Establishing a company in Dominica
Dominica is a small island country in the Caribbean Sea, one of the southwest islands in the area. It is situated between Guadeloupe to the north, Martinique to the south, and not far from the Venezuelan coast of South America. The great explorer Christopher Columbus gave the island its name when his fleet landed there in 1493. For many years Britain controlled the island, although it is now part of the Commonwealth. Its official language is English, a fact that facilitates establishing a company there. Its capital is Roseau, it spans a tiny acreage of only 750 square kilometers, has only 72,500 residents, and maintains the East Caribbean dollar as its local currency along with seven other members of the Organization of Eastern Caribbean States.
- When most people imagine the Caribbean, they think of glorious seashores, and fine white sandy beaches. Dominica is geographically different from the majority of islands in this exotic region. It is primarily comprised of volcanic rock, and has inky black beaches. The inland regions of the island are virginal and wild, with mountains, jungles, rivers and waterfalls, and a view untypical of the Caribbean islands. Many consider Dominica to be the last island in the area left in its natural state.
- Most of Dominica’s residents live in the capital of Roseau. The only other significant settlement on the island is the small town Portsmouth (with 3,000 residents). The other citizens of this miniscule country live in traditional villages.
- Two major tourist attractions in Dominica present the natural wild beauty of the island, as well as its contrasts. There is the Boiling Lake hot springs in the impressive Morne Trois Pitons National Park, and Champagne Reef, Dominica's premier diving and snorkeling site. The reef can be reached by swimming or diving to it directly from the beach, without needing special arrangements or hiring a boat.
- Interestingly, and even surprisingly, Dominica has a medical school that draws students from around the world, primarily from the US and Canada. The town of Portsmouth hosts the Ross University School of Medicine with 1,000 future doctors in attendance.
Over the years, and also to great degree in current day, the Dominican economy has been based on tourism and agriculture, with 25% of island land dedicated to farming. In order to provide its citizens a sturdier economic foundation, Dominica looked to new avenues for growth. Today the country has an efficient network for company incorporation. Agriculturally speaking, its main farming sectors include bananas, coconuts and tabaco. Its tourism sector is focused on eco-tourism, thanks to its untouched and pure landscapes.
The island has few hotels, so that even when large numbers of tourists visit the island, they remain on luxurious cruise ships during the night, thus generating no revenue for island economy. The Dominican government has established a good environment for the financial sector, encouraging the incorporation of foreign companies on the island through attractive tax rates, efficient infrastructure, and an organized registration process drawing companies and entrepreneurs from all over the world.
Mellius has a great deal of experience in providing solutions for clients wishing to establish businesses in Dominica, tailor-made to client needs and type of activity.
General
Type of company |
International Business Company (IBC) |
Relevant Companies Law |
The International Business Companies Act, No. 10 of 1996 The Companies Act, Act No. 21 of 1994 |
Offices |
Law requires companies to provide a local office address |
Language of original incorporation documents |
English |
Finance and Taxation
Currency |
XCD |
Corporate tax rate |
0% |
Standard share capital |
100,000 USD |
Office Holders
Company Secretary (Secretary) |
|
Obligation to appoint company secretary |
Not required |
Obligation to appoint local secretary |
Not required |
Type of entity that may function as company secretary |
Individual |
Director |
|
Obligation to appoint company director |
Required |
Obligation to appoint local company director |
Not required |
Minimum number of directors |
1 |
Type of entity that may serve as company director |
Individual and/or company |
Shareholders |
|
Obligation to register shareholders |
Required |
Obligation to register local shareholders |
Not required |
Minimum number of shareholders |
1 |
Type of entity that may register as shareholder |
Individual and/or company |
Type of shares |
Registered shares |
Accessibility of Information
Company registrar |
Information regarding office holders is not accessible to the public |
Annual Assembly and Reporting
Obligation to hold annual assembly |
Not required |
Obligation to prepare financial reports |
Required |
Obligation to submit financial reports |
Not required |
Accept
