Legislation of Dominica

Service packages Legislation Tax System

List of laws and regulations

Your Consultant
Поиск консультанта...

Поиск консультанта...

Tax treaties entered

Antigua and Barbuda
Barbados
Belize
Guyana
Grenada
Saint Vincent and the Grenadines
Saint Kitts and Nevis
Saint Lucia
Trinidad and Tobago
Switzerland
Jamaica

Tax Exchange Information Agreement (TEIA)

Australia
Belgium
Great Britain
Germany
Greenland
Iceland
Denmark
Canada
Netherlands
New Zealand
Norway
Portugal
Sweden
Faroe Islands
Finland
France.

List of state regulatory authorities

Government of the Commonwealth of Dominica
Ministry of Tourism and Legal Affairs
Invest Dominica Authority
Companies & Intellectual Property Office
Inland Revenue Division
Dominica Social Security
International Maritime Registry

Corporate info

Legal system
based on common law
Types of entity
private limited liability company; public limited liability company; non-profit company; international business company
Shelf companies permitted
Yes
Incorporation timescale for a new company
1-2 days
Company suffix
"limited", "corporation" or "incorporated"; or abbreviations "ltd.", "corp." or "inc."
Sensitive words
"Government", "Govt", "National", "Royal", "Republic", "Commonwealth" or "Dominica"; Bank, Assurance, Building Society, Chamber of Commerce, Foundation, Trust
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
minutes of the first meeting and appointment of the director; registers of directors and shareholders; share certificates; register of pledges and encumbrances (optional); beneficiary declaration and passport copy
Seal required, type of seal
no printing required
Redomiciliation (to, from) permitted
allowed

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No restrictions
Disclosure to local agent
No
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
Not installed
Minimum issued share capital
Not installed
Minimum paid share capital
Not installed
Authorized capital payment deadlines
Not installed
Issued capital payment deadlines
Not installed
Standard currency
USD
Standard authorized share capital
100
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
0-35%
Min. rate for corporate tax
25%
Corporate tax (in detail)
Dominica tax resident companies pay income tax on their worldwide income. Income tax is paid at the rate of 25%. The special tax regime established for international business companies, under which they did not pay taxes, expires on December 31, 2021.
Capital gains tax
No
Capital gains tax. Details
VAT
15%
VAT. Details
The standard VAT rate is 15%. A 10% VAT rate applies to hotel services and diving.
Withholding tax
15%/15%/15%
Other taxes
Social contributions
Exchange control
No
Government fee
Stamp duty
2,5%

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Caribbean
Total area
754 sq. km
Population
72.000 (2019)
Capital
Roseau
National currency
Dominican peso
Conditional reduction of currency
XCD
Against USD
0,018 (2022)
Climate, average max and min t°
tropical; the average temperature in August is up to +31 ° С; in winter the average temperature is + 20 ° С
Time difference from Moscow
- 7 ours
Dialing code
+1-767
State language
english
Ethnic groups
86.8% are black; 8.9% are of mixed ethnicity; 2.9% - Caribbean Indians, 0.8% - Europeans; 0.7% - dr.
Literacy rate
94%
History
Dominica (not to be confused with the Dominican Republic) was discovered by Christopher Columbus in 1493, becoming the last Caribbean island to be colonized by Europeans. Most of its colonial history, Dominica passed from France to England and vice versa. In 1635, France proclaimed the extension of its power over this territory. In 1660, an agreement was signed between England and France for the independence of Dominica. But in 1776, the British, who decided not to surrender their positions, still gained control of the island. Dominica had its own Parliament. It is noteworthy that the majority in it belonged to the indigenous population. In 1896, Britain undertook a series of reforms, as a result of which the political rights of the population were significantly curtailed. Dominica became independent in 1978 and is currently a member of the British Commonwealth.
Credit rating
B
Government type
parliamentary democratic republic
Executive branch
Head of Government: Prime Minister. Government: Cabinet of Ministers, appointed by the President on the recommendation of the Prime Minister
Legislative branch
government and unicameral parliament House of Assembly (32 seats)
Judicial branch
3 District Courts, Eastern Caribbean Court of Appeal
Unemployment
23%
GDP per capita rank
105 (2019)
Corruption perceptions index rank
45 (2018)

Need a consultation from a specialist?
Share on social media:
RU EN