Dominica


ESSENTIAL FACTS

LOCATION: 15 25 N, 61 20 W
Dominica, an island in the Caribbean half way between Puerto Rico and Trinidad and Tobago, is home to the second-largest, thermally active lake in the world.

POPULATION: 72,386

CURRENCY: East Caribbean dollar (XCD)

LANGUAGE: English (official), French patois

CLIMATE: Dominica has a tropical climate moderated by northeast trade winds, and heavy rainfall.

EDUCATION: 94 percent of those over age 15 have had some schooling.

PUBLIC HOLIDAYS: Independence Day, 3 November (1978)

HISTORY AND GOVERNMENT

HISTORY
Dominica is home to the only pre-Colombian Caribbean natives in the eastern Caribbean, called Carib Indians. Their ancestors were handed over from France to the UK in 1763, and became a colony in 1805. In 1978 Dominica was granted independence. Dominica was the first country in the Caribbean to elect a female prime minister.

POLITICAL SYSTEM
Dominica, a parliamentary democracy, has a president, a prime minister and a cabinet appointed by the president. The legislature consists of a unicameral House of Assembly.

JUDICIAL SYSTEM
Dominica’s legal system is based on English common law. There is an Eastern Caribbean Supreme Court.

COMMERCE AND TRADE

COMMERCIAL ACTIVITY
Agriculture: Bananas, citrus, mangoes, root crops, coconuts, cocoa
Industry: Soap, coconut oil, tourism, copra, furniture, cement blocks, shoes

TRADE PRACTICES
Exports: Bananas, soap, bay oil, vegetables, grapefruit, oranges to the UK, Jamaica, Antigua and Barbuda, Guyana, China, Trinidad and Tobago, Saint Lucia
Imports: Manufactured goods, machinery and equipment, food, chemicals from the US, China, Trinidad and Tobago, South Korea

BANKING, FINANCE AND INVESTMENT

FINANCIAL FACTS
Dominica is an emerging offshore financial centre, which is part of an effort to diversify its economic base so as to not depend on agriculture to such an extent. Tourism and ecotourism are bringing in increased revenue every year, and with tax increases and economic restructuring, Dominica seems poised to make a solid offshore jurisdiction.

Fiscal year: 1 July - 30 June

BUSINESS

BUSINESS ENTITIES
An International Business Company (IBC) is the best choice for trading or investment firms wishing to do business on an international scale. The Registrar of Companies oversees the incorporation process, which consists of registered submission of the Articles of Association and Memorandum of Association. An International Business Company incorporation takes approximately 48 hours.

TAXATION

CORPORATE TAXATION
Offshore companies are tax-exempt.

DOUBLE TAXATION
Dominica has no double tax treaty agreements with any other country.