Dominica Republic is a major player in the Caribbean offshore centres. Dominica promotes itself as a leading offshore tax haven.
Incorporating an Offshore company in Dominica can take less than 48 hours. The Island offers a low cost of Incorporating an offshore company in Dominica.
Benefits of Setting up and Offshore Company in Dominica
Offshore companies formed in Dominica enjoy total exemption from local taxes including:
* income and capital gains taxes
* withholding taxes
* transfer taxes
* stamp duties
No minimum paid up share capital
Capital may be denominated in any currency
Shareholders/directors may be individuals or corporations
No annual general meeting of shareholders is required.
No annual returns must be filed or published.
Source Caribbean Offshore Services
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Seeing your house burn down can be a traumatic experience but believe it or not U.S. residents can organise for their house to be burned down and claim a tax refund from the IRS?
This is how it works.
Lured by the prospect of free demolition, homeowners around the country sometimes offer their houses to the local fire department for training purposes. The department burns down the house, clearing the way for the owner to build a bigger and better home. The home owner then claims a Charitable tax deduction for donating the house to the fire department.
But according to an article in yahoo finance, The internal revenue service is trying to stop homeowners from claiming such deductions.
The IRS is engage in court case with home owners who are trying to claim refunds running into hundreds of thousands. ESPN commentator Kirk Herbstreit, let firefighters burn his home in 2004. The former Ohio State football star’s claim of a $330,000 tax deduction was rejected a year later.
And it not just individual home owner who are trying to make money from this tax loop hole. Churches and Corporations donate thier old properties to the fire department.
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Delaware, Nevada and Wyoming are tax havens on American soil. These states are like onshore Cayman island a place where a corporation sets up a shell company to minimise its tax liabilities.
Delaware is home to 6,500 companies. Many of them are empty shells. They make nothing and sometimes employ just a lone clerk. But all are there for the same reason: to help corporations avoid paying taxes in other states.
Corporations are allowed to establish these shell companies in Delaware, as well as in Nevada and Wyoming.
Typically, they then transfer to these subsidiaries ownership of things like trademarks, patents and investments. Delaware does not tax holding companies set up to own and collect income from such lucrative intangible assets.
The parent companies of these shells usually pay royalties to the Delaware subsidiaries to lease back those assets. By doing so, they can claim income tax deductions in states where they actually do business. The shells also funnel profit, tax free, back to their parents, in the form of dividends and loans.
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Investor going offshore should consider the following Important factors that will guarantee a safe offshore centre. A desirable offshore centre should : -
- Have a history of rule of law
- Politically neutral,
- Follow a policy of free trade,
- Not interfere with the commercial activities of corporations established there,
- Provide reasonable assurances of personal and corporate privacy.
- Converse in English Language,
- High quality of telecommunications,
- Availability of professional infrastructure,
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