Parliament of the Commonwealth of Dominica repealed INTERNATIONAL BUSINESS COMPANIES ACT of 1996

[mklstmsfrg]

the company is still active, when i search it for it in online dominican registry,
the last thing that i can do, i will contact the company registry country in the european country, where i reside, and explain everything
in written form for this europen country company registry judge.
I reside in EU, i am EU citizen, but i dont want to tell the country name.

 

[Martin Everson]

Let us know how it goes. Sounds a complete nightmare 😕.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[mklstmsfrg]

1 thing yet, the following structue was set up in 2012, european llc (probably i will later tell wich country) there are 2 owner in the structer, I as private person and the dominican company,(controlled until now over nominee), with this structure was everything fine until now,
last year i didnt any local bank in my european country for open a account for the local(!) european llc, because the foreign owner (IBC offshore company) is in the structure, i opened a 2nd account at wise, the european llc has one bank account yet since 2012, without bank account a company doesnt can function, it is clear, at is obligatory to have one because the local tax athorities also.

i send them also international_business_companies_ibc_repeal_act_2021_6_of_2021_.pdf from dominica let see what they answer

 

[Jerry1911]

Has Wise blocked your account out of the blue or was it triggered by a transaction?

 

[mklstmsfrg]

was it not triggered by a transaction the account is for an european llc , ta
hat owned by an IBC, what i controlled until now over nominee director, they need now the passport/driver licence/national id of the dominican nominee director, i dont can that provide, because, dominican goverment strucked of all IBC by 31.12.2021

this is the act of the dominican government

Attachments​

• 
  international_business_companies_ibc_repeal_act_2021_6_of_2021_.pdf
  536.1 KB · Views: 121

 

[Jerry1911]

Understood. Nominee directors and Wise never worked well I think.

Good luck... I'm following the thread closely.

P.S. in theory you could set up a new EU company and transfer the assets from the current one, then wind the old company down. Then you can forget about the Dominican company.

 

[mklstmsfrg]

Martin Everson said:
But this is not something new. Dominica was not making any money from the IBC act for years and then with EU pressure it was forced to end its regime as part of removal from EU blacklist . People where given 6 months notice.
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Is there any authority in EU, how can make pressure fot the dominican authorities to give out a document about the wounding up of the IBC company, this answer from dominican agent is difficult to acceptable for me.

Dear Sir,

Thanks for your email and patience.
We have previously asked these questions to the various authorities and
registrar and they will not issue any such documents.

The best we can offer now is a legal opinion. See draft attached and let
us know if that will suit your needs. We can add or remove items based
on your needs.

Let us know what you decide.

Best Regards

 

[Sols]

mklstmsfrg said:
Is there any authority in EU, how can make pressure fot the dominican authorities to give out a document about the wounding up of the IBC company, this answer from dominican agent is difficult to acceptable for me.
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Dominica is a sovereign, independent country. It doesn't answer to anyone. The UK and Netherlands can ”” at times ”” barely pressure its own overseas territories. So there's nothing any non-Dominican authority can do here.

You can try to sue or subpoena the government or the company registry for the document you need. But if your lawyer in Dominica hasn't recommended that yet, it's probably because they know it's practically impossible.

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This is the probably the answer to your question.

 

[Martin Everson]

mklstmsfrg said:
Dear Sir,

Thanks for your email and patience.
We have previously asked these questions to the various authorities and
registrar and they will not issue any such documents.

The best we can offer now is a legal opinion. See draft attached and let
us know if that will suit your needs. We can add or remove items based
on your needs.

Let us know what you decide.

Best Regards
Click to expand...

Is the legal opinion coming from the agent or their lawyer. Legal opinion has worked for me with a Swiss bank in past related to a family succession issue when it came from my lawyer over someone that passed away. Speak to people in your European country and see if they have some flexibility over what evidence they demanded from you initially. Maybe legal opinion is acceptable if it came from a lawyer.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[mklstmsfrg]

Martin Everson said:
Is the legal opinion coming from the agent or their lawyer. Legal opinion has worked for me with a Swiss bank in past related to a family succession issue when it came from my lawyer over someone that passed away. Speak to people in your European country and see if they have some flexibility over what evidence they demanded from you initially. Maybe legal opinion is acceptable if it came from a lawyer.
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Thank you for your very useful answer, i attach the legal opinion draft, i asked they also who will sign it, on monday, but until now they doesn't answered, i will try everything, because the remove the assets in an other company (EU Ltd) would be cause very much costs about 20-30.000eur

Attachments​

• 
  ibc legal opinion draft.pdf
  106.1 KB · Views: 105

 

[Martin Everson]

Remove the last line in doc.

If a lawyer signed and stamped such a document I would think its ok. However speak to European country and explain situation. See if this draft document would be acceptable in this mitigating circumstance.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[mklstmsfrg]

Martin Everson said:
Remove the last line in doc.

If a lawyer signed and stamped such a document I would think its ok. However speak to European country and explain situation. See if this draft document would be acceptable in this mitigating circumstance.
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Thank you very much, i will try it, and keep reporting

 

[mklstmsfrg]

update:
I asked the company registry, how can i wound up the company, or how can i convert it to lacal company, and after that wound it up.

they only sent me the repeal act back attached to this mail:
---------- Forwarded message ---------
Von: Companies and Intellectual Property Clerk <[email protected]>
Date: Mo., 4. Juli 2022 um 21:01 Uhr
Subject: RE: Question regarding IBC XXXX
Dear Sir/ Madame,

In response to your queries, please see attached document.

Best Regards,

Companies & Intellectual Property Office
Ministry of National Security & Home Affairs
Crn. Kennedy Avenue & Independence Street
Roseau
Commonwealth of Dominica

2, Wise didn't answer my email and also didn't unlock my european ltd account yet.

 

[mklstmsfrg]

there is a stalemate situation, i must represent the dominican ltd in order to do the share transfer, so remove the domnican ltd from the european ltd, there is no pssible without cgs u they give out a cgs.
Dear xxx,

The company is still listed on the site however since the passage of the
repeal Act its no longer a Dominica IBC. Therefore the registry will not
renew or issue a CGS to the company. If nothing is done to the company
and it is removed from the list by the registry it fails to exist. The
conversion must be done as soon as possible since we are not certain how
long the companies will remain listed.

Best Regards
xxx Inc.

and i dont want to transfer the dominican company to a pay 25% taxes an to must deliver financial statement every year

 

[Martin Everson]

Dominica really did not think this through for those that failed to convert the company in time of the repeal. 😕

That's a terrible stalemate. Maybe you need to write to Dominica Prime Minister explaining situation and CC in the CIP office. It's a wild shot but executive intervention can help here.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Jerry1911]

Jerry1911 said:
P.S. in theory you could set up a new EU company and transfer the assets from the current one, then wind the old company down. Then you can forget about the Dominican company.
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Why don't you do this instead?

 

[mklstmsfrg]

This was a question for what i got the answer above.

Dear Sir/Madam

Could you please help me to clarify the following points:

Is this XXXX still exists or was it liquidated?

Is it still exists as the registry show, than it must be possible to get a COG and a POA in order to remove the company of the european ltd structure,
it is not allowed to let a no more existing company in the member structure, the european ltd must withdraw the shares of the IBC XXXX, and to do that
somebody must represent the company for the european company registry court, this is not possible without COG and POA-

Is the company still exists only lost his offshore (tax free status)? form 1th january 2022?

What happens if i dont want to convert it to a local company?
I will never can remove it from the european LTD structure?
Will after a time forced to convert it to a local company from the government?

Please give me short clarification in this points.

Thank you
Best Regards

This is the 2nd answer, what i got, but only get a POA, for existing or respictively (non)existing or no more tax free company,
without any CGS (Certificate of Good Standing) will not be accepted from european company registry court, i asked 2 lawyer
and also the european registry country, registry court in EU said they doesnt go after any documunt,
lawyers said POA+legal opinion (not assued by athority, only IBC register company)+ repeal act from dominica
doesn't enough to remove the company from the european ltd. structure 🙁((((((((((

anybody any idea???


Dear XXX

Thanks for your email.
Yes you may date the document and this will mean that the hes have resigned.
Regarding the POA it needs to be issued some time last year and the cost will determined by how long the validity is. POA for a year is USD 100.00 and because the company was not renewed till 2022 you would also need to pay the nominee services for the year of USD 200.00. You wont need to pay the renewal fees

Best Regards

Last edited: Jul 29, 2022

 

[mklstmsfrg]

Martin Everson said:
Dominica really did not think this through for those that failed to convert the company in time of the repeal. 😕

That's a terrible stalemate. Maybe you need to write to Dominica Prime Minister explaining situation and CC in the CIP office. It's a wild shot but executive intervention can help here.
Click to expand...

Thank you for you answer and support.
Do you mean he?
https://en.wikipedia.org/wiki/Prime_Minister_of_Dominica
i don't find a direct email adress or phone number to him, if i search for it in Goverment of Dominica Web Portal:
https://dominica.gov.dm/ministries
I found this one only:

Contact Us​

Address:
Ground Floor
Government Headquarters
Kennedy Avenue
Roseau
Commonwealth of Dominica
Email:
[email protected]
Phone:
(767) 266 3000/ 3500
Fax:
(767) 448-5044

And i wrote an email to [email protected] with explaining the situation see my last post above, and I think thy forwareded it goccp.com (IBC founder agence) and the answer came from them, I also coppied the answer from them in my last post.

so I think the european ltd structure will exists in this form at least for 7 years, i can't wind up the european without represting the other member, and i also want move all assets out from the european ltd.,and wait until probably accounting errors and tax-optimized things expires (reaches the statute of limitations)

 

[Martin Everson]

mklstmsfrg said:
I found this one only:

Contact Us​

Address:
Ground Floor
Government Headquarters
Kennedy Avenue
Roseau
Commonwealth of Dominica
Email:
[email protected]
Phone:
(767) 266 3000/ 3500
Fax:
(767) 448-5044

And i wrote an email to [email protected] with explaining the situation see my last post above, and I think thy forwareded it goccp.com (IBC founder agence) and the answer came from them, I also coppied the answer from them in my last post.
Click to expand...

Write to the President of Dominica below who appoints the Prime Minister.

Office of the President
State House, Victoria, Street Roseau
Tel: (767) 266 3333
Fax: (767) 449 8366
Email: [email protected]
Website: presidentoffice.gov.dm

mklstmsfrg said:
so I think the european ltd structure will exists in this form at least for 7 years, i can't wind up the european without represting the other member, and i also want move all assets out from the european ltd.,and wait until probably accounting errors and tax-optimized things expires (reaches the statute of limitations)
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Don't lose hope yet.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[mklstmsfrg]

Martin Everson said:
Write to the President of Dominica below who appoints the Prime Minister.

Office of the President
State House, Victoria, Street Roseau
Tel: (767) 266 3333
Fax: (767) 449 8366
Email: [email protected]
Website: presidentoffice.gov.dm



Don't lose hope yet.
Click to expand...

Thank you, i try it, i found the folllowing contact details yet
Office of the Prime Minister
6th Floor, Financial Centre, Kennedy Avenue, Roseau
Tel: (767) 266 3300
Fax: (767) 448 8960
Email: [email protected]
Website: opm.gov.dm