How to Open a Corporate Bank Account in the Dominican Republic?

Opening a corporate account is an important process that companies must complete before they can begin doing business in the Dominican Republic. Having a company account allows companies to complete financial transactions and store their funds. This is crucial for ensuring smooth commercial operations and compliance with tax regulations. 

The process of opening a bank account in the Dominican Republic, with all the documentation and approvals that are required, is very similar to the process of incorporating a business in the country. For that reason, many business entities – small start-ups and large companies alike – plan things in such a way that they can set up shop in the Dominican Republic and activate a business bank account at the same time.

Requirements to Open a Corporate Bank Account in the Dominican Republic

The most complicated part of opening a corporate bank account in the Dominican Republic is providing all the required documentation. Any documents in a language other than Spanish need to be translated by a certified translator. And documents issued outside the Dominican Republic (i.e., from the business’s country of origin) must be apostilled.

Internal policies at each bank determine the exact list of documents that are required when opening a corporate account. What follows is a general list that most banks require:

• A certificate of incorporation from the company’s country of origin.
• A list of the business’s partners and shareholders.
• A certificate from the Dominican National Taxpayers Registry (RNC).
• A tax number assigned to your business, issued by the General Directorate of Internal Taxes (DGII) authority.
• A commercial or industrial license (issued by the Ministry of Industry and Commerce).

In cases where a company’s on-the-ground legal representative holds 10 percent or more of the company’s shares, additional documentation could be required. Such documents may include:

• Board meeting minutes where the representative was appointed to the position.
• A copy of the business entity’s bylaws.
• Identity documents of all partners, shareholders, and managers.
• Banking records from the business’s country of origin
• In some cases, depending on the bank, commercial references from the company’s clients and/or suppliers.

The above is a general overview of what is needed to open a corporate bank account in the Dominican Republic, but it should not be considered an exhaustive list. Some banks may require additional documentation depending on the structure of the business entity, its size, and the type of business it intends to conduct in the country.

Opening a Corporate Bank Account in the Dominican Republic: 8 Top Banks to Consider

It is important to choose a bank that is most aligned with your business objectives in the country. Also, it’s crucial to know whether a bank imposes restrictions on foreign transactions if, for example, the company has foreign shareholders.

Such things must be carefully considered by an organization’s upper-level management, so they don’t end up opening an account with a bank that doesn’t have their best interests in mind. 

What follows are some of the most established banks in the island nation:

• BanReservas – This is the largest bank in the Dominican Republic in terms of assets under management, and it has the most branches/ATM locations across the island.
• Banco Popular Dominicano – This bank offers a full range of personal and corporate banking services. It even offers personal accident and life insurance plans.
• Banco Multiple BHD Leon – This is another large bank in the Dominican Republic, holding 19 percent of the retail banking market share on the island.
• Banco BDI – This bank was instrumental in the development of the agri-business and industrial sectors in the late 20th century. It now offers a full range of personal banking services.
• Banco Vimenca – Like all banks in the Dominican Republic, this one offers personal banking services, but it’s the smallest bank in the country in terms of locations and market share.
• Banco Unión – This niche bank focuses on making it easy for accountholders to receive remittances from abroad. It operates through a network of correspondents in the US, Latin America, Spain, and other European countries.
• Scotiabank República Dominicana – This bank is a subsidiary of the Canadian banking giant Scotiabank Group and is one of only two foreign banks operating in the country. Its focus is providing personal and corporate services to small- and medium-sized enterprises (SMEs), as well as large corporations.
• Citi Dominican Republic – Citigroup has had a presence in the country for more than 50 years. Citi Dominican Republic offers a wide range of banking products and services to individuals and large corporations.

Based on our experience, we often recommend Banco Popular Dominicano or Scotiabank or foreign companies. This is based on the ease of doing business as a foreigner in the Dominican Republic.

4 Steps to Open a Corporate Bank Account in the Dominican Republic

To open a corporate bank account in the Dominican Republic:

1. Step 1: Choose the provider and bank account type that will best suit your business needs. Feel free to discuss the options available at the local branch. 
2. Step 2: Prepare all the required documentation and complete the bank account application form. Note that you may be required to complete an in-person interview. 
3. Step 3: Once you have been accepted as a customer you might be asked to make an initial deposit. 
4. Step 4: Activate your account. You are now ready to begin using your company account. 

Common Questions on Opening a Corporate Bank Account in the Dominican Republic

Based on our extensive experience, these are the common questions and doubts of our clients on opening a company bank account in the Dominican Republic:

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