Sociedad Anomina

[Richard Edwards]

Does anybody have any idea whether the share holders of a company have to be Dominicans, and if not, can they live abroad and still be share holders?

Thanks,

ED

[Alfredo Guzman]

They can all be foreigners and can also live abroad.

[Richard Edwards]

Thank you.

[wgscogen]

Is there any benefit and/or restrictions to a SA versus a Sociedad Limitada? Which is the better vehicle for home ownership in the DR?

[Alfredo Guzman]

The Dominican Republic's corporate legal frame does not offer Limited Liability corporations as an option for incorporating. Aside from the "Sociedad Anonima" or "Compañía por Acciones" (same thing different names) there are no other corporate options in which all shareholders' liability is limited to the amount apported. So, a colmado, in any case, would have to incorporate under the same corporate form used by Grupo Popular.

LLC's are included in the new Code of Commerce bill which has been taking dust in Congress for at least 5-6 years ,as well as unipersonal corporations.

[wgscogen]

Alfredo, Thank you for the quick response. If the liability of the shareholders is not limited to the investment, is there still a benefit to owning a home with a SA versus direct ownership?

[Alfredo Guzman]

Originally Posted by wgscogen

Alfredo, Thank you for the quick response. If the liability of the shareholders is not limited to the investment, is there still a benefit to owning a home with a SA versus direct ownership?

I believe you misunderstood my last post: Sociedades Anonimas (S.A.s') and Compañias por Acciones (C. por A.'s) do limit all shareholders' liability (no other corporate form in the DR does) and avoids the buyer from having to pay the transfer tax.

[gerd]

Sorry, the below link may not ecxactly be what you were looking for, but was the first thing that came to my mind, when I read the title....

http://sociedadanonima.com.do/

[wgscogen]

Alfredo, thank you for the clarification.