The Commonwealth of Dominica is an English speaking country located in the Eastern Caribbean, between Martinique and Guadeloupe. (It has been confused with the Dominican Republic, a wholely different Spanish-speaking island).
The population of Dominica is approximately 72,000. The capital city is Roseau. The country's infrastructure is good with excellent water, power and communications. There are direct dial facilities worldwide via fibre optic undersea cable; and Internet and data transmission facilities are readily available.
Dominica has been called the "nature island" of the Caribbean. Forests cover over 60% of the country and the hills and valleys are spectacular. There are over 365 rivers and the country has hot springs and the world's largest boiling lake which endows it with tremendous potential for geo-thermal energy and/or spa development.
The benefits of going offshore are numerous and below we have shared with you some of those benefits:
(a) Tax avoidance - considerable tax savings in onshore territory. Although there is in the United States the legal requirement to report holdings in offshore companies to the local tax authorities, no matter how restrictive these rules may be a greater tax savings may be achieved by the use of an offshore company rather than a company incorporated in one's country of residence;
(b) Achievement of financial privacy - In Dominica, it is an offence punishable by fine or imprisonment for a bank or trust officer to divulge personal details about a customer without his express permission. At any rate the affairs of an offshore company can only be enquired into where its principal is found guilty of a criminal offence in his country of residence and that offence is an offence for which he would have been criminally liable in the offshore jurisdiction had the same been committed there.
(c) Asset Protection - As a shield against harassment or vengeful lawsuits. Having your assets in an offshore company almost always makes its principal a more difficult target for a lawsuit and this is especially true if the shares in the offshore company have been placed in a trust. Three things are accomplished:
(d) Minimization of inflation, currency and political and economic risks by way of currency diversification - As many of the banks in this jurisdiction allow for multi- currency accounts and transactions a company may have any account that it wants to have and in any currency. This is in fact a diversification of assets among as many dollar- bloc, Deutschemark-bloc, and yen-bloc currencies as is desired;
(e) Avoidance of currency, capital and exchange controls allowing free movement of money across national borders - Establishing a network of offshore bank accounts owned by an IBC will create an international financial infrastructure capable of moving funds in any currency anywhere in the world. Any exchange control regime imposed in the home country will thereby be circumvented;
(f) Protecting property against confiscation in forfeiture proceedings;
(g) Use of the offshore company as a vehicle in estate planning- This provides a source of income for the beneficiaries or successors -in -title upon the demise of the principal of the IBC;
(h) Limiting personal liability;
(i) Raising capital through the sale of stock. The regulations governing this kind of transaction tend to be less burdensome in the offshore jurisdiction;
(j) Transferring ownership- The shares held in an IBC may be easily sold and confidentially so. So where the company has issued bearer shares, an anonymous transfer of ownership occurs every time the shares pass from one set of hands to another;
(k) Reducing real estate transaction costs - As offshore companies can own real estate, should it decide to part with ownership in same, upon a closing it can avoid registration fees, stamp duties and notary fees by transferring the shares in the corporation as opposed to title itself;
We present Dominica as a premier jurisdiction more particularly so as it possesses those qualities that good jurisdictions should possess, those being:
FINANCIAL STATEMENTS REQUIRED
There is no requirement to file accounts with the authorities, but a company is required to keep financial records that reflect the financial position of the company.
The minimum number of directors is one. The directors may be natural persons or corporate bodies. They may be of any nationality and need not be resident in Anguilla.
Not required, but normally appointed.
The minimum number of shareholders is one.
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