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Company formation in Dominica

Commonwealth of Dominica, more commonly known as Dominica, is an English-speaking former British colony located in the eastern Caribbean. The Act on International Trade Companies (IBC) was in 1996 called the Act on IBC. This law offers legislation with flexible company structures and effective registration procedures. The privacy of shareholders is guaranteed by law. Overall, Dominica as an offshore destination is one of the best in the world, with very competitive costs and quick registration. A legal system based on British universal law and the constitution, which guarantees human rights and freedom, and ensures the political stability of the state.

IBC is an international trading company, also known as an offshore company or a non-resident company, is completely exempt from taxation in Dominica throughout its existence. There is no obligation to submit financial statements to local authorities. The company is obliged to pay fixed annual fees on the anniversary of establishing the company in order to maintain good legal status.

IBC from Dominica cannot trade with Dominica's residents. IBC cannot own property in Dominica. IBC from Dominica can allocate capital for investing in real estate in Poland on a market with huge potential. IBC companies cannot provide business management services or run a registered office for legal entities from Dominica. IBC may also not provide licensed services such as banking, insurance, reinsurance or fiduciary services.

In registration; an official form must be submitted to the company register along with the incorporation act and statute. These documents must be in English. After entering the company in the register, the IBC registration certificate in Dominica is issued.

Directors and shareholders may be natural or legal persons of any nationality and any place of residence, including from Dominica. A company may have one shareholder, the same person may be appointed as director. A director does not have to be a shareholder. The secretary is not required by law. Data on directors and shareholders are not available in the public register.

Share capital can be nominated in any currency, in any amount (not less than 100 USD). There are no requirements for paying up the share capital of the company in advance at the time of registration, and no time frame is set for further payments of the share capital. Bearer shares are available.

There is no obligation to hold annual meetings of the board of directors or shareholders. Directors and shareholders may meet in person, by proxy, by phone or by other electronic means.

Company and accounting documents can be stored either in Dominica or in any country of the world. There is no currency control in Dominica. Company can open bank accounts in any currency in Dominica and abroad. The use of Apostille is available. Establishing a company takes 24 to 72 hours, ready companies are available.

Dominika permits the relocation of companies to and from Dominica again and continuing operations under another jurisdiction. A company established outside of Dominica may still be a Dominican company, regardless of any provisions to the contrary, in the legislation of the jurisdiction in which it is registered.