Dominica Corporation, LLC and Banking Information
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.
Dominica Corporation Offshore Privacy and Asset Protection
Dominica's offshore legislation 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 offence 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.
Advantages of an IBC in Dominica
- No capital gains tax
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
Profile of Dominica
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 spendor. 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.
The Dominica Advantage
Rather than the usual $5,000 US to $8,000 US for an offshore company, a Dominica Corporation or Dominca LLC is only $1495 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.
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.
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