Understand the Jurisdictions Setup Requirement Before Proceed Your Dominican Republic Company Incorporation Services
The Dominican Republic is located in the Caribbean, taking up 2/3 of the island. During recent years, its economy has experienced growth at an average of 5.3% annually. Its sustained growth, declining inequality, and poverty help to expand the middle class.
It has one of the biggest economies in the Caribbean and popular for its tourism and agriculture. There are beautiful regions to see here. That is why many entrepreneurs and investors are drawn to setting up a business in the Dominican Republic. If you are one of them, then you will find the information you need here.
The Documents You Need to Set Up a Company
- The Business Register request form to put up a Dominican Company should be signed by someone the company authorized or an attorney. It is for when a power of attorney is provided.
- According to the law/Articles of Incorporation in notary act form or private with the required details in legislation.
- Minutes of the incorporation meeting and attendance list.
- The current list of shareholders/partners.
- If applicable, the report of the commissary of contributions.
- Receipt of the tax payment on incorporating legal entities.
- Dominican Identity and Electoral Card photocopies. If you are a foreigner, you will need a photocopy of your passport photo page, or other documents with a photo of the country of origin of partners, account commissary, and managers.
- Copy of Trade Name Certificate from the Dominican Trademark Office.
- Declaration of appointments acceptance by managers in case it is not apparent in the by-laws and minutes of the incorporation meeting.
How to Incorporate Your Company
- Check online or locally at the National Office of Industrial Property if the company names you gave are available. If yes, purchase it.
- Register your company at the Chamber of Commerce in person. A lawyer and the resident must be present. You would have to pay an incorporation tax of 1% based on the capital. Only then that the identification number (RNC) can be obtained
- After that, you need to file at the National Taxpayers Registry and apply for fiscal receipts that could take 25 days. Then, document swill is given allowing the company to operate in the Dominican Republic.
- In case you have employees, your business should be registered at the Department of Labor. You can do this in person or online. All your employees should also be registered at their social security main office. A resident must do this with an incorporation document copy and Tax ID.
You Need to Set Up a Bank Account
The new law to fight against money laundering says that the individual who signs the account should be there to set it up. They should also have a tax ID number and document copies they need for business incorporation and forms that were filled out. This can take between 20 to 30 days.
Why Open a Business in the Dominican Republic?
- They have a rising talent pool – The education here is affordable. There are sheltered talented people, like the webmasters, programmers, and designers from popular tech institutions. The students are encouraged to study in other countries.
- Better management of their natural resources – Dominican Republic takes care of its natural resources, and the government enforces policies to protect them. Therefore, having a business in the Dominican Republic means that you can use its natural resources in your business. You can be sure that the policies you follow are not abusive to its natural resources and environment.
- Good business environment – Dominican Republic is 109 out of 190 when it comes to ease of doing business. Some advantages could not be ignored, like an overall tax rate of 42.4%, and setting up a company only takes 14.5 days. The free trade zone it has is with Europe, North America, and Central America.
- Excellent Location – It has a geopolitical advantage, which is why business opportunities have a wide scope. Since it is located between Europe, the USA, Central America, and Northern America, it is a good trade hub. The Dominican Republic can easily be accessed via land or sea. Its coastline has busy seaports that are specifically used for tourist cruises and commercial shipping. There are over 30 airports, and 8 of them are international.
If you want to set up a business in the Dominican Republic, contact 3E Accounting for all your needs. Besides assisting you with the incorporation of your business (such as company set up), you can also get them for other services to help you run your business smoothly.