Offshore bank accounts

Dominica company formation

 

Basic facts regarding Dominica

Dominica is an island nation in the Caribbean Sea. To the north-northwest lies Guadeloupe, to the southeast Martinique. Its size is 750 square kilometres (290 sq mi) and the highest point in the country is Morne Diablotins, which has an elevation of 1,447 metres (4,747 ft). The Commonwealth of Dominica has an estimated population of 72,500. The capital is Roseau.

Offshore business in Dominica

Dominica is a major offshore center with a large international business company (IBC) presence and internet gaming. In 2010 Dominica‘s financial sector includes two offshore banks, 15,321 International Business Companies (in comparision with 14,955 IBCs in 2009), twenty insurance companies, nine money services businesses, four internet gaming companies and one building and loan society.

Main features of Dominica enities

International Business Companies

The International Business Companies Act (IBCA), enacted in 1996 and most recently amended in 2001, requires that bearer shares be kept with an approved fiduciary, who is required to maintain a register with the names and addresses of beneficial owners. The Act also requires previously issued bearer shares to be registered. Dominica permits "shelf companies" or ready-made offshore companies that have already been incorporated with a nominee director and nominee shareholder, and are for sale for immediate use. IBCs are not required to have a physical presence and are restricted from conducting local business activities. Internet gaming entities must register as IBCs.

International cooperation

Dominica has executed Tax Information Exchange Agreements with Australia, Belgium, Canada, Denmark, Faroe Islands, France, Finland, Germany, Greenland, Iceland, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Organisation for Economic Co-operation and Development]

 

Bank accounts

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