Hello, and thank you beforehand for your time!
I have been to the R.D. twice now, and am planning on returning in four months or so to live - and establish a business and a second home.
In my trips there, I have stayed in the Puerta Plata area, and made a few friends as well. Total time spent in two trips, around 5 weeks, but long enough to know that this is the right decision (and my husband is of like mind).
I want to open a small shop to sell American designer clothing that comes from "sell out" and "clearance stores" in the states. Ralph Lauren, Evan Picone, *famous name* dresses and clothing that I can buy - for under $10. US, and bring clothing back to R.D. to sell in a small *casa-like* shop, near the large hotels - near the Costa Dorado area.
While I was there, I shopped downtown at several places, and I feel I can compete in the "adult female" clothing arena, price wise, IF the import taxes aren't too high. If I was to start out very small, would I be taxed heavily on boxes of clothing that I would mail to R.D.?? At the prices I shall be purchasing, I could afford nearly the entire cost of the items in taxes, and still make a small profit.
Nothing on the scale of a "Casa Nelson", rather a small shop with alterations available, and chic affordable clothing. (I would also focus on the *large sized female tourists* from Europe with 1X, 2X, 3X clothing). This business would be my base, as we are also starting a foundation, where people from the U.S. can send school supplies and money for food for the schools in the surrounding countryside.
We have visited schools in Puerta Plata, including private, catholic, and public. Nueva Boca (?)(Boca Nueva?) has a school we visited, that we would like to help very much. Maimon, is another area we want to help in.
Our last trip, we brought suitcases full of crayons, pencils, and paper. I'm sure that you know these items are badly needed in the mountain schools there. This "base" of a shop will allow me to support myself - as well as facilitate a place where packages of supplies for children (books, art supplies, paints, radios, paper, pens and pencils.. you get the "picture") might be sent. Do charitable packages receive taxations also?
I feel that your basic advise (on your business page here) is good, in that I should simply come down and begin small, rent a shop, and open! I know that the "seasons" bring different sales figures, and we have enough in savings to have a comfortable buffer for more than a year.
I have run my own shop here in the states, and have worked as a teacher for years (primary levels, in public schools). My husband is a magnificent carpenter, as one of his trades, so finding good help won't be a problem, as well as friends there who wil work with us. Eventually, we would like to sell the beautiful wood carvings of every kind that we find in R.D., but that is a later venture!
My first concern is: what is involved tax wise mailing cartons (2'x3') of merchandise to myself? Each carton would be of medium size, weighing no more than 50 or 60 pounds. I imagine that I would need 5 or 6 of these cartons for my shop each month. How does the taxation schedule apply to small business individuals? If my accountant tracks all of this, is it a yearly matter?
Lastly, I have heard that depositing American dollars is a good thing to do to earn high interest in Dominican banks. Would you advise having only a dollar account? or perhaps two accounts, one for the higher interest, one for everyday needs with pesos?
I have many more questions, but of these many, I will be happy with any few you might feel inclined to answer! Thank you again sincerely for your time and consideration!
Susan G.
Cincinnati, Ohio, USA
p.s. We are getting a lawyer when we come next, to advise us on a land purchase, (potentially a small home), handle our paperwork, and to legally start up our business. We hope someday to be citizens as well (retaining our US citizenship).
I have been to the R.D. twice now, and am planning on returning in four months or so to live - and establish a business and a second home.
In my trips there, I have stayed in the Puerta Plata area, and made a few friends as well. Total time spent in two trips, around 5 weeks, but long enough to know that this is the right decision (and my husband is of like mind).
I want to open a small shop to sell American designer clothing that comes from "sell out" and "clearance stores" in the states. Ralph Lauren, Evan Picone, *famous name* dresses and clothing that I can buy - for under $10. US, and bring clothing back to R.D. to sell in a small *casa-like* shop, near the large hotels - near the Costa Dorado area.
While I was there, I shopped downtown at several places, and I feel I can compete in the "adult female" clothing arena, price wise, IF the import taxes aren't too high. If I was to start out very small, would I be taxed heavily on boxes of clothing that I would mail to R.D.?? At the prices I shall be purchasing, I could afford nearly the entire cost of the items in taxes, and still make a small profit.
Nothing on the scale of a "Casa Nelson", rather a small shop with alterations available, and chic affordable clothing. (I would also focus on the *large sized female tourists* from Europe with 1X, 2X, 3X clothing). This business would be my base, as we are also starting a foundation, where people from the U.S. can send school supplies and money for food for the schools in the surrounding countryside.
We have visited schools in Puerta Plata, including private, catholic, and public. Nueva Boca (?)(Boca Nueva?) has a school we visited, that we would like to help very much. Maimon, is another area we want to help in.
Our last trip, we brought suitcases full of crayons, pencils, and paper. I'm sure that you know these items are badly needed in the mountain schools there. This "base" of a shop will allow me to support myself - as well as facilitate a place where packages of supplies for children (books, art supplies, paints, radios, paper, pens and pencils.. you get the "picture") might be sent. Do charitable packages receive taxations also?
I feel that your basic advise (on your business page here) is good, in that I should simply come down and begin small, rent a shop, and open! I know that the "seasons" bring different sales figures, and we have enough in savings to have a comfortable buffer for more than a year.
I have run my own shop here in the states, and have worked as a teacher for years (primary levels, in public schools). My husband is a magnificent carpenter, as one of his trades, so finding good help won't be a problem, as well as friends there who wil work with us. Eventually, we would like to sell the beautiful wood carvings of every kind that we find in R.D., but that is a later venture!
My first concern is: what is involved tax wise mailing cartons (2'x3') of merchandise to myself? Each carton would be of medium size, weighing no more than 50 or 60 pounds. I imagine that I would need 5 or 6 of these cartons for my shop each month. How does the taxation schedule apply to small business individuals? If my accountant tracks all of this, is it a yearly matter?
Lastly, I have heard that depositing American dollars is a good thing to do to earn high interest in Dominican banks. Would you advise having only a dollar account? or perhaps two accounts, one for the higher interest, one for everyday needs with pesos?
I have many more questions, but of these many, I will be happy with any few you might feel inclined to answer! Thank you again sincerely for your time and consideration!
Susan G.
Cincinnati, Ohio, USA
p.s. We are getting a lawyer when we come next, to advise us on a land purchase, (potentially a small home), handle our paperwork, and to legally start up our business. We hope someday to be citizens as well (retaining our US citizenship).