The Caribbean Offers a Plethora of Opportunities and the Dominican Republic is a Must for Entrepreneurs to Explore
As the ninth-largest economy in Latin America, the Dominican Republic is catching on pretty fast in terms of market stability. Its robust government policies ensure the Dominican Republic market remains competitive against the world market. Among its economic drivers are tourism, construction, manufacturing and mining. Your business expansion could be worth it when you begin a journey of Dominican Republic company registration.
The Dominican Republic is frequently visited in the Caribbean. It is home to all-year-round golf-curses, the Caribbean’s tallest mountain peak, and largest lake. With a diverse culture and historical influences, the Dominicans are also a welcoming bunch. With a tropical climate to match, it is not surprising that the Dominican Republic is as homely as can be.
Benefits for Business
Among the benefits for businesses here in the Dominican Republic is the influx of tourists from all over the world. More often, these tourists are from North America and Asian countries. Also, the country is undergoing infrastructure upgrades to continue attracting foreign investments.
The tax rates in the Dominican Republic is between 16 to 18 per cent. It also exempts tax for a wide variety of goods such as necessities and services namely; education, health, housing rental, personal care and exported functions.
Registering a Company
Currently, these are the most common companies you can choose to start the Dominican Republic company registration.
- Individual Enterprise of Limited Liability: One individual can incorporate this entity type, and it has no minimum or maximum capital obligation
- Limited Liability Company: This entity type must have at least two members and a maximum of 50 members. A minimum capital of one per cent of the capital must pay during incorporation.
- Joint Stock Company: To register this entity, one needs to have two members during incorporation at least. Shareholders have limited liability based on their capital contribution. The minimum capital for a joint-stock company is 30 million Dominican pesos.
- Simplified Joint Stock Company: Company registration of this type requires at least two shareholders, a minimum capital of three million Dominican pesos and ten per cent of it paid during incorporation. Shareholders are limited to their capital contribution.
The process for all these companies is the same in the Dominican Republic. All documentation must be in Spanish. Hence, your documentation must translate to Spanish.
The process to register a company begins with:
- Checking company name availability at the National Office of Industrial Property
- Purchase the company name
- Then, get the company name published in the monthly publication of the National Office of Industrial Property.
- Make your way to the Chamber of Commerce to register the company, in person.
- The incorporation tax must be paid to Next, one per cent of the capital must be paid as registration tax to Inland Revenue Services (DGII). You will receive an RNC number at this stage.
- Now, file for the National Taxpayers Registry at the DGII and apply for fiscal receipts. This is a crucial point for both you and the registry. The fiscal receipts are proof that your company is trustworthy.
- Then if your business hires employees, you must register with the Department of Labour. You should also register employees at the social security office.
Help is on Its Way
The Dominican Republic could be your next business expansion. Get in touch with us so that you can be sure your company registration is in good hands. Entrepreneurs like you will need all the help to have a mistake-free company set up in the Dominican Republic.