Dominican Republic — Business: Company Formation

Key facts

• Registration runs through three bodies in order: ONAPI for the trade name (RD$4,775, 1 working day, 2 if objected), the Chamber of Commerce for the commercial registry (24 hours after payment), and DGII for the RNC tax ID (6 working days in person, 3 online).
• DGII charges 1% of the authorised share capital on incorporation, and a RD$50 Bar Association contribution is due on each document registered at the Chamber.
• Foreign shareholders provide a clear copy of a valid passport or foreign ID, and a foreign shareholder company not already in the system must supply its home-country constitutive documents registered there and translated into Spanish.
• If a trade-name applicant has no domicile in the country, it must be represented by a person domiciled in the Dominican Republic.
• The whole process can be done online through formalizate.gob.do, but only for individuals, EIRL and SRL.

Steps

1. Step 1: Choose a Business Structure — The most common business structures in the Dominican Republic are limited liability companies (LLCs) and corporations. Foreigners can own up to 100% of the company, and the minimum capital requirement varies depending on the business type.
2. Step 2: Register the Business — To register a business, foreign entrepreneurs must first obtain a taxpayer identification number (RUC) from the Superintendency of Taxes. They must also register with the Chamber of Commerce and Industry of the Dominican Republic and obtain a business license.
3. Step 3: Obtain Necessary Permits — Depending on the type of business, entrepreneurs may need to obtain additional permits and licenses from various government agencies, such as the Ministry of Labor and the Ministry of Environment.
4. Step 4: Open a Bank Account — Foreign entrepreneurs will need to open a local bank account to manage their company's finances. Some banks may require a minimum deposit or other documentation.