How to conduct business in the Dominican Republic.

  • By:Vianela Morillo

We have previously discussed investment opportunities, profitable businesses and the costs associated with establishing a company in the Dominican Republic. Foreign nationals interested in conducting any economic activity in the country, usually ask the same questions:

 How is business conducted in the Dominican Republic?

How is a business formalized?

If that is the case, you can continue reading because in this article we will tell you how to conduct business in the Dominican Republic, while considering all the variables that come into play.

Characteristics of the market in the Dominican Republic

First of all, you should know that Dominicans are essentially conservative, we are averse to change, and so if you are interested in establishing any kind of partnership with a Dominican citizen, obtain credits or financing, try to present ideas that have been proven with experience. If your idea or your business is very innovative, I assure you that it will be difficult to obtain partners or solidify your business project, in order to enter the Dominican market at a business and commercial level in general.

Although our main feature is being conservative, a high proportion of our society will be friendly and will cooperate with you in all your efforts. This is especially true because you would be promoting the growth of the country and bolstering the economy, not only in the Dominican Republic but in any developing country. The economic impact of foreign investment in structure, companies, businesses and general investment is pivotal for its growth.

For the purposes described in this article, we recommend demonstrating the following:

  1. Reliability
  2. Trust
  3. And letting your credentials speak for themselves.

This could be your cover letter to conduct good business and attain beneficial business relations in the country.

The Dominican Republic has a population of approximately 10 million inhabitants and is a member of the International Trade Organization, therefore it is a secure platform to conduct business, which is why we invite you to get to know the market.

Points to consider if you plan to invest in the Dominican Republic

  • Verify its tax laws. Each type of business has its particularity when it comes to this subject, and it is very important to be aware of it before starting a business, not only in the Dominican Republic but in any country in the world.
  • It is also advisable to consult with a law firm or a private lawyer, in order to be informed of all the details about legal and tax issues that you would incur in the country and obtain general information about the topic at hand.

Other possibilities you may consider

  • If you have a company or business in a different country, you can establish a branch in the Dominican Republic. This is something you can do, in accordance with Dominican Company Laws.
  • You may create a company in the Dominican Republic as the sole partner or owner , although this is not the option we recommend the most, given that this can compromise all your assets. We always recommend a company that establishes its own capital.

How are Dominican citizens?

  1. Conservative.
  2. Respectful.
  3. Collaborative.
  4. Of a deeply rooted culture.
  5. They give great importance to personal relationships.

General rules for commercial relations with Dominican citizens:

  1. Be punctual with meetings.
  2. Wear appropriate clothing for business meetings and appointments. Businessmen often wear formal attire in general.
  3. Always have business cards at hand, given that their use and exchange is customary.
  4. Dominicans are considered formal on some occasions and informal on others. Nevertheless, they are committed to the socio-economic sector, formal settings, and decency.
  5. Value the importance of interpersonal relations. Allocating time for this purpose is a prerequisite for business relations.
  6. It is important to read in advance about the history and culture of the Dominican Republic.

As we have stated in other articles, the Dominican Republic is a country that encourages foreign investment and allows their operations with the least amount of inconveniences possible. The contributions it offers to the country are significant and as a result, the State is committed to promoting them.

To conclude, if you have considered conducting any type of business in the Dominican Republic, we encourage you to do some research. We recommend that you obtain information with the help of a law firm or a lawyer, who can advise you properly, and we assure you that your experience will be positive and (above all) profitable.

If you have any questions or need any additional information, you may contact us through the form located here and we will answer you as soon as possible.

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Posted in: Companies and Corporations, Foreigners in the Dominican Republic