About mandatory record-keeping for Dominica-based companies

About mandatory record-keeping for Dominica-based companies

A company registered in Dominica is obliged to keep accounting records that enable the determination of the company's financial position at any given time and/or sufficient to account for and explain the company's transactions. These records must be available for inspection by the Registrar at all times.

Accounting records refer to the following:

Financial statements;

Contracts;

Invoices;

All books;

Receipts;

Any other document relevant to the financial affairs of the company, including its assets and liabilities, which is registered in accordance with the laws of Dominica.

In addition to maintaining records, the company is required to retain copies of all resolutions passed by directors, committees of directors, shareholders, committees of shareholders, and committees of employees.

Minutes of meetings of all the aforementioned groups must also be kept.

A company that intentionally fails to comply with these requirements will be fined $100 USD for each day during which the breach occurs.