Commonwealth of Dominica The Commonwealth of Dominica is a ruggedly beautiful English speaking country located in the Eastern Caribbean, between the French islands of Martinique and Guadeloupe. (It is sometimes confused with the Dominican Republic, which is a Spanish-speaking island). Dominica has spectacular hills and valleys, waterfalls and rain forests. It is a popular destination for American and European tourists, particularly those interested in diving and eco-tourism. The Commonwealth of Dominica became independent from the United Kingdom on 3 November 1978. Dominica has a parliamentary style of government on the UK model and is a member of the British Commonwealth. There is universal suffrage and elections are due every five years. Executive power rests with the Prime Minister and his Cabinet. The Commonwealth of Dominica is an independent Sovereign State with a written constitution. The legal system is based on English common law . The Commonwealth of Dominica is a relatively new entry to the business of offshore companies, with the International Business Companies Act No. 10 being passed in 1996. It does however, have the excellent asset protection features of many of the more popular offshore tax havens. IBC's incorporated in Dominica are completely free of all taxes for a period of 20 years. It is an independent sovereign jurisdiction and will not be affected by the impending EU/UK legislation. Company Statute: International Business Company (IBC). Taxation: There is exemption from all local taxes, duties and other similar charges for a period of 20 years. Shareholders/Members: The minimum number of shareholders is one. Directors/Managers: Both corporations and natural persons may act as directors and the minimum number of directors is one. They may be of any nationality and need not be residents of Dominica. A copy of the Register of Directors must be kept at the registered office of the offshore company. The Register with the directors' names is not available to public. Registered Office Required: As a matter of local company law, an offshore company must maintain a registered office within Dominica and must also appoint a Dominican resident as registered agent. Name Restrictions: Names must end with one of the following words, or abbreviations thereof: Limited, Sociedad Anonima, Societe Anonyme, Corporation, Incorporated, Pty Ltd, GmbH, LLC, PLC, etc. All other used abbreviations indicating limited liability are permitted in Dominica. The following words cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Imperial, Insurance, Municipal, Royal, National and Dominica. In addition, names must not suggest a connection with any branch of the Government, a political party or professional association. Annual Reporting: No annual returns must be filed. It should be noted that penalty fees of up to 50% of the annual Government fee would be incurred if the licence fee is not paid when due.

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