| IBC | LLC | Free Zone Company | PLC | Rep Office | Branch Office | |
|---|---|---|---|---|---|---|
| Company Setup Time | 10 days | 10 days | 10 days | 15 days | 15 days | 15 days |
| Bank Account Opening | 15 days | 15 days | 15 days | 15 days | 15 days | 15 days |
| Government Grants Available | No | Yes | Yes | Yes | No | No |
| Government Contracts Bidding | No | Yes | Yes | Yes | No | No |
| Legal Liability | Yes | Yes | Yes | Yes | No | No |
| Client Required to Travel | No | No | No | No | No | No |
| Inquiry | Inquiry | Inquiry | Inquiry | Inquiry | Inquiry |
Corporate Structure Explained
Offshore company (Dominica IBC)
- The Dominica International Business Company is the best corporate option utilized by foreign investors intending to start offshore businesses in or through Dominica. An IBC shall appoint a minimum of one director and one shareholder of local or international citizenship for the completion of registration process. The director and shareholder may be an individual person or a corporate body and may be a resident of Dominica or other country. Similarly, there is a requirement of USD 1 as authorized share capital for registration of an IBC.
- The secretary of the company is not compulsory when registering an IBC. This entity is exempted from all type of taxes in Dominica for a time period of twenty years from the date of its registration.
The Dominican private limited liability company
- The private limited company in Dominican is usually opted by business owner intending to register a local Small and Medium Enterprises in Dominica. An SRL shall have a minimum of one shareholder and one director, who may be local or international citizen. The shareholders may be individual or business entities, but there is no restriction on the business directors for this kind of company.
- The Dominican private limited companies may issue shares of the company with no par value. If the entity is not in a regulated industry the corporation can be registered with a one share and no capital.
- A private company in Dominican shall make amalgamated financial reports, but it has no requirement of an auditor.
- All companies shall appoint a secretary, who can be a person or a corporate entity. The secretary shall not necessarily be residing in the Dominica, if this entity has one director then the director is ineligible from bearing the office of the secretary.
The public limited company in Dominica (PLC)
- There is a requirement of minimum three directors who can be local or international citizens for the Dominica PLC.
- The PLC, just like the private company, has no par value of shares and has no requirement of minimum issued capital.
- For the company secretary the Public company and private company have the same requirement.
- The PLC shall appoint a legal auditor for the purpose of maintaining and monitoring company’s accounts one year after from the date of its incorporation. Additionally, Dominican Public companies shall make an audit committee to look at the process, though the government shall provide a waiver to this condition on application.
Branch of foreign company (external company)
- The Companies Act of Dominica permits international companies for setting up branches of foreign companies in Dominica. A branch may be fully foreign owned. During setup of the branch, the scope of operation of the entity and the company must be filed. The branch shall appoint a minimum of one local rep with full power of attorney to manage the local business.
Dominica representative office
- Representative offices are not identified in Dominica. Alternatively, a PLC or external company structure is used to conduct the events of the rep office, like;
- Market research activities,
- Promotion and advertisement activities for the holding company,
- Making feasibility studies.