Starting a business in the DR as a Foreigner....

[paradise07]

I have been trying to find some basic information about starting a business as a foreigner.

I am looking to start in small clothing store. Do I need to register the company, have some sort of license to operate ? Do I have to pay taxes to the DR government ? Are they more strict because it's foreign owned ? Are there restrictions for clients trying to take money out of the country afterwards ?

Are there any resources available ?

Any help/advice would be MORE than appreciated ?

Thanks !!!

[Dolores]

You should get professional help to start this business if you want to open a store, and not just operate out of your home.

Because of new DGII (Tax Department) requirements, matters are much more complex today, and beyond your own capacity. Likewise, there are many labor complexities that you need to become aware of when dealing with personnel. There are innumerable files that have to be sent to the government. It is not something one can learn and do by oneself overnight.

Note, the complexities are the same for foreigners and Dominicans alike.

There are no restrictions for clients trying to take money out of the country, with the exception of those in place for money laundering.

There is a new resource for creating a company. The Crea Tu Empresa facility proposes to create a company in 78 hours. See Cuenta de Usuario

[planner]

Good advice Dolores! It is not easy and not anything like you might be expecting!

[paradise07]

Thanks for all the advice....

I contacted a "well reknown" lawyer here in Punta Cana. He claims that I simply have to register the name, as then I can start operating the business. He suggested that I get a good accountant to keep track of the business finances and that I be prepared to pay some taxes at the end of my fiscal year. And a higher tax if I end up selling to tourists.

He said that things really only get complicated when you want to create a company rather than just being the sole proprietor of a business.

And as for employee relations, well it's not really applicable as my husband and I will be running it.

Is it really this simple....

P.S. It's not easy to get accurate information on this matter, so any advice or a push in the right direction is more than appreciated....

Part of me just wants to give up...but I realize the difference between the people that have "made it" in this country and the ones that have not...is that even whn they feel like giving up, THEY DON'T !!!

Thanks !!!

[Fernandez]

Before Spending A Lot Of Capital, Study The Market Well And Hedge Youself. Understand This Is A Very Underdeveloped Part Of The World, And Alot Of Business Is Informal, With People Popping Up From All Over The Place For Some Of It. Very Much Like Investing In Africa...keep Your Information Very Private, Trust In No One But Yourselves And Beware Of The Attorney -