC’s many benefits in the arenas of asset protection and corporate privacy. Moreover, it utilizes a well-organized and planned incorporation process, with the privacy of all the corporations’ shareholders assured under the IBC Act section 12.
This section 12 of the IBC Act makes it an offense for anyone to reveal any information regarding a corporation (e.g. – no disclosure of Owners, Officers, Directors, etc) in Dominica, except by order of the Court, and solely relating to criminal activities. This offense is punishable by a fine and possible imprisonment for two years. Moreover, any information on the Beneficial Owners is not made available to the public. With an efficient incorporation process and costs that are very reasonable, Dominica offers one of the most beneficial offshore locations in the world.
In addition, one can open a bank account in the company name. There are many banks to choose from in the Caribbean. There are also a handful of banking choices in Dominica.
Advantages of an IBC in Dominica
– No capital gains tax
– No estate tax
– No death tax
– There are no exchange controls on the movement of funds by IBC’s
– Directors and shareholders may be natural persons or corporate entities
– There is no requirement for Directors or Shareholders to be resident in Dominica
– Shares can be issued with or without Par Value
– Directors’ meetings are not required
(Though there may be tax advantages in Dominica itself, people in the US, UK and many other countries are generally taxed on worldwide income. So, seek tax advice from the appropriate licensed accountant. Feel free to review these US offshore tax forms with your tax professional.)
Dominica (pronounced Dom-in-eek’-a) is located about halfway along the Eastern Caribbean archipelago. This mid-size island is nestled between the island of Martinique to the south and Guadeloupe to the north. The island’s official name is the Commonwealth of Dominica and it has a booming population of 70,000+ people covering a 289.5 square mile radius. The majority of the inhabitants live within and around the capital city, Roseau. The island is centrally located in the Caribbean offering easy access to the rest of the island chain. In addition, with English as the official language and favorable offshore corporation legislation, it makes it an ideal place for your offshore domicile.
Support for Business
In conjunction with our resident Dominica associate, we provide incorporation and the following support services to ensure compliance with Dominica protocol:
– Return of official documentation evidencing incorporation within one week by courier
– Facsimile filings and transmission of evidence within hours of filing
– Instantaneous name clearance
– Rapid corporate status advice and issuance of Certificates of Good Standing
– Inexpensive incorporation and annual charges
– Readymade companies for emergency situations
– Dominica offshore bank account services
– Resident management services when required
– Sample documentation for assistance in preparation
– Saturday incorporation and filings available
– Formal Name Reservation procedure
– Assistance in obtaining Legal Opinions from local Dominica counsel
Profile of Dominica
Known as the “Nature Island of the Caribbean,” Dominica was explored by Christopher Columbus in 1493. The island was first claimed by both Britain and France. In 1763, France officially relinquished it to Britain. Dominica is inhabited by its indigenous Carib and Arawak Indians and today it is the only island within the Caribbean which still has a Carib Indian population. Despite modern day advancements, this native people still try to preserve their traditional culture and lifestyles.
There are many spectacular features with regards to Dominica. Her magnificent mountain ranges along with her astonishingly regal valleys and river systems elevate this place to one of the most scenic places on earth.
The island also boasts rich tropical rain forests with an abundance of wildlife, beautiful sandy beaches, two marine reserves and four national parks.
Moreover, the island has the only Natural World Heritage site in the eastern Caribbean adorned by UNESCO on the World Heritage List. There is no dispute as to the island’s being the “Nature Island of the Caribbean”.
Dominica is not your run-of-the-mill Caribbean destination. There are no large resorts or high-rise buildings along the coastline to block out the beauty. Dominica is growing as a tourist destination because of its natural splendor. The island institutes very strict conservation programs in an effort to retain her natural beauty, as well as preserve the natural ecosystem of the land. This is mainly due to the Dominican culture where the inhabitants are accustomed to living with nature without exploiting it.
According to the Houston Chronicle’s website, Dominica is ranked among the top five diving destinations. Its pristine underwater world is a one of a kind. There are vast coral fields, sheer drops into the deep blue ocean, fascinating thermal vents and of course an abundance of tropical marine life, including whales and dolphins. All the different aspects of this exotic land make it a one of a kind destination.
The Dominica government is a Westminster-style parliamentary government, consisting of three main political parties: the Dominica Labor Party (the majority party), the Dominica United Workers Party, and the Dominica Freedom Party.
The basis for the Dominica’s legal system is English common law. There are three magistrate’s courts, with appeals made to the Eastern Caribbean Court of Appeal and lastly, to the Privy Council in London.
The Dominica Advantage
Whether you are new to the offshore market or a seasoned business professional looking to expand your business’ reach, Dominica is right for you. We pride ourselves in finding only the best offshore domiciles. We have a very rigid evaluation process and only work with the domiciles that meet our requirements.
Dominica offers many mechanisms for you to do business better: a strong stable Democratic government, legislation geared for international business and the security and privacy you need. That’s why we can honestly recommend any client who wishes to enjoy the benefits of an offshore domicile to consider Dominica.
An offshore bank account is only $550 US. Rather than the usual $5,000 US to $8,000 US for an offshore company, a Dominica Corporation or Dominica LLC is only $1495 US. The total for the Dominica Company plus offshore bank account is only $1845 US.
(Note that the LLC legislation in the jurisdiction is pending as of the time of this writing.)
We also highly recommend the Dominica Office Program which gives you a Dominica office address with mail forwarding, a shared telephone number answered by a live receptionist, and a Dominica fax number. For extra legitimacy and privacy, you can place your Dominica Office Program address, telephone number and fax number on your website and on company letterhead. The Dominica office program can be added for only $995 US.
It just makes good sense to explore your options these days. Please feel free to call just to talk it over—call 1-888-338-9868 or 1-661-253-3303 or order online by clicking the link below.
Important note: It is important when utilizing international companies and bank accounts to obtain the proper legal and tax counsel from a licensed, knowledgeable, experienced attorney and accountant. People in the US, UK and many other countries are taxed on worldwide income regardless of whether the funds are local or abroad, in a company name or personal name. Many businesses use companies to expand to foreign markets and, along with other legal tools, to enhance asset protection. However, using such vehicles should be done under the guidance of licensed tax and legal counsel.