According to the World Bank, the Dominican Republic is one of the fastest growing economies in Latin America and a gateway to the Caribbean. Its GDP growth rates (5 percent per year) are the envy of larger economies, but they have not been able to fully weather the latest global economic downturn. Hence, bringing a company to this nation is something that is attracting more and more entrepreneurs from countries in the same Latin American hemisphere and for this they are turning to the service of incorporation of companies in the Dominican Republic.
Tourism is a permanent bastion of this country, but above that the remarkable thing about the national economy is that it is generating a large and strong middle class that has been the least vulnerable to the pandemic, so a local business is more than attractive.
However, arriving to a new country implies facing fiscal details and even local customs that can be solved with the support of a company specialized in generating a legal framework for new companies. Even better if this service is specifically designed for foreign companies.
Anchi Advisors, a Firm of Accountants in Santo Domingo, expert that offers tax and accounting advisory services that operates throughout the Dominican Republic, points out that this type of beginning for a foreign company is vital for the business to prosper: “From the beginning, operations must be carried out legally, so the incorporation of the company will give that legality and this will allow commercial operations with all the companies in the country or with the Dominican state; from the beginning there will be tax receipts, which is what all of them will demand”.
In addition, it is important that the advisor is willing to talk to the interested party, to know him/her in depth, as an initial step to an eventual hiring. This type of advice usually extends to informing the client about financial conditions that may be useful for the arrival, establishment and consolidation of the foreign company.
A company is an entity that must have a legal personality and must be careful in following the laws of the Dominican Republic, because only in this way can it ensure a successful future in this new national environment.
The Dominican economy is booming and many want to take advantage of it, but it is highly recommended to do it with the best knowledge of the local context.
For Latin American companies wishing to establish a presence in the Dominican Republic and, from there, as a bridgehead to the entire Caribbean, they should know how to value and use professional and experienced services to facilitate administrative management and comply with labor and tax regulations.