RSSThe Commonwealth of Dominica is an English speaking, Independent Island Nation located in the Eastern Caribbean. The Government of Dominica plans to diversify the economy and expand the economic base and is keen on developing high quality international financial sector in the country. Dominica has passed some new offshore legislation in the world and is considered a tax haven island nation for a number of salient features. The Government has put forth necessary administrative and legislative frameworks to implement, regulate and manage the services offered by the nation. Technologically also, Dominica is more advanced than many other countries of the region.
Dominica offers Economic Citizenship program:
In 1993, the concept of Economic Citizenship was introduced in Dominica. This program enables persons to apply for Dominica citizenship for a stipulated investment and the earlier residency requirement stands waived in this case. The government intends to channel the capital from economic citizenship programme towards public and private sector projects. Two options are available under this program namely the family option and the single option.
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International Business Companies in Dominica:
In 1996, the Parliament of Dominica passed legislation to attract company formation business in the country. The International Business Companies Act, which was passed, seeks to develop a non-treaty domicile by offering tax exemption, confidentiality and anonymity, and ease of operations to international companies.
The IBC registration process is quick and easy. The documentation requirement, unlike that of banks and trust companies, is simple and a company can be registered within 24 to 48 hours. The second Amendment to the Act allows for electronic registration, which will allow companies to register 24 hours a day, any day of the week. A company incorporated in Dominica will enjoy a wide range of benefits like Exemption from all local taxes, duties and other similar charges is granted for twenty (20) years, Total anonymity and confidentiality provided by the availability of bearer shares and the non requirement to file organizational or accounting information with the Registrar of Companies.
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Internet Casinos and Gaming License:
All Internet gaming business in Dominica, operate under the terms of an agreement drawn up between the gaming company and the Government of Dominica. The gaming business is STRICTLY OFFSHORE and any agreement will be specifically strong on this issue. All gaming companies must register under the International Business Company Act of Dominica. The International Business Unit of the Ministry of Finance, Industry and Planning is the governmental administrative body responsible for the development and the overseeing of this sub-sector. Any company licensed to operate on-line gaming business in Dominica automatically avails itself to many advantages.
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Offshore Banking:
A Dominican offshore bank can perform all types of legal banking operations for foreign companies or people, even for the IBC’s registered in Dominica, and an offshore bank is exempted from all taxes except the annual licensing fee. Dominica is a respectable offshore jurisdiction and banking legislation is based on the Offshore Banking Act 1996 and Offshore Banking (Amendment) Act 1997. There are no financial scandals in Dominica in comparison with other countries. Unlike an offshore bank, an onshore bank has to pay income taxes just like an
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