Author: Virgilio Santana Ripoll

Sworn Declaration of patrimony from Public Officials

Sworn Declaration of patrimony from Public Officials

Sworn Declaration of patrimony from Public Officials

The sworn declaration of patrimony assets has its first foundation in article 146.3 of the Dominican Constitution, which establishes it as mandatory for “public officials (…) before and after having completed their functions or at the request of the competent authority.” Continue reading “Sworn Declaration of patrimony from Public Officials”

Commercial Arbitration in the Dominican Republic

Commercial Arbitration in the Dominican Republic

ABOUT COMMERCIAL ARBITRATION

Commercial Arbitration is a procedure by which a dispute or controversy between two or more parties is known and submitted to the decision of a body constituted outside the ordinary courts.

Arbitration, as an alternative to dispute resolution, “constitutes a real alternative to prevent and adequately, quickly and definitively solve conflicts that arise in national and international trade transactions,” indicates Law 479-08 on commercial arbitration. Continue reading “Commercial Arbitration in the Dominican Republic”

Organizing your Business

Organizing your Business in Dominican Republic

Organizing your Business in Dominican Republic

Foreign companies and/or individuals may conduct business in the Dominican Republic by setting up a Dominican Corporation.

Any company duly organized and existing in accordance with the laws of its country of origin can set up a branch in the Dominican Republic by registering at the Business Registry and obtaining a tax number from the Internal Revenue Agency. Additional approvals may be required in certain regulated industries.

Registration requires that (a) all incorporation documents of the foreign company be translated into Spanish and authenticated, (b) corporate minutes establishing a registered office in the Dominican Republic and naming a local representative, and (c) particulars of the local representative and the company’s shareholders.

Registration is not necessary if the activity of the foreign company is limited to acquiring equity in a local business entity or to occasional transactions in the Dominican Republic. Continue reading “Organizing your Business in Dominican Republic”

NEW MORTGAGE FACILITIES IN DOMINICAN REPUBLIC

NEW MORTGAGE FACILITIES IN DOMINICAN REPUBLIC

The Dominican Republic recently enacted a law that is helping the country’s mortgage market to develop while providing significant opportunities for investors, as well as a boost for the country’s efforts to expand its housing stock.

The new law defines a number of key terms, including ‘trust’, ‘settlor’, ‘trustee’ and ‘beneficiary’. A ‘settlor’ is a party that transfers property to a trust that is under cheap nfl jerseys the care of a legal entity (e.g, a multiple-service bank or other financial institution or an investment fund manager), where such entity is authorized to act as a trustee for the benefit of a beneficiary. Continue reading “NEW MORTGAGE FACILITIES IN DOMINICAN REPUBLIC”