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CONTADORES DOMINICANOS

What are the types of companies according to their economic activity?

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Companies can also be classified according to their economic activity, that is, based on the sector of the economy to which they belong. Learn about the classification of the economic activities of a company in the Dominican Republic.

What is the main economic activity of a company in the Dominican Republic? Every country focuses on one or more economic sectors, depending on its resources and opportunities for growth and expansion.

Classification of companies according to their economic activity:

How are a company’s economic activities classified? Companies are classified by their economic activity as follows:

Primary or Extractive Sector Companies:

These are companies dedicated to the exploitation of natural resources, as well as the extraction or cultivation of them.

It is considered the sector of primary resource sources.

Primary sector examples of economic activity:

In the primary sector, there are various activities, here is a classification:

  • Agriculture: companies dedicated to the cultivation, production, and harvesting of essential food such as vegetables for human consumption.
  • Mining: companies in the primary sector that are involved in the extraction of raw materials like minerals.
  • Livestock: focused on the management and production of animals for meat consumption.
  • Fishing: responsible for extracting fish for human consumption, whether from inland or marine waters.
  • Forestry: involved in the extraction of raw forest materials like timber from forests and jungles.
  • Beekeeping: activities such as beekeeping for the extraction of products like honey for human consumption.
  • Fish farming: raising and producing fish and shellfish as a food source or for ornamental purposes.

Secondary Sector Companies:

What economic activities are included in the secondary sector? These are companies dedicated to the production of raw materials. They transform raw materials extracted by the primary sector.

The industrial secondary sector is divided into two subsectors:

  • Extractive Industry: activities related to the extraction and exploitation of natural resources like oil.
  • Manufacturing Industry: companies that focus on transforming raw materials and semi-finished products.

Secondary sector examples of economic activity:

  • Perfume industry.
  • Energy plants.
  • Pharmaceutical companies.
  • Construction companies.
  • Food industries.
  • Textile and footwear factories.
  • Car factories.
  • Building constructors.

Tertiary Sector Companies:

These are companies dedicated to selling products or services that do not require the transformation of raw materials.

It is divided into two subsectors:

  • Commercial Companies: focused on buying and selling tangible products, without engaging in manufacturing processes.

Tertiary sector examples of commercial economic activity:

  • Supermarkets.
  • Bookstores.
  • Appliance stores.
  • Pharmacies.
  • Toy stores.

Service Companies: companies that focus on selling intangibles, aiming to satisfy specific needs.

Examples of service companies in the tertiary sector:

  • Hospitals and medical centers.
  • Schools, universities, academies, educational institutes.
  • Transport companies.
  • Internet providers.
  • Law firms.
  • Hotels.

The new sectors of the economy: The Quaternary Sector

As the world advances, new services emerge, such as ICT companies that focus on information technologies, innovation, development, and research.

Quaternary sector examples of economic activity:

  • Digital marketing agencies.
  • Call center companies.
  • Contact center companies.

Types of companies

Companies can also be divided into:

  • Companies by their economic activity.
  • Companies by size.
  • Companies by legal form.
  • Companies by the origin of their capital.

How are companies classified according to their economic activity in the Dominican Republic?

One of the main economic activities in the Dominican Republic is foreign trade: the export of products like cocoa, tobacco, among others. Other important sectors include livestock and agriculture, as well as mining and energy companies, which are among the most representative.

Other relevant economic sectors in the Dominican Republic are the service sector and product sales: the pharmaceutical industry, electronic and medical equipment. The textile, footwear, and tourism industries are also significant.

The tourism sector, in particular, is one of the fastest-growing, positioning itself as a tourism powerhouse in the Caribbean.

If you are interested in starting a business in the Dominican Republic, at Contadores Dominicanos we are ready to assist you with everything you need.

Types of companies by economic sector

When forming a company in the Dominican Republic, one very important factor to consider is the type of economic activity of the company, as well as its classification according to economic activity.

The Dominican Republic is one of the Latin American and Caribbean countries that experienced the highest economic growth between 2019 and early 2020, according to the Central Bank of the Dominican Republic.

This was largely due to a 100 basis point reduction in the monetary policy rate and the release of over 34 million Dominican pesos from legal reserves, made available as loans to the country’s productive sectors, contributing to the expansion of the private sector.

As we can see, there are many business opportunities in all sectors of the economy, from the oldest to the most innovative.

Learn about the classification and types of companies that exist in the Dominican Republic.

We will explain the types of commercial companies in the Dominican Republic.

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