Parliament of the Commonwealth of Dominica repealed INTERNATIONAL BUSINESS COMPANIES ACT of 1996

[CoinMaster]

are you really think that will help ?

 

[Martin Everson]

are you really think that will help ?

Well its better to talk to the Chef than the waiter about the food quality.

 

[mklstmsfrg]

update
no answer yet either from european 2 lawyers nor from dominica highest autohorities

 

[mklstmsfrg]

I found this document yet between the papers, could i transfer the share to other jurisdiction?
this would be the last chane

is there any chance or can i give up now

 

[mklstmsfrg]

the whole thing seems ill-considered

Dear Sir,

Requirements for converting the IBC to local company.

The required documents are listed below.
- Register of shareholder signed by director
- Letter to the registrar
- Consent to be a director
- Articles of Incorporation - we will submit on your behalf

Once the invoice is paid we will provide all these documents. You are to print them in 2 copies on deed paper, sign and send scans to us so that we may confirm that all is in order. Once that is done them we will provide you ad address for shipping the originals. The cost is USD 975.00 to include the conversion, preparation of all the documents, incumbency, apostille certification and fedex delivery.

Note that as a local company you be required to file annual financials and pay taxes based on your net profit at a rate of 25%.

Let us know if we should proceed and issue the invoice.


Best Regards



My question regarding this, that i wrote them right now:

Dear Sir/ Madam,

Thank you for your answer, the way of the conversion i only want to go, if no other choice left, i only want that IBC XXXXX fail to exists, if possible without conversion, if that not possible,
i would wind up company immediately after conversion

There are many open points yet:

1, I don't have a deed paper, I am a private person in the EU, i dont have such a paper.
2, I think, i don't can open a bank account in any European countries and I don't want or have time to travel to Dominica.
3, Can I file the annual financials myself, if yes with which program in which form? Can I do it remotely from an EU-Country over the internet?
or must find a registered accountant, i don't plan to have any net profit.

I am waiting for your answer,
thank you,
Best regards:




They don't have any idea, how to solve the problem, and they also don't concern about to solve it.
The main problem was, that my agent in EU only inform me 17th december 2021 about the repeal act.
what was gazetted in july 2021, i know that earlier, i can get a POA CGS a finish my work with the IBC

 

[Martin Everson]

1, I don't have a deed paper, I am a private person in the EU, i dont have such a paper.

Are they referring to just the quality of paper to print on i.e cotton legal paper? You can buy that paper online. But check with them.

2, I think, i don't can open a bank account in any European countries and I don't want or have time to travel to Dominica.

You can try to open an account online with Paxum Bank in Dominica.

3, Can I file the annual financials myself, if yes with which program in which form? Can I do it remotely from an EU-Country over the internet?

Depending on what accounting standard they require financials to be presented in. Would be easier to just use a local accountant over their as your company will be a local company.

the whole thing seems ill-considered

You can blame the EU. They bullied the Caribbean to abolish IBC's and islands had to rush do change laws. So yes they did not think it through properly and are unlikely to have any sympathy for anyone from EU complaining.

One thing to check with agent is that once you convert company to domestic company are they gonna inform you that you now need substance. i.e will they try and up sell you local director and office etc. Seems unlikely but ensure agent is clear to you on what is needed for the new local company so you get no surprises.

 

[Jerry1911]

Like I said, the best option is to move the assets out of the EU company and let it get struck off the register.

 

[mklstmsfrg]

One thing to check with agent is that once you convert company to domestic company are they gonna inform you that you now need substance. i.e will they try and up sell you local director and office etc. Seems unlikely but ensure agent is clear to you on what is needed for the new local company so you get no surprises.

Many Thank you for your helps! There are some more new infos, that they wrote:

Dear xxx

No, you do not need local director.

Best Regards
CCP Inc.


Answer ist with Ans.

Dear Sir/ Madam,


Thank you for your answer, the way of the conversion i only want to go, if no other choice left, i only want that IBC XXXX fail to exists, if possible without conversion, if that not possible,I would wind up company immediately after conversion

There are many open points yet:

1, I don't have a deed paper, I am a private person in the EU, i dont have such a paper.

Ans: I think it may be bought online.

2, I think, i don't can open a bank account in any European countries and I don't want or have time to travel to Dominica.

3, Can I file the annual financials myself, if yes with which program in which form? Can I do it remotely from an EU-Country over the internet?

Ans: The filling needs to be done through us as your local representatives.

 

[Martin Everson]

I would proceed and once conversion is done wind the company down. Paper can be bought and bank account opened online.

 

[mklstmsfrg]

I would proceed and once conversion is done wind the company down. Paper can be bought and bank account opened online.

Thank you for you answer,
i want to buy out the shares from IBC, that he own in european ltd, and do it in so way, that (converted) IBC doesnt earn any net profit, this is not so easy.
But as I understood Goccp will do the accounting, because they are my representative, but the ceased IBC has now bank account and dont do any business activity, how they want to audit/check how much net proftit the ceased IBC earned. if any? I don't want earn any cent with the ceased IBC in order to not must pay 25% tax for them. Thank you in advance for your answer

 

[Martin Everson]

But as I understood Goccp will do the accounting, because they are my representative, but the ceased IBC has now bank account and dont do any business activity, how they want to audit/check how much net proftit the ceased IBC earned. if any?

If no activity then no income tax. You can still produce statements to show this I hope even on closed accounts? I would again ask your csp to confirm so there is no nasty surprises or another stalemate when it comes to that part.

 

[mklstmsfrg]

If no activity then no income tax. You can still produce statements to show this I hope even on closed accounts? I would again ask your csp to confirm so there is no nasty surprises or another stalemate when it comes to that part.

Hi, thank you for your answer, the bank account of the IBC was closed 4 or 5 years ago from the bank, i didn't do anything in the last 4 months, only waited, the IBC is still active on the homepage of dominican registry court.
no activity no income tax is clear, but i as private person want to buy out the stake(over 80%), that the IBC hold in the european llc, and in this case, i am not sure, this would be not an income for the dominican LLC. I try to ask a lawyer.

 

[mklstmsfrg]

If somebody is interested for an update, i got following information from the founding agency
cost of the conversion to a local company isUSD 975.00,
fedex delivery for the papers 125 USD
I can dissolve soon after conversion and the cost is USD 1,500.00 for dissolution.

 

[Martin Everson]

If somebody is interested for an update, i got following information from the founding agency
cost of the conversion to a local company isUSD 975.00,
fedex delivery for the papers 125 USD
I can dissolve soon after conversion and the cost is USD 1,500.00 for dissolution.

Glad you found a solution.

 

[Sols]

If somebody is interested for an update, i got following information from the founding agency
cost of the conversion to a local company isUSD 975.00,
fedex delivery for the papers 125 USD
I can dissolve soon after conversion and the cost is USD 1,500.00 for dissolution.

Congrats, glad to hear it. Sounds like a solution that will work in your case. Very reasonable rates, too.

 

[PROBLEMSOLVER]

If somebody is interested for an update, i got following information from the founding agency
cost of the conversion to a local company isUSD 975.00,
fedex delivery for the papers 125 USD
I can dissolve soon after conversion and the cost is USD 1,500.00 for dissolution.

Great news. I have a similar problem. Would you be able to let me know which local agent in Dominica knows how to do this as we need similar help. Many thanks. Steve