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Purely Dominica

Archive for the ‘Offshore Services’

Over the past few years Dominica has become a Tax Haven in the Caribbean, and there have also been a rise in the number of expat moving to Dominica. Just like my fellow blogger Jennifer of who left the city life in the USA and decided to make Dominica island her home.

Moving to a beautiful Caribbean island great in so many ways, but there’s the reality banking which at time can prove to be a problem for expats sometimes, especially if they’re coming from the United States. That’s were have an offshore banking account can be helpful.

How to select an Offshore Bank?

Don’t be deceived by the prestigious look of offshore banks. Many offshore bank rent office spaces in prestigious looking building for appearance sake. The first thing you should do is some background research and find how much money they manage. Look-up the banks website will often help in your research but sometimes you will need to call the bank itself to speak to someone. After reading a few articles about offshore bank, it’s better to select a bank with at least 100 million under their management. At least you know that they’ve been around for awhile and they must be doing something right.

Getting Approved

The best offshore banks often require introductions. Just walking in off the street and opening an offshore bank account in not accepted. In fact, I believe it’s not possible to open an account if you’re local in Dominica. But I could be wrong. Beware of smaller, up coming banks; they will take your money and not make you aware that your offshore bank accounts might not be protected by the local government. Thus bring us back to my first paragraph research, research and more research.

How Do You Get An Introduction?

The best way is to talk to a local person you’ve had contact with. Many times if there not a contact tell phone, it’s usually a scam. If you have been looking at real estate, ask the agent helping you to introduce you to his bank. Most local people will also be able to help you determine which banks are the oldest and most reputable.

What You Will Need to Get an Account

After your introduction, the rest of the process in merely a formality, and the bank will require to get a letter of reference from your previous bank. You will also need to provide some identification including your passport and other ID.

Protecting Your Money

Some countries should not be trusted for offshore banking period. Get connected with the local expat community and see what they say. Sometimes it is much better to keep your serious funds offshore in a tax and asset protection jurisdiction like Panama, Bahamas, Dominica, Switzerland, Belize or the Cayman Islands. Just open a local bank account to deposit your pay. Keep only your operating money there and transfer by bank wire the rest to your offshore account. You may also consider opening up a bearer share corporation which also allows you to own a bank account.

For more information about Offshore Bank Account and Offshore Banking in Dominica, please

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After my post on Dominica being a Tax Haven and why it’s good to have a Second Passport or Second Citizenship, I received a few emails, one of which asked – What Is Asset Protection? I had no idea what asset protection is, maybe is because I don’t have any a valuable assets to protect. But it’s never too late to learn something new and you never know I might just own some assets.

It is a transfer of the ownership of your assets (investments, property, savings, etc) from an individual to a legal entity, an offshore company in this case. That way you are no longer the owner of your assets and it is much more difficult to be successful in suing you. But you are still in full control of that company.

If you are looking for information on how to protect your assets, Offshore Services, or getting a Tax shelter from excessive taxes, visit for more information about off shore services in Dominica.

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Individuals and/or firms we will find it attractive to open offshore companies in Dominica, because it’s so easy to register an off-shore company via the internet without having to travel to the island, and the best thing about opening at IBC (International Business Corporation) in Dominica – it’s completely tax free. Any transaction(s) made under any offshore company registered in Dominica is completely tax free. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies.

Why should you choose Dominica in Formation of an Offshore Company? Dominica is among the best ranking offshore tax havens due to its irrefutable advantages to every client.

Here are some of advantages in opening an offshore in Dominica:

Progressive Legislative System

Dominica’s offshore jurisdiction law contains human rights and freedom, which guarantee the future political stability of the nation and based on British common law.

International Business Corporation is also referred to “offshore company” is the main type of company presently being registered in Dominica; these IBC’s help to facilitate international trader and investment activities. Regulated by the International Business Companies Act of June 26, 1996, Dominica’s off-shores activity guarantees complete tax exemption, privacy, flexibility of company’s structure and fast registration.

Taxes and payments

All locally registered offshore companies are absolutely exempt from taxes, because Dominica didn’t sign any agreements on avoidance of double taxation with other countries, so there is no data exchange between state bodies of Dominica and tax authorities of other countries. Running an off-shore company in Dominica is very simple – after you pay all the necessary government duty and fee.

Annual accounts

Under the Dominica International Business Companies Act there is no requirement to give any accounts or to perform annual audit of the company. The only important thing, the registered agent must keep copies of the following documents: Memorandum and Articles of Association, Certificate of Incorporation and copy of Register of Directors.

Privacy Issues

Only the registrar keeps the data on real owners of the off-shore company is not shown at any public report, likewise the data on share holders and directors is not entered to the open list.

The International Business Companies Act (Article 112) provides penalty of imprisonment for two years and fine of 25000 US dollars if any information about the company is disclosed by any clerk (auditor or official registrar). Information about off-shore Company can be provided only by the legal decision of Dominica’s court and only in cases, when the Company’s activity is penal action according to Dominica’s law.

Structure of the Offshore Company

  • To register the Company in Dominica it is necessary to have minimum one Director and one share holder, who can be the same legal or natural person, resident of any country and nationality.
  • Director needs not be the owner of the company.
  • Nominal Directors and Nominal Share Holders are allowed (at your request we can grant these services).
  • There is no requirement to have a local secretary.
  • Share holders’ meeting, should it be necessary, can take place in any part of the world. The share holder may take part either personally or by phone or other means of remote communication.

Authorized capital and offshore company shares

There are no requirements as to the sum of the authorized capital and terms of its payment. It is quite enough to declare a nominal amount when registering. The amount of authorized capital has no influence on the registration and annual duties.

Shares can be issued in the following ways:

  • with declaration of face-value or without declaration of face-value,
  • nominal shares or shares payable to bearer (the original of these shares must be kept in Dominica),
  • In any hard currency.
  • Shares are paid in cash or by the transfer of other assets or by the provision of services.
    To open the offshore company it is enough to issue only one share.

Company’s documents

Since 2003, Dominica has been a member of The Hague Convention of 1961 and all the registration documents can be duly certified by Apostille.

  • It is allowed to make out the constitutive documents at any language (they must be translated into English).

Requirements of companies registered in the offshore tax haven of Dominica. It’s necessary to have a registered office in Dominica and local registered agent (we offer these services).

Company’s name

The name of the offshore company must end with the following words, phrases or abbreviations, which shows the status of the stock-company: “Corporation”, “Corp.”, “Incorporated”, “Inc.”, “Limited”, “Ltd.”, “S.A.”.

It is not allowed to use the following abbreviations, words or phrases, which can be associated with the Government of Dominica – “Government”, “Gov’t”, “National”, “Royal”, “Republic”, “Commonwealth”, “Dominica”, etc., and also it is not allowed to use the following words without special permission or license – Assurance, Bank, Building Society, Chamber of Commerce, Foundation, Trust, etc.

Limitation of offshore company activities

  • There are no limitations on the exercise of any legal trade or investment activity outside Dominica, except activities, which require special license by the law, for example, permission to exercise bank, trust or insurance services.
  • Generally, Dominica offshore companies have no to do business or own property in Dominica.

Time of Offshore Company Registration

Offshore tax haven Dominica offers the fastest registration of companies. It takes only 24 hours to prepare all the documents and register a company with the Registrar of Companies of Dominica.

If you are looking for Offshore Tax Haven Professional Services like business registration, or getting a Tax shelter from excessive taxes, visit for more information about off shore services in Dominica.

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