Work with a company in the Dominican Republic
The Dominican company system, with the introduction of the new Law 479-08 on commercial companies and individual enterprises, has been modified and renders the opening of companies abroad for actions ideal only for big enterprises activities, due to the need of injecting an elevated social capital.
Here following the characteristics of anonymous companies:
- RD$ 30.000.000,00 minimum capital.
- At least two shareholders.
- Bookkeeping is compulsory, by an accountant expert in big company audit.
- Board of Directors is required to cope with administration.
- Complex structure for bookkeeping.
- Criminal and financial penalties for Directors and Chief of Accounts.
- Great responsibility for accounting.
- Simplified incorporation procedures.
- well-structured shareholding
Due to the complex management and high costs, all anonymous companies have been kept outside traditional trade and are to be exploited in case of big turnover to the extent of being considered a great enterprise. All the Dominican companies belonging to this category, established before the entry into force of the new Law, within a maximum of one year will be able to be converted into one of the other company structures introduced by the regulation. If not converted, the company will be deleted ex officio. To overcome the issue, the best solution is to buy an anonymous Panamanian company, of which to create a branch in the Dominican Republic.
The cost of this service is equal to € 4.000
Here below you can read about news introduced by the new Law:
Limited liability company:
- From 2 up to 50 shareholders.
- Minimum capital required amount to RD$ 100.000,00.
- Optional designation of a Chief of Accounts.
- One or more Directors as administrator of the company.
- Organized bookkeeping.
- Criminal and financial penalties for those directors who manage unproperly the company.
- Shares are provided.
For this kind of company, the cost is € 2.000, in addition to a capital of RD$ 100.000 to deposit with a commercial bank. The anonymity of shareholders is not guaranteed.
The individual enterprise has the following characteristics:
- The sole owner has all the responsibilities.
- A Director- not necessarily the owner, manage the company.
- The Chief of Accounts is not necessary.
- Administration of more Directors is permitted.
- Organized bookkeeping.
- Criminal penalties for those Directors who do not manage correctly the company.
- Shares not foreseen.