OFFSHORE COMPANY REDOMICILIATION

Why to redomicile?

The massive attack by the developed high taxed world on smaller jurisdictions didn’t go without a loss. More and more smaller nations, known before as the safest offshore havens, are giving up their position under the tremendous pressure from FATF and OECD. While adopting new legislation under the influence of the USA and EU, smaller nations are losing advantages of privacy and secrecy that they were proud of for decades. Exchange of information and mutual assistance treaties in reality became a one-way surrender, of course from the side of offshore.

But there are still some jurisdictions, mostly totally independent small countries that will allow people accustomed to offshore advantages to take benefits from their existence. One such country is Dominica.

You can move an existing company from another jurisdiction to Dominica for two main reasons:

— to gain back your privacy and confidentiality which you’ve been accustomed to;

— to enjoy the lowest annual maintenance fees in the offshore market.

You will pay only 595 US$ for re-domiciliation (includes all Dominica Government fees, registered office and registered agent services for the first year). The full second year and all the following years maintenance fee from 450 US$ to 645 US$ depending on if you have chosen a nominee director or not.

No other hidden fees.

Transferor Re-domicile your offshore company to the Commonwealth of Dominica.

Offshore companies registered in another jurisdiction may enjoy unique possibilities of the Commonwealth of Dominica International Business Company Act 1996. An offshore company can be easily re-domiciled to Dominica. A “Foreign” entity simply files its continuance application with the Dominica Registry and Transfers the Domicile to one of the best offshore jurisdictions.

Offshore Company Redomiciliation

Under the IBC Act 1996, company redomiciliation is accomplished by:

The foreign company prepares a Continuance application, which includes its existing charter documents and all its amendments, certificate of Good standing or Certificate of Existence dated less than a year prior the application, a decision of the Board of directors to continue in the Commonwealth of Dominica.
After the transfer, a corporation must adopt local bylaws (Memorandum and Articles of Association) to comply with Dominica Laws.
After filing the documents, the Registrar will issue the Certificate of Continuance and your company will be considered valid and existing in the Commonwealth of Dominica.
While having a legal opinion from Dominica and your certificate of Continuance you will have to go back to the jurisdiction where you were registered with the application to strike off the name out of the Registry as re-domiciled to another Jurisdiction.

Unfortunately some countries, e.g. Jersey, Guernsey, Ireland, and Bermuda do not allow company re-domiciliation. So in this case you may consider another option: to incorporate a new company in Dominica, Seychelles, BVI, Panama, Belize or Gibraltar with the same name.