Creating a financial services company in the Dominican Republic requires choosing an appropriate legal form, registering with the relevant entities, and complying with current financial laws.
Steps to Create a Financial Services Company in the Dominican Republic
Selection of Entity Type:
The first phase involves choosing the type of entity under which the financial services company will operate. It is crucial to analyze the advantages and disadvantages of each option, considering aspects such as liability, management, and taxation.
Registration and Verification of the Trade Name:
Once the entity is defined, proceed to register and verify the trade name of the company with the National Office of Intellectual Property (ONAPI). It is essential to ensure that the chosen name complies with current regulations and is available for registration with the Chamber of Commerce.
Submission of Requirements to the Chamber of Commerce:
After confirming the availability of the trade name, all necessary requirements must be submitted to the Chamber of Commerce for the official registration of the financial services company. These requirements may include articles of incorporation, tax identification, and other legal documents.
Obtaining a Commercial License from the DGII:
To operate legally, it is necessary to obtain a commercial license from the General Directorate of Internal Taxes (DGII). This license is essential to offer financial services in a regulated and authorized manner.
Obtaining the Tax Identification Number:
Once the above procedures are completed, proceed to obtain the tax identification number for the financial services company from the National Taxpayer Registry (RNC). This step is essential to comply with the fiscal and legal obligations established in the Dominican Republic.
Recommended Legal Form for Financial Services Companies in the Dominican Republic
Limited Liability Company (SRL):
The Limited Liability Company (SRL) is one of the most suitable legal forms for entering the financial sector in the Dominican Republic. This legal structure provides flexibility and protects the personal assets of the shareholders, ensuring safe and reliable operation.
The SRL offers unique flexibility in managing the financial services company, allowing it to adapt quickly to changes in the market and sectoral regulation.
Applicable Laws for Financial Services Companies in the Dominican Republic
Law No. 249-17 on the Securities Market:
The Securities Market Law regulates activities related to the issuance, public offering, and trading of securities in the country. It establishes requirements and procedures for the registration and operation of financial intermediaries, as well as transparency and information disclosure obligations for companies in the sector.
Monetary and Financial Law No. 183-02:
The Monetary and Financial Law is fundamental for financial companies in the Dominican Republic, as it regulates aspects related to the banking system, financial activities, credit institutions, supervision and control processes, and measures to ensure the stability and solidity of the country’s financial system.
Anti-Money Laundering and Combating the Financing of Terrorism Law:
The Anti-Money Laundering and Combating the Financing of Terrorism Law aims to prevent and identify money laundering and terrorism financing in the financial sector.
To create a financial company in the Dominican Republic, it is essential to have the support of professionals specialized in the local financial market.
Now that you know how to create a financial services company, at CONTADORES DOMINICANOS, you will find professionals who can guide you in choosing the best business structure, the steps to follow for registration with the relevant entities, and the creation of financial services companies.
