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Dominica

Legal form:

IBC, LLC, LLP, GBC

Delivery:

5 days

Price: $

$1,190

Payment methods:

payment methods.webp

Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Companies and Intellectual property Office

Abbreviation

Country

Dominica

Phone

+767266 3358/3359

Listing
UK comapny formation (1).webp

About

Dominica

Capital
Official languages
Population 
Currency

ISO 4217

Roseau

English

71,293

Eastern Caribbean Dollar

XCD

FAQ



Q: What is the process for forming a company in Dominica?

A: The process for forming a company in Dominica involves choosing a company name, registering the company with the Registrar of Companies, obtaining a business license, and registering for taxes.


Q: What are the different types of companies I can form in Dominica?

A: The most common types of companies in Dominica are the Limited Liability Company (LLC) and the International Business Company (IBC).


Q: What is a Limited Liability Company (LLC)?

A: A Limited Liability Company (LLC) is a type of company where the liability of the shareholders is limited to their share capital contribution. LLCs are often used for small and medium-sized businesses.


Q: What is an International Business Company (IBC)?

A: An International Business Company (IBC) is a type of company where the shareholders own the company through the ownership of shares. IBCs are often used for offshore businesses.


Q: What are the minimum requirements for company formation in Dominica?

A: The minimum requirements for company formation in Dominica include having at least one shareholder, a registered office address, and a minimum share capital contribution of USD 1 for an LLC and USD 50,000 for an IBC.


Q: How long does it take to form a company in Dominica?

A: The time it takes to form a company in Dominica can vary depending on the type of company you are forming and the specific requirements involved. Generally, it can take between one to two weeks to complete the entire registration process.


Q: What are the tax implications of forming a company in Dominica?

A: Companies in Dominica are subject to a range of taxes, including corporate income tax, value-added tax, and social security contributions. The specific tax obligations will depend on the type of company you are forming and the nature of your business activities.


Q: What are the ongoing compliance requirements for companies in Dominica?

A: Companies in Dominica are subject to a range of ongoing compliance requirements, including filing annual financial statements, maintaining proper accounting records, and renewing their business registration and other permits as required. It is important to work with a qualified professional to ensure that you remain compliant with all applicable laws and regulations.

Economy

Dominica has a strong and growing economy, with a GDP of $1.2 billion in 2019 and a growth rate of 3.2%. The country has a diversified economy, with its main industries being tourism, agriculture, and manufacturing. Tourism is the largest contributor to the economy, accounting for over 40% of GDP. Agriculture is the second largest contributor, accounting for around 25% of GDP. Manufacturing is the third largest contributor, accounting for around 15% of GDP. The country also has a strong financial sector, with banking and insurance services accounting for around 10% of GDP. The country has a low unemployment rate of 4.2%, and a low inflation rate of 1.7%. The country also has a strong trade balance, with exports accounting for around 60% of GDP and imports accounting for around 40%. Overall, Dominica has a strong and growing economy, with a diversified base and a strong financial sector.

Taxation

Dominica is a Caribbean island country that operates on a territorial taxation system, where taxes are levied only on income earned within the country's borders. 


**Corporate Taxation:** Companies operating in Dominica are subject to corporate income tax at a flat rate of 25%. However, a lower tax rate of 20% applies to tourism and agriculture-related activities. Companies are also required to pay social security contributions for their employees.


**Personal Taxation:** Individuals who are residents of Dominica are taxed on their worldwide income, while non-residents are taxed only on income earned within the country's borders. Personal income tax rates range from 0% to 35%, depending on the level of income. 


**Process and Calendar for Payments:** The tax year in Dominica is the same as the calendar year, starting on January 1st and ending on December 31st. Tax returns are due by March 31st of the following year, and any tax due must be paid by that date as well. Taxpayers are required to file an annual income tax return, which can be done either electronically or on paper. Late filing of returns can result in penalties and interest charges. It is recommended that individuals and companies seek the advice of a qualified tax professional to ensure compliance with all tax laws and regulations.

Company incorporation application form

Representative

Chosen company name

Main business activity

Legal address of director

Extra services

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PDF application form

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