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Benefits of Doing Business in the Dominican Republic

Benefits of Doing Business in the Dominican Republic

The benefits of doing business in the Dominican Republic attract prospective businesses from all over the world. The country is located in the heart of the Caribbean, in the Hispaniola island, where Eastern and Western values meet. It creates an ideal climate for business development.  As a country with a unique culture, history, and business climate, the Dominican Republic has a lot to offer. As part of the Caribbean Community (CARICOM), the Central American Free Trade Agreement (CAFTA), and other treaties with North America and the European Union, the country has opened its market to foreign businesses and new development opportunities. The Dominican Republic receives one of the largest pools of European funding for infrastructure and development which shows great potential for facilitating future business. Find out the benefits of doing business in the Dominican Republic, and why you should consider expanding to the developing Caribbean region. Doing business in the Dominican Republic: strategic geographical location Located on the crossroads between Eastern and Western Caribbean, the Dominican Republic is a trade link between the large markets of Central, South, and North America for trade and transport. The country shares only the border with Haiti, is close to US hub Miami and developing Central American economies, offering wide trade opportunities. The Dominican Republic also benefits from a free flow of goods and services as a member of CARICOM and DR-CAFTA. The CARICOM is made up of 15 Member countries and an additional 5 Associate Members based in the...

Overview of the Dominican Republic’s Free Trade Agreements

Overview of the Dominican Republic’s Free Trade Agreements

The Dominican Republic is member of numerous free trade agreements. In addition, the country has established more than 50 free trade zones, the “Zonas Francas”. More than 500 companies are still operating actively in these zones, taking advantage of various tax exemption for 15 years. As the country's economy mainly depends on exports, the country primarily designated these zones for export production. Approximately half of the companies engage in textile and clothing production for the US market. Furthermore, the Dominican Republic produces agricultural products, in particular sugar. The Dominican Republic has more than 50 free trade zones, the “Zonas Francas,” where 500 companies are utilizing tax exemptions to support exports. The Dominican Republic was, for a long period, one of the fastest-growing economies in the world. Since 1992, the country has shown economic growth of over 5% per year. After 2001, economic growth has slowed as a result of the recession in the US, high oil prices, and falling prices for its export products. In 2018, the share of the various sectors in the gross national product was as follows: agriculture and fisheries 5.15%, industry 28.81%, trade, transport, finance, communication and other services 58.63%. However, economic growth has recently stagnated due to the credit crisis. In the years 2010 to 2013, the economy grew by an average of 2%. In 2017, growth is around 5%. Tourism and free trade zones generate the most income. The average GDP per capita in 2018 is USD 7750.93 per year. We give an overview of the Dominican Republic free trade...

What are the Legal Entities in the Dominican Republic?

What are the Legal Entities in the Dominican Republic?

Executives should be aware of the different legal entities in the Dominican Republic in order to choose the right one for their company incorporation. Market observers have recognized the Dominican Republic worldwide as one of the best and top travel destinations for tourists in the Caribbean. However, this island has so much to offer as well for business owners looking to enter the Caribbean region. According to the World Bank, the Dominican Republic has the second-highest GDP figures in the Caribbean. In recent years, we have seen an important increase in foreign direct investment into the Dominican Republic. This takes place specifically in the manufacturing, real estate, export and tourism sectors. This region has also made a name for itself as an appealing hub for foreign businesses through its tax and migration offerings.We provide the most important information about legal entities in the Dominican Republic. Legal Entities in the Dominican Republic for company incorporation Expanding multinationals must incorporate a legal entity in the Dominican Republic as a formal corporate vessel for business. When looking to enter the Dominican Republic, foreign investors are confronted with a choice in terms of what sort of commercial presence they want to have. Expanding multinationals must incorporate a legal entity in the Dominican Republic as a formal corporate vessel for business.Branches and representative offices are viable options for multinational companies. However, the best legal entity must be judged on a case by case basis. Next review the different types of...

Why Partner with a PEO in the Dominican Republic?

Why Partner with a PEO in the Dominican Republic?

Learn about employers’ options to hire staff through a Professional Employer Organization (PEO) in the Dominican Republic. The Dominican Republic is one of the largest nations in the Caribbean region. Tourism, agribusiness, mining, and resources are key sectors of the economy, making it a diverse environment to begin your business.However, the Dominican Republic could be a difficult environment to start your business in. The process could be time-consuming and complex. Partnering with a PEO in the Dominican Republic could make this process easier by enabling organizations to utilize key specialists to hire staff in another market before setting up a branch. Understanding the role of a PEO in the Dominican Republic A Professional Employer Organization (PEO) offers a set of employee management services, such as payroll processing, benefits management and social contributions to government organizations. A Professional Employer Organization (PEO) offers a set of employee management services, such as payroll processing, benefits management and social contributions to government authorities. The employment services of a PEO in the Dominican Republic can be valuable for foreign executives, as these organizations take responsibility for complying with local employment laws.Through a co-employment model, these companies offer far-reaching human resource services abroad for organizations without a physical presence in the nation. A PEO can support smaller businesses and it is especially helpful for businesses that are not sure yet about deciding whether they want to open an office...

What is the Dominican Republic Trademark Search and Registration Process?

What is the Dominican Republic Trademark Search and Registration Process?

Gain a clear understanding of the Dominican Republic trademark search and registration process, to protect your inventions and characteristic signs. Though exciting, expanding into a new market is also challenging for companies, and it’s important to make every effort to protect the returns on their investments by law. To remain profitable, and build credible brand awareness, you’ll want to gain exclusive rights over your company’s unique products and design elements. Intellectual property rights in the Dominican Republic are Constitutionally protected. Article 52 of the country’s Constitution identifies creators’ exclusive rights over their ideas, inventions, trademarks and distinctive signs. We outline the Dominican Republic trademark search and registration process for companies expanding into the country. Dominican Republic trademark search and registration To remain profitable, and build credible brand awareness, you’ll want to gain exclusive rights over your company’s unique products and design elements. There are several steps to register your trademark in the Dominican Republic. Once completed, your trademark is valid for a period of 10 years. Dominican Republic trademark office It’s important to understand which local government authorities manage trademark registration in the Dominican Republic, and the laws that govern them. The Dominican Republic’s trademark office is called the National Office for Industrial Property. This is known locally as the Oficina Nacional de la Propiedad Industrial (ONAPI). This agency is a branch of the Ministry of Industry and...

Steps to Incorporate a Company in the Dominican Republic

Steps to Incorporate a Company in the Dominican Republic

Businesses expanding into Central America and the Caribbean should consider the prospects of the various economies available for them to base themselves. It's become more popular in recent times to incorporate a company in the Dominican Republic, due to a number of economic and strategic factors. The country is located in the heart of the Caribbean Sea, which surprises its visitors with its beautiful beaches of white sand and blue waters. Surrounded by the sea, it is one of the countries with the greatest tourist influx in the area, offering entertainment activities, luxury accommodation, lush nature, historical landscapes and striking business opportunities. The country has a wide cultural, geographic and natural diversity, direct flights from the United States, Europe and Latin America. It has a size that slightly doubles the size of New Jersey and is more similar to the territorial size of Costa Rica. We outline key steps to incorporate a company in the Dominican Republic. Incorporate a company in the Dominican Republic Choose the Dominican Republic when doing business in the Caribbean; its strong economy and natural diversity offer many opportunities for investors, and favorable living conditions. When incorporating a company in the Dominican Republic, there are 6 main steps to follow. It’s important to first understand what kind of legal entities are available for your business. Following that, you’ll need to prepare formal constitution and other documents, and register with the local authorities. 1. Establish the initial size, objective and capital of the company...

Opportunities for Doing Business in the Dominican Republic

Opportunities for Doing Business in the Dominican Republic

Tucked away in the tropical Caribbean islands, the Dominican Republic is quietly making a name for itself as one of the top destinations to do business in Central America and the Caribbean. The country's GDP growth rate has been consistently positive since 2004, and increased another 3.7% last quarter. A strong services sector, stable economy and ongoing infrastructure projects provide new and exciting opportunities for doing business in Dominican Republic. We explain the ease of starting a business in the Dominican Republic, including the steps to register your business, plus the economic conditions of the country and what to look out for in the coming years. Overview: doing business in the Dominican Republic The Dominican Republic is one of the most attractive options for doing business in Central America and the Caribbean. Not only does it have strong legal frameworks for supporting new business, but it’s foreign investment-friendly.  The government is working hard to promote ease of doing business in Dominican Republic, and it’s showing. In the World Bank Group’s Doing Business rankings for 2020, the Dominican Republic shows an improvement in the following areas: starting a business dealing with construction permits getting electricity enforcing contracts resolving insolvency. Start a business in Dominican Republic The Dominican Republic offers a fairly straightforward process for starting a business, and usually takes between 2-3 weeks to process. Additionally, foreign investors and entrepreneurs are able to choose from a number of legal entities that best suit...

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