Jurisdictions Centre

Key Corporate Features

	General
	Type of entity:		IBC
	Type of law:		Common
	Shelf company availability:		Yes
	Our time to establish a new company:		2 days
	Minimum government fees (excluding taxation):		US$150
	Corporate taxation:		Nil Exempt for 20 Years
	Double taxation treaty access:		No
	Share capital or equivalent
	Standard currency:		US$
	Permitted currencies:		Any
	Minimum paid up:		US$1
	Usual authorised:		US$100,000
	Directors
	Minimum number:		One
	Local required:		No
	Publicly accessible records:		No
	Location of meetings:		Anywhere
	Shareholders
	Minimum number:		One
	Publicly accessible records:		No
	Location of meetings:		Anywhere
	Company Secretary
	Required:		No requirement
	Local or qualified:		No
	Accounts
	Requirement to prepare:		Yes
	Audit requirements:		No
	Requirement to file accounts:		No
	Publicly accessible accounts:		No
	Other
	Requirement to file annual return:		No
	Change in domicile permitted:		Yes

» Population

The population of Dominica is approximately 72,000. Descendants of African slaves comprised the overwhelming majority of the population. Aside from Caribs, an estimated 3% of the population, there were no other significant ethnic clusters. The ethnic, racial, and cultural composition of the society in the 1980s reflected Carib, French, British, and African influences

» Political Structure

Dominica is a republic with a non-executive presidency and has been a parliamentary democracy since November 1978. It has a unicameral House of Assembly with 30 members, 21 directly elected and 9 senators appointed by the president, 5 on the advice of the prime minister, 4 on the advice of the leader of the opposition. Elections are held at least every five years, with universal suffrage for adults. The president is nominated by the prime minister and leader of the opposition and elected by the House of Assembly for not more than two terms of five years. He or she appoints the prime minister who consults the president in appointing other ministers. The president may dismiss the prime minister in the event of a no-confidence vote in the House of Assembly. Individual rights are guaranteed under the constitution.

» Economy

Dominica ’s economy is vulnerable with less than 25 per cent of the country being under cultivation. Its location exposes it to tropical storms and hurricanes, which have caused severe damage to the crops making up the country's economic base. The country is also vulnerable in its dependence on banana exports to the EU.

Since the 1980s, successive governments have therefore introduced measures to diversify the economy, encouraging a shift from traditional crops (such as sugar, coffee and cocoa) to new crops (such as citrus, melons, pineapples and mangoes), and developing export-oriented small industries (notably garments and electronics assembly), taking advantage of such preferences as the Caribbean Basin Initiative (CBI), which allows access to the US market. They have also encouraged development of tourism and especially eco-tourism.

The government also encouraged the development of an offshore financial-services sector, including company and bank registration and internet gambling.

Main imports are food and consumer goods, fuels, transport equipment, machinery and chemicals. Main trading partners for exports are Japan, the UK, Jamaica and the US, and for imports, Japan, the US, China, and Trinidad and Tobago.

» Language
The official and spoken language is English.

» Currency
Eastern Carribean dollar.

» Exchange Control
There are no Foreign Exchange controls, and the US dollar circulates freely throughout the economy

» Type of Law
Dominica's legal system is based upon English Common Law, with local modifications.

» Principal Corporate Legislation
International Business Companies Act 1996.

» Type of Company for International Trade and Investment
International Business Company (IBC).

» Procedure to Incorporate
By submission of the Company's Memorandum and Articles of Association to the Registrar of Companies.

» Restrictions on Trading
An IBC is restricted from conducting business with persons or companies resident in Dominica, conducting banking or trust business, conducting insurance or reinsurance business, or conducting the business of providing company management services.
In Dominica, an IBC may maintain bank accounts, retain professional advisors carrying on business within Dominica, maintain corporate records, hold meetings and lease office space.

» Powers of Company
An International Business Company has the full capacity of, and all rights, powers, and privileges of, a natural person.

» Language of Legislation and Corporate Documents
The legislation and corporate documentation are in English.

» Registered Office Required
Yes, must be maintained in Dominica at the address of a licensed management company or law firm.

» Time to Incorporate
Normally two days subject to name approval.

» Name Restrictions
Any name that has already been incorporated, or a name that is so similar as to cause confusion. Restricted names are ones that suggest the patronage of the Royal Family, the Government, a political party, a university, a professional association, or names that the Registrar may consider misleading or objectionable.

» Language of Name
Any language or alphabet, but if not in English a translation is required.

» Names Requiring Consent or Licence
Any name implying a relationship with the banking or insurance or company management industries- e.g bank, financial, trust and insurance.

» Suffixes to Denote Limited Liability
The name of an IBC must end with a word, phrase or abbreviation which indicates Limited Liability. Examples are Ltd, Corp, Inc, SA, NV or GmbH.

» Disclosure of Beneficial Ownership to Government Authorities
No.

» Authorised and Issued Share Capital
The usual authorised share capital is US$100,000 divided in to 100,000 shares of US$1. The share capital can be expressed in any currency. The minimum issued capital is one share.

» Classes of Shares Permitted
Par value shares and shares with no par value or registered shares.

» Taxation
The law provides a minimum twenty (20) years Tax Exemption for offshore companies beginning from the day of incorporation.

» Double Taxation Agreements
Dominica is not party to any double tax treaties.

» Licence Fees
Government annual fees are US$150 payable on the anniversary of incorporation.

» Financial Statement Required
There is no requirement to file accounts with the authorities, but a company is required to keep financial records that reflect the financial position of the company

» Directors
The minimum number of directors is one. The directors may be natural persons or corporate bodies. They may be of any nationality and need not be resident in Dominica.

» Company Secretary
Not required, but normally appointed.

» Shareholders
The minimum number of shareholders is one.

	Word	PDF
Dominica Fact Sheet	119KB	75KB
Enquiry Form		34KB
Order Forms	314KB	196KB
	Excel
Comparison Chart	114KB

Disclaimer

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.