Dominica Company Formation / Registration / Incorporation

GENERAL INFORMATION:

Dominica, officially the Commonwealth of Dominica, is an island nation in the Lesser Antilles region of the Caribbean Sea, south-southeast of Guadeloupe and northwest of Martinique. Its size is 750 square kilometres (290 sq mi) and the highest point in the country is Morne Diablotins, which has an elevation of 1,447 metres (4,747 ft). The Commonwealth of Dominica has an estimated population of 72,500. The capital is Roseau.

Dominica has been nicknamed the “Nature Isle of the Caribbean” for its unspoiled natural beauty. It is the youngest island in the Lesser Antilles, still being formed by geothermal-volcanic activity, as evidenced by the world’s second-largest boiling lake. The island features lush mountainous rainforests, home of many rare plant, animal, and bird species. There are xeric areas in some of the western coastal regions, but heavy rainfall can be expected inland. The Sisserou Parrot (also known as the Imperial Amazon), the island’s national bird, is featured on the national flag. Dominica’s economy is heavily dependent on both tourism and agriculture.

Christopher Columbus named the island after the day of the week on which he spotted it, a Sunday (dominica in Latin), November 3, 1493. In the next hundred years after Columbus’ landing, Dominica remained isolated, and even more Caribs settled there after being driven from surrounding islands as European powers entered the region. France formally ceded possession of Dominica to the United Kingdom in 1763. The United Kingdom then set up a government and made the island a colony in 1805.

The emancipation of African slaves occurred throughout the British Empire in 1834, and, in 1838, Dominica became the first British Caribbean colony to have a legislature controlled by a black majority. In 1896, the United Kingdom reassumed governmental control of Dominica, turning it into a Crown colony. Half a century later, from 1958 to 1962, Dominica became a province of the short-lived West Indies Federation. In 1978, Dominica became an independent nation.

In 2008, Dominica had one of the lowest per capita gross domestic product (GDP) rates of Eastern Caribbean states. The country nearly had a financial crisis in 2003 and 2004, but Dominica’s economy grew by 3.5% in 2005 and 4.0% in 2006, following a decade of poor performance. Growth in 2006 was attributed to gains in tourism, construction, offshore and other services, and some sub-sectors of the banana industry. The International Monetary Fund (IMF) recently praised the Government of Dominica for its successful macroeconomic reforms. The IMF also pointed out remaining challenges, including the need for further reductions in public debt, increased financial sector regulation, and market diversification.

Dominica offers tax-free status to companies locating from abroad. It is not known how many companies benefit from the tax-free status because of the strict confidentiality the government enforces, although it is known many Internet businesses utilise Dominica for this reason.