To establish a buying and selling company, you must follow certain steps, such as registering the trade name with ONAPI, registering legal documents with the Chamber of Commerce and Production, and applying for the Taxpayer Identification Number (RNC) with the DGII.
Steps to Create a Buying and Selling Company in the Dominican Republic
When starting a buying and selling business in the Dominican Republic, it’s important to follow certain steps to ensure proper incorporation and compliance with legal requirements. Below are the key steps to follow:
Register the trade name with ONAPI
The first step in creating a buying and selling company is to register the trade name with the National Office of Industrial Property (ONAPI). This process will allow you to obtain exclusive rights to the name and ensure its legal protection.
Prepare legal documents and register with the Chamber of Commerce and Production
Once the trade name is registered, you need to prepare the necessary legal documents for the incorporation of your company. These documents include articles of incorporation, shareholder lists, commercial registration, and other specific requirements depending on the type of company you choose. Subsequently, these documents must be registered with the corresponding Chamber of Commerce and Production.
Apply for the Taxpayer Identification Number (RNC) with the DGII
After registering the legal documents, it’s necessary to apply for the Taxpayer Identification Number (RNC) from the General Directorate of Internal Taxes (DGII). This registration will assign you a unique number and allow you to fulfill your tax obligations.
Types of companies to create a buying and selling company
The choice of the most suitable type of company to create a buying and selling company in the Dominican Republic depends on various factors. In the Dominican Republic, the most common types of companies are:
- Individual Limited Liability Company (EIRL): This is an option for individual entrepreneurs who want to limit their personal liability. The owner has limited liability based on the initial investment, but the company is considered a separate legal entity.
- Limited Liability Company (SRL): It’s a popular structure for small and medium-sized enterprises. Partners have limited liability, and legal formalities are usually less complicated than a public limited company.
- Public Limited Company (SA): An SA is an entity with open or closed capital, and shares can be freely bought and sold on the stock market. This type of company may be more suitable if you plan to raise capital from public investors.
- Simplified Stock Company (SAS): This is a relatively new type of company in the Dominican Republic, designed to simplify the processes of incorporation and operation of companies.
- Commandite Company: In a commandite company, there are general partners who have unlimited liability and limited partners whose liability is limited to their investment. It may be suitable if you have partners who wish to have a more passive role in the company.
Certain requirements may require professional assistance when opening a buying and selling company. At CONTADORES DOMINICANOS, we can help you create your company or corporation.
