Guzmán Ariza, Attorneys at Law Company Law (“Ley de Sociedades”) #, effective Dec. 11, , as amended by Law. # of Feb. Company Law (“Ley de Sociedades”) #, effective Dec. . Bolsa de Valores de la República Dominicana (), created in. Ley No. , sobre Las Sociedades Comerciales y. Empresas Individuales de Responsabilidad Limitada, en República Dominicana.
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The newly formed company and each individual member, whether foreign or domestic, must obtain a tax number by registering with the DGII. The law is generally flexible, and imposes few capitalization requirements, but unlike some countries, Dominican companies are subjected to the same tax treatment regardless of structure.
Santo Domingo, Gaceta Judicial, Shares in an LLC are nonnegotiable.
They may operate temporarily or permanently. The sale in the territory of the Dominican Republic of articles produced by free-zone companies shall be considered as exports made by the free zone and imported into the Dominican Republic. Ideal for large businesses and the only structure that can raise capital republixa a public stock offering. Any company duly organized and existing in accordance with the laws of its country of origin can set up a branch in the Dominican Republic by registering at the Business Registry and obtaining a tax number from the Internal Revenue Agency.
Their trading activities are scrutinized by the Superintendent of Securities who is charged with maintaining the le of the market. The National Council on Domminicana Zones shall require an annual investment report, audited by a firm of authorized public accountants, showing the amount of exempted investments and the use given to such resources.
Good for individually owned businesses.
Finally, the law expressly permits the sale of approved securities in foreign currency and the payment of dividends in the currency consigned in the certificate. Joint ventures in the Dominican Republic generally consist of a contractual arrangement between two or more existing business entities for the purpose of carrying out a particular project dominixana task.
Furthermore, the limited liability protection afforded to members of these structures is strictly observed under the rrepublica, except in the case of fraud or misrepresentation 1. Administrative fines ranging from 50, to 1, pesos approx. A Dominican applicant must attach a prospectus including i financial statements for the last three years audited by an external auditor that is registered with the Securities Exchange Registry, ii proof of the legal status of the issuer, and iii a description of the securities to be offered including any applicable risk rating.
The representatives let the operators and of the associations of free-zone corporations may be represented by deputies designated before the National Council on Free Zones.
Our knowledge of company law is widely available, respected, and regularly referenced, and covers dominicwna formation, corporate governance, mergers and acquisitions, and dissolution; and related business areas such as contracts, employment, labor, company finance, company tax, litigation, dispute resolution, and intellectual property.
The joint venture itself is not a legal person nor enjoys limited liability unless a new business entity is formed according to Dominican company law. Repeated offenses may result in double the last fine and permanent disqualification from market participation.
Shares in a corporation are negotiable, although certain restrictions may be established in its bylaws.
Stock Market Law No. Interest and dividends on approved securities traded on the exchange are exempt from all taxes, and securities placed on the BVRD by the Ministry of Treasury are afforded special exemptions under tepublica laws governing their issuance. These officers shall report to the sub-direction mentioned in Article 32 hereinabove. Primary market placement may be managed directly by the issuer or by a registered securities broker.
Unless otherwise stipulated in the bylaws, no inspection officer comisario de cuentas is required to oversee management. However, regular sessions shall be held at least every thirty 30 days. Corporations can be private or public. A security exchange, individual, or company may function as a depository upon approval by the National Securities Council.
Paperless or electronic securities are also available reducing the risk of loss, theft, or forgery, and improving the speed of transfers, liquidation, and compensation.
The agency also imposes administrative penalties specified by law. For companies operating on a doninicana year, returns must be filed on or before April 30th. Interest and dividends on approved securities traded on the exchange are exempt from all taxes, and securities placed on the BVRD by the Ministry of Treasury are afforded special exemptions under the laws governing their issuance.
Such regulations should be completed within a period of time not exceeding ninety 90 days from the enactment of this Law. Many law firms retain shelf companies that are ready to go and available for purchase at a premium price.
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