I'm considering open a business in the dominican and i would love some information on how to set up a sole proprietorship business and if there are any laws or info i should be aware of. I am an irish citizen living in the united states
- Thread starter Robin Hood1
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what steps do i need to take to start a business in dominican republic
Well you could start by learning the name of the country. It is the Dominican Republic. Since you are Irish, do you live in Irish? Or the Irish Republic>? Of course, you can say Ireland, Eire, or Erin, and many would understand you. Few would know Quisqueya from a hole in the wall.
Second. This is a country with laws, lots and lots of laws. What you suggest, "a sole proprietorship business" is certainly contemplated within these laws.
We do have a saying: Do you know how to make a small fortune in the Dominican Republic?
Well sir, you start with a big one!!
Caution, due diligence and patience are of the utmost.
I am told that all those with Irish passports could not fit in Ireland!!!
Sl?nte,
HB
Second. This is a country with laws, lots and lots of laws. What you suggest, "a sole proprietorship business" is certainly contemplated within these laws.
We do have a saying: Do you know how to make a small fortune in the Dominican Republic?
Well sir, you start with a big one!!
Caution, due diligence and patience are of the utmost.
I am told that all those with Irish passports could not fit in Ireland!!!
Sl?nte,
HB
E
engineerfg
Guest
Depending on the type of business you intend on operating, it could be as simple as 'hanging your shingle' and getting started, to as complex as having to pay damn lawyers.
I would see a psychologist first. With a certificate of "Sanity" I would go to my pastor and ask his blessing. Then I would ask the Doc for a year's supply of a really powerful tranquilizer.
That said and all the kidding aside, listen.
Business in the DR is really difficult. There hurdles and hurdles within the hurdles. The labor laws are Byzantine to say the least. The horror stories you can hear on any street, talking to any of the local businessmen will scare you away for sure.
There are two ways to go: Formal and informal
Formal is to obey all the laws, pay all the taxes and Social Security and retirement and worker's comp and and and....and have a labor lawyer on the payroll
Informal is to set it up tell the workers take it or leave it, stay under the radar, don't make waves, and HOPE you are not targeted by some "inspector" from Public Health, Labor Department, Social Security, Internal Taxes, Customs, the city council, etc etc
When you know that the Industrial Associations are complaining that manyof their companies are leaving the formal sector to seek profits in the informal sector, under the radar, stealing electricity and water, that tells you something, IMO.
However, there are entrepreneurs that have succeeded. So, come down, explore, talk and then take or don't take the plunge...
HB
That said and all the kidding aside, listen.
Business in the DR is really difficult. There hurdles and hurdles within the hurdles. The labor laws are Byzantine to say the least. The horror stories you can hear on any street, talking to any of the local businessmen will scare you away for sure.
There are two ways to go: Formal and informal
Formal is to obey all the laws, pay all the taxes and Social Security and retirement and worker's comp and and and....and have a labor lawyer on the payroll
Informal is to set it up tell the workers take it or leave it, stay under the radar, don't make waves, and HOPE you are not targeted by some "inspector" from Public Health, Labor Department, Social Security, Internal Taxes, Customs, the city council, etc etc
When you know that the Industrial Associations are complaining that manyof their companies are leaving the formal sector to seek profits in the informal sector, under the radar, stealing electricity and water, that tells you something, IMO.
However, there are entrepreneurs that have succeeded. So, come down, explore, talk and then take or don't take the plunge...
HB
"what steps do i need to take to start a business in dominican republic".....
Answer, learn how to continuously walk 1 step forward, 3 steps backward....
Answer, learn how to continuously walk 1 step forward, 3 steps backward....
It's a gamble.
If you don't get caught, fine.
If you DO get caught...maybe by a competitor, enemy or disgruntled employee dropping a dime on you...the consequences can be horrific.
Talk to a DR1 recommended lawyer - easy.
To be sucessful, however, a rich and successful expat businessman once told me - Alcohol, gambling and prostitution.
And maybe a forum?
To be sucessful, however, a rich and successful expat businessman once told me - Alcohol, gambling and prostitution.
And maybe a forum?
In almost every sense of the word, this is correct. Take it from someone who is the process of doing business here.
Unlearn everything you think you know about business and start like a child, its easier than having to stress yourself with the "but why?" question. You will not get any answer that you want.
People are unreliable regardless of the number of postgraduate degrees on their wall. You need to chase incessantly.
I will quote from a meeting I had today, he told me,"persist, persist and persist. Repeat until your competition give up and you will succeed".
And depending on what and where, without a contact network in certain businesses you will NEVER get infront of the decision maker you need.
Me personally, without my network and friends, I would give up today. I just couldn't do it without money and time I cannot afford.
I too am interested in ligitimate business. Does anyone have a link to how to set up employees for payment. Also it has been stated that a laundry mat would not work because of the unreliable electricity. Yet how do hotels keep their linen clean. I know people wash clothes by hand but the abundance of linens.
