In the Dominican Republic there are currently (as of 7/02/22) 48 financial intermediation entities, regularized in accordance with the guidelines of the Monetary Board of the Dominican Republic, of which 11 of these have a significant or total foreign shareholding.
Continue reading “Financial entities with foreign capital in the Dominican Republic.”
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 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”
Forty years ago (in 1978) it was unthinkable to have the communication resources with which we have at present. Globalization was not known and trade barriers were very common. Continue reading “About Intellectual Property Rights in the Dominican Republic”
TEMPORARY CESSATION OF OPERATIONS
To temporarily discontinue the operations is the ideal choice for a company wich regular actions have been paused, inactivating this way, its tax responsabilities with the Dominican State. Continue reading “PROCEDURE FOR THE TEMPORARY CESSATION OF A COMPANY”
REGISTRATION OF FOREIGN COMPANIES TO BECOME SUPPLIERS OF THE DOMINICAN GOVERNMENT
The sale of products and services to the Dominican Government to meet their industrial needs and specialized services, is an opportunity to access a large volume market, available not only for national physical and legal entities, but also for foreigners, being this a practice ruled by the principle of equality and free competition, which demands to respect the participation of all possible bidders. Continue reading “REGISTRATION OF FOREIGN COMPANIES TO BECOME SUPPLIERS OF THE DOMINICAN GOVERNMENT”
TAX INCENTIVES TO RENEWABLE ENERGIES
Through Law No. 57-07, the Dominican Republic consolidates its efforts to increase its unconventional energy diversity, with the main objectives of reducing dependence on imported fossil fuels, stimulate private investment projects, developed from renewable sources of energy, and essentially, reduce the negative environmental impact caused by energy operations with fossil fuels. Continue reading “TAX INCENTIVES TO RENEWABLE ENERGIES IN THE DOMINICAN REPUBLIC”
REGISTRATION PROCESS FOR A FOREIGN COMPANY
The Dominican Republic, through the General Law of Commercial Companies, No. 479-08, grants foreign companies the opportunity to regularly perform trade acts in the country, or establish a branch office or permanent establishment in the national territory. Continue reading “REGISTRATION PROCESS FOR A FOREIGN COMPANY IN THE DOMINICAN REPUBLIC”
RIGHTS OF TAXPAYERS
Counterposing to the duties of taxpayers established in Law 11-92, the Directorate-General of Internal Taxes of the Dominican Republic (DGII), contemplates the inherent rights of these taxpayers, in order to provide an efficient and appropiate service to the same, always complying with the requirements of equality, proportionality and rationality that must govern the tax process. Continue reading “RIGHTS OF TAXPAYERS IN THE DOMINICAN REPUBLIC”
REGISTRATION OF RENT OF REAL ESTATE PROPERTY IN THE DOMINICAN REPUBLIC
The rental of real estate is a very common practice in the Dominican Republic, which, despite having legislation for its regulation, is constantly conditioned by a detrimental informality to the renter and to the tenant as well.
One of the main vices in this practice is the non-registration of the contract in the Agricultural Bank, required by law 17-88, along of the sum of money delivered as deposit by the tenant.
This money amount must correspond to the equivalent of at least one (1) month’s rent in contracts up to one year; of two (2) months of rent in the contracts of two years or of a year and a half and onwards; and three (3) months of rent in contracts of three years or more, or two and a half years onwards.
Whether this amount equals the parameters already indicated, or that include advances of greater amount, there will always be an obligation on the property owner to make the deposit in the Agricultural Bank along of the original rental contract in the fifteen (15) days of its validity. In case of a breach of this term, the owner will pay a surcharge of ten percent (10%) for each month of delay, without exceeding in any case fifty percent (50%) of the amount to be deposited, being this added to the initial amount and in favor of the tenant.
This registration is of great importance, due to the regulatory role of this institution in cases such as denial of the owner to accept the rent payment, that could be deposited in the Agricultural Bank, as a real payment offer, free of any contribution or charge.
The Agricultural Bank must also pay the tenants an interest for the amounts received on deposit, at a rate similar to that established for savings accounts, interest that will accrue annually to the deposit.
