TAXATION

IBC's pay no taxes, duties or similar charges for a period of twenty years from the date of incorporation.

SHAREHOLDERS

A minimum of one shareholder is required and either registered or bearer shares may be issued.  No details of the shareholders appear on the public file but upon the issue or transfer of bearer shares, the registered agent of the IBC must lodge the share certificate, along with a notarised letter containing the name of the beneficial owner, with an approved fiduciary.  An approved fiduciary means a chartered accountant practising in Dominica, or a financial institution domiciled in Dominica, approved by the Minister of Finance.

BOOKS AND RECORDS

Copies of the following must be kept at the registered office of the company – minutes of all meetings of directors, shareholders and committees, all resolutions consented to by the directors, members and committees and all accounts and records as the directors consider desirable to reflect the financial position of the company.

ANNUAL REPORTING

No annual return or accounts must be filed. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid when due.

TIMESCALE

Incorporation can be achieved within 24 hours. However, it does take approximately 1 week for documents to arrive from Dominica.  Also, we do keep ready-made companies in stock available for immediate purchase.

RESTRICTIONS
ON NAME AND
ACTIVITY

Names must end with one of the following words, or abbreviations thereof – Limited, Sociedad Anonima, Societe Anonyme, Corporation or Incorporated.

The following words cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Imperial, Insurance, Municipal, Royal, National and Dominica.

LOCAL
REQUIREMENTS

As a matter of local company law, a company MUST maintain a registered office within Dominica and must also appoint a Dominican resident as registered agent.  We would generally provide these services as part of the domiciliary service fee.

SECRECY

Section 112 of the International Business Companies Act 1996 make it an offence punishable by a fine of US$25,000.00 and imprisonment for two years for any officer, auditor or official liquidator to reveal any information regarding the company except by an order of the Court on an application by the Attorney General relating solely to activities criminal under the laws of Dominica.