Advantages of Setting Up a Company in Dominica
- No tax is imposed on capital gains for offshore companies in Dominica.
- No real estate tax imposed on offshore companies in Dominica.
- Dominica provides tries to facilitate the procedures for the owners of companies.
- Board members and shareholders may be individuals or commercial entities. Therefore, the director of the company can be another company.
- There is no residency requirement for managers and shareholders. Therefore, these persons or entities can reside anywhere in the world.
- The Board of Directors meeting is not required for the company in Dominica.
- Dominica offers many corporate tax benefits.
Also read: A Simplified Definition of Commercial Law
Necessary Procedures for Setting Up a Company in Dominica
- The company must be registered through an agent.
- The company needs to work with an accredited agent to complete the incorporation memorandum as well as the list of board members.
- After that, the agent submits the registration to the governmental office responsible for registering companies.
- The company receives the certificate of incorporation from the governmental office.
- The company presents the certificate of incorporation to the tax authority in order to obtain the taxpayer number.
- To complete the incorporation process, if the company has employees in Dominica, the company must register as “an employer” with the Social Security Corporation.
Also read: The Most Important Branches of Commercial Law
Types of Companies in Dominica
- Private limited liability company.
- Public limited liability company.
- Non-profit company.
- Foreign company.
- Branch of a foreign company.
- Representative office.
Also read: The Importance of Having a Commercial Lawyer Before Starting Your Investment