Applicants intending to invest in Tourism, Information & Communication Technology, Manufacturing, Agribusiness, Light Industry, and any other area with the potential to add value and create employment in the state, are required to submit an application on the prescribed form to the Invest Dominica Authority (IDA).
- The application is reviewed by the IDA, in consultation with the applicant where necessary, to ensure its satisfactory completion.
- The Invest Dominica Authority will conduct necessary checks to verify the applicant’s compliance levels with Government Agencies including the Inland Revenue Division, the Vat Unit, and the Dominica Social Security.
- Whenever applicable, the applicants will be required to submit correlating supporting documents with the applications which may include:
- A comprehensive business plan
- Financial Statements if the business is already existing
- Certificate of incorporation and other incorporation documents
- Proof of ownership of property- Survey plan
- Approved plans from Physical Planning Division
- Licenses and compliance verification from Government Agencies wherever applicable
- On satisfactory review, a draft Cabinet Paper is prepared by IDA and presented to the Fiscal Incentives Review Committee for its assessment and recommendation to Cabinet or Approval Committee.
- The Fiscal Incentives Review Committee comprises three (3) members of the Board of Directors of the IDA, a representative each from the Ministry of Trade, the Ministry of Finance, and the VAT Unit.
- The Fiscal Incentives Review Committee recommendations along with the Draft Cabinet Paper are then passed on to the Minister for Trade for review.
- The final Cabinet Paper is submitted through the Minister of Trade to the Cabinet of the Government of Dominica /Approval Committee for consideration.
- Cabinet decision No. 1003 of October 15th, 2008, delegated authority to the Approval Committee to approve investments of EC$2,000,000 or less. [The Approval Committee comprises the Hon. Prime Minister, the Minister of Trade, the Permanent Secretary of the Ministry of Trade, and the Chairman and the Executive Director of the IDA].
- Investments that exceed EC$2,000,000 is submitted to the Cabinet for their attention and approval.
- The cabinet decision will then be communicated to the applicant through the IDA.
- The IDA will then issue the official license granting the concessions.
Dependent on the nature of the investment, applicants may be required to submit a master list giving a more specific description in greater detail, of the items listed on the application form of the concessions requested.
The master list will form part of the recommendations from the Fiscal Incentives Review Committee submitted to Cabinet/Approval Committee. On approval, the conditions set out in the agreement re the master list will be relayed to the applicant through the IDA.
If at any time the investor wishes to add items to the master list a request must be made to the IDA and the MOF for review.
Persons, Enterprises or Organizations in the circumstances, or for the purposes specified in the list of conditional duty exemptions in the second schedule of the CARICOM Common External Tariff, on importing such goods, the goods may be exempt from duty if the rules governing the application of the list are attained.
The following list of conditional duty exemptions are explained in greater detail in the schedule of the CARICOM Common External Tariff:
- For industry, agriculture, fisheries, forestry, and mining
- For purposes connected with tourism
- For shipping
- For purposes connected with aircraft
- For educational and cultural purposes
- For health
- For Government and Governmental purposes
- For military forces
- For diplomatic missions, international organizations and personnel
- For the movement of persons
- For other approved purposes
- Persons, enterprises, and organizations must submit a letter of an official request for concessions to the Ministry of Finance/Customs.
- A Customs Declaration must be prepared and submitted to the Fiscal Incentive Unit of Customs with all relevant information and documentation via the AsycudaWorld System, including the following:
- Form F.T.I 101- for general concessions
- Form F.T.I 102- general concessions imported for change of residence
- Form F.T.I 104- vehicles imported for change of residence
- A hard copy of the Declaration together with the corroborating documentation may be required to be presented
- The Fiscal Incentive Unit will crosscheck the articles being imported against the concessions received including goods on master lists and verify the Customs Procedure Codes (CPCs) declared
- Whenever applicable the importers will be required to submit correlated supporting documents to verify eligibility requirements to substantiate the declaration.
- If articles declared duty free do not qualify for exemption according to the terms and conditions set out in the concessions the importer must either:
- Pay the applicable duties and taxes
- File for an amendment to add the articles in question
- Returning residents’ will be required to attend an interview and complete a questionnaire.
- Customs may refer persons, enterprises, or organizations to the Ministry of Finance for further review