GSL / Foreign Companies Audit / Audit Dominica

Audit of a company in Dominica, financial statements, accounting, consulting in Dominica

The Commonwealth of Dominica is a small nation located on an island in the eastern Caribbean Sea. Dominica is a former colony of Great Britain. The official language of the state is English. The currency is the Eastern Caribbean dollar (XCD). For today Dominica is a member of the Commonwealth of Nations, and also the Caribbean Community. The country lives at the expense of tourism, fishing, agriculture and foreign investments.

Expand description »
Service packages Legislation Tax System Audit Services
Preparation and submission of accounts, audit
100 - 400 USD per hour
Audit of financial statements
from 3 000 USD
Apostille of financial statements (if necessary)
from 550 USD

Price Calculator

The calculator allows you to calculate the approximate cost of maintenance of accounting services to support and audit the company.

Calculate
Your Consultant
Поиск консультанта...

Поиск консультанта...

General requirements

The requirements for accounting and auditing of financial statements depend on the legal form of the company.

Private and Public Limited Liability Companies, Non-profit Companies and companies incorporated in another country but operating in Dominica are governed by the Companies Act 1994 (as amended).

International Business Companies / IBCs are governed by the International Business Companies Act No. 10 of 1996 (as amended). All companies registered in accordance with the provisions of this law may engage in any legally authorised activity, with the exception of banking, insurance and trust activities worldwide. They are also prohibited from doing business in Dominica.

Reporting is based on the standards set by the Institute of Chartered Accountants of the Caribbean and International Financial Reporting Standards (IFRS), but in practice may also be based on the standards applicable in the parent company's country.

Private and public limited liability companies

Annual Return

Persons who own companies incorporated under the Companies Act 1994 must file an annual return and pay annual fees no later than 2 April each year. Companies are also required to file a financial statement or certificate of solvency (certificate of solvency). Failure to do so may result in the company being struck off the Register of Companies.

Financial reporting and audit

Under s.149 of the Companies Act 1994, the directors are required to prepare and submit annual financial statements to shareholders and their representatives. The financial year must not exceed 12 months. The accounts must be signed by the directors and contain an auditors' report (if required by law).

Public limited companies which, according to their most recent financial statements, have gross revenue in excess of 10 000 000 XCD or have assets in excess of 6 000 000 XCD must file audited financial statements with the Registrar no later than 15 months after the previous AGM.

If a company prepares interim financial statements for shareholders or files interim financial statements with a public authority or a recognised stock exchange, it must immediately file copies of these documents with the Registrar.

In some cases, a company may apply to the Registrar for an exemption from filing financial statements.

Companies whose gross revenue does not exceed 10 000 000 XCD or with assets of less than 6 000 000 XCD must file with the Registrar a certificate of solvency signed by one of the directors and the auditor (if any), giving details of profit and loss, balance sheet and referring to the auditor's valuation.

Tax reporting

The deadline for filing a tax return is 31 March of the year following the reporting period. If the financial year does not coincide with the calendar year, the tax return must be filed within 3 months after the end of the financial year.

Income tax is paid no later than 3 months after the end of the financial year, i.e. by 31 March. Accrued tax or provisional income tax is paid in three quarterly instalments: 25% (by 31 March), 35% (by 30 June) and 40% (by 30 September). Declarations are filed through a secure online portal. The tax return is filed together with the financial statements.

Late filing is subject to a penalty of 10% of the tax amount or 100 XCD (whichever is higher), plus 1% on the tax amount for each month of late filing.

An extension of the due date for filing a return does not relieve you of the obligation to pay the tax due, and therefore unpaid taxes are subject to a late payment penalty of 10% of the tax due. Interest will also accrue on the outstanding balance.

Consolidated financial statements

The consolidated financial statements are prepared in accordance with standards approved by the Institute of Chartered Accountants of the Caribbean and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

Subsidiaries may not file financial statements with the Registrar if their accounts have been consolidated with the parent company and its accounts have been filed with the Registrar.

The financial statements for each separate legal entity included in the consolidated accounts of the parent company must be kept at the registered office of the parent company.

International Business Companies

From 1 January 2022, the registration of offshore companies in Dominica has been discontinued by the Registrar of Companies.

For already registered companies (IBCs):

  • there are no requirements to file annual or financial statements;
  • there are no requirements for mandatory audit of financial statements and submission of an auditor's report.
Need a consultation from a specialist?
Share on social media:
RU EN