Dominica Offshore Haven
Dominica offshore haven is a Caribbean island which is a well known tourist destination in the region. Dominica is located between the two French islands of Guadeloupe and Martinique. Dominica has an estimated population of 72, 000 inhabitants and the official language is English. Dominica’s economy is mostly dependent on its agricultural sector and its tourism industry and of late offshore services have also made a significant contribution towards the economy of the tax haven.
Dominica offshore haven began offering offshore services in 1996 when the International Business Companies (IBC) Act was passed before parliament. International Business Companies are more commonly referred to as offshore business companies. Dominica offshore haven has legislation in place to offer the services of offshore trust formation and offshore banking. The tax haven of Dominica is one of two offshore tax havens to offer economic citizenship to clients from around the world. The Dominica economic citizenship program has been in place from 1991 and has well supervised to ensure that citizenship is only granted to persons who qualify.
As many other tax havens in the Caribbean, Dominica offshore haven offers offshore companies which are exempt from all forms of local taxations. Dominica offshore companies are prohibited from doing business with Dominican residents and in the offshore jurisdiction of Dominica. Incomes gained from doing operations outside of Dominica are not taxed. Dominica is perhaps the only offshore jurisdiction which guarantees that all offshore companies will get a twenty year (20) period tax break from the day of incorporation. This guarantee is stated in the Dominica International Business Companies Act. Dominica offshore companies are also exempted from stamp duty and are only liable to pay an annual license fee and a registration fee. Dominica offshore trusts are also guaranteed tax exemptions on income gained outside of the country.
Other Dominica offshore haven benefits to take advantage of in Dominica offshore tax haven is privacy and confidentiality. When incorporating an offshore company in Dominica offshore haven the names of the shareholders and the company directors are not made part of public records in the tax haven. For further privacy it is advised that nominee shareholder and nominee directors be used as this is allowed by offshore company legislation. Offshore company acts also protects information about offshore companies in that the information concerning these companies cannot be given out without the proper consent form the company owners. Failure to follow these regulations will result in criminal penalties of prison terms and monetary fines for the culprit in the offshore haven.
Dominica offshore companies retain further privacy since these companies are not obligated by law to file annual financial statements to the local tax authorities. The financial audits of Dominica offshore companies can be kept anywhere in the world. Offshore companies incorporated in Dominica are not obligated to keep annual general meetings. Dominica offshore companies are afforded asset protection by offshore legislation in the jurisdiction. All assets placed in Dominica offshore companies are protected from the rulings of foreign courts. Offshore business companies and trusts registered in Dominica offshore haven are protected from seizures or claims by foreign third parties.
Dominica offshore haven also offers offshore banking services to corporations and individuals. Offshore banking in Dominica offshore haven is also protected by privacy laws in that information in offshore bank accounts cannot be divulged without the right consent. Offshore banking services which is enjoyed by offshore bank account holders includes internet banking, debit and credit cards and other very reliable services which are not offered by normal banking institutions.
Dominica offshore haven has many benefits. Tax planning is very important these days as everyone feels the need to reduce on liabilities and increase profits and Dominica as a tax haven present this opportunity. The offshore tax haven of Dominica has some of the more modern offshore legislation to support the offshore services being offered in the tax haven. Offshore legislation in this tax haven is very strict and at the same time provides clients and offshore companies with many opportunities. Best of all the government of the offshore tax haven of Dominica is committed to the growth and development of the offshore financial sector in Dominica.