I am a US citizen. One of my business partners is of Dominican descent. In the past we have considered buying or establishing a business in the DR for various reasons. Several things have detered us including the difficulty of remote management, the state of the DR economy and the financial risk associated with the business ventures that we encountered. We are still interested. Any advice? Particularly with respect to finding good opportunities and quality local management.
- Thread starter Johnny B
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I want to buy/start a business in the DR
yeah...
don't ever try to pay your vendors from here... plan on flying back to the us with cash in hand to ever make any darn payments.
don't ever try to pay your vendors from here... plan on flying back to the us with cash in hand to ever make any darn payments.
I would have to know much more before I can comment. Questions like type of business, is it suitable for a free zone operation, etc etc.
Also, the business climate is somewhat questionable at the moment because of political uncertainty. This will pass. Businesses in the free zones still present viable opportunities. You however would need quite deep pockets to start up or buy and solid finances behind you, for the operation. Business in the Dominican Republic has a 'hidden cost' component.
There are excellent skill sets available here if you know where to look. One of our customers is a private hotel and the owners are in the US. They function well with local management - a lot of safeguards are in place.
I would not at the moment start up or buy e.g. a gas service station or a tourist type shop or anything that depends on local currency to survive. If you are thinking about distribution, manufacturing, or anything where your product is exported, opportunities still exist, that is if you have a market. It is frustrating perhaps to do business here and work through the red tape, but nevertheless feasible business is possible.
Let us know more and feel free to e-mail me.
Also, the business climate is somewhat questionable at the moment because of political uncertainty. This will pass. Businesses in the free zones still present viable opportunities. You however would need quite deep pockets to start up or buy and solid finances behind you, for the operation. Business in the Dominican Republic has a 'hidden cost' component.
There are excellent skill sets available here if you know where to look. One of our customers is a private hotel and the owners are in the US. They function well with local management - a lot of safeguards are in place.
I would not at the moment start up or buy e.g. a gas service station or a tourist type shop or anything that depends on local currency to survive. If you are thinking about distribution, manufacturing, or anything where your product is exported, opportunities still exist, that is if you have a market. It is frustrating perhaps to do business here and work through the red tape, but nevertheless feasible business is possible.
Let us know more and feel free to e-mail me.
I am in the process of starting up a total of 4 businesses here in the DR and have this to say.
1) Pay very little attention to the persons who come to you with the "I have a friend who...", "My father can help you with....." and the like. Be extremely careful of the "management" personnel you hire if you will be an absentee owner! While many are very honest and sincere, there aare also many who will view employment with you as a opportunity for a quick buck.
My advise is to start a business rather than buy one. Blue sky is VERY expensive and extremely unreliable here.
That said, I'll leave it up to others with more experience in this business mileau than my self to answer further questions.
Texas Bill
1) Pay very little attention to the persons who come to you with the "I have a friend who...", "My father can help you with....." and the like. Be extremely careful of the "management" personnel you hire if you will be an absentee owner! While many are very honest and sincere, there aare also many who will view employment with you as a opportunity for a quick buck.
My advise is to start a business rather than buy one. Blue sky is VERY expensive and extremely unreliable here.
That said, I'll leave it up to others with more experience in this business mileau than my self to answer further questions.
Texas Bill
My suggestion to you is relax take a deep breath exhale ahhhhh! and make sure you stablish your business after HIPPO and his clowns are gone! otherwise you'll be pulling your hairsssssssssss trying to exchange pesos for dolaars etc..... right now im selling in dollars, nothing in pesos i rather keep my merchandise collecting dust.
I personally think you need to get your head examined for even considering the thought of absentee ownership, and ESPECIALLY in the DR. These people are going to eat your lunch without even a consideration of leaving you enough to be happy with because for the most part they live for today and not for tomorrow.
I am of course stereotyping but in an educated manner.
There are other reasons why NOT but you may want to ponder the one I just put forth.
I am of course stereotyping but in an educated manner.
There are other reasons why NOT but you may want to ponder the one I just put forth.
Read very carefully what Escott, Texas Bill and Erickxson wrote to you. Very true. My brother started some businesses in Cabarete ( 3 car rentals, some gift shops, 2 restaurants and 2 hotels) and everybody told him that he needed to live there in order to keep an eye on his businesses and, you guessed it, EVERYBODY stole from him. Within 2 years, he had to close the car rentals, the gift shops and the restaurants. I believe that the hotels are still open.Johnny B said:I am a US citizen. One of my business partners is of Dominican descent. In the past we have considered buying or establishing a business in the DR for various reasons. Several things have detered us including the difficulty of remote management, the state of the DR economy and the financial risk associated with the business ventures that we encountered. We are still interested. Any advice? Particularly with respect to finding good opportunities and quality local management.
Do not trust anybody. Guess what?, his worker were people that he has known for over 30 years. Even some family member stole from him. Be very careful. My advise to you is that if you will not be there to manage your investments, do not do it, even if you know the person real well.
Ps: Some of the people that stole from him were people that did not needed to steal because they were very well to do. You know what they say: " the more you have, the more you want".
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If all the above haven't discouraged you, then send me an email to billyadams@legalmax.biz for some direct correspondence regarding operating out of Manzanillo. Can't say anymore than that at this time or Robert will blacklist me.
I may already have gone beyond the pale.
Texas Bill
I may already have gone beyond the pale.
Texas Bill
miguel said:Read very carefully what Escott, Texas Bill and Erickxson wrote to you. Very true. My brother started some businesses in Cabarete ( 3 car rentals, some gift shops, 2 restaurants and 2 hotels) and everybody told him that he needed to live there in order to keep an eye on his businesses and, you guessed it, EVERYBODY stole from him. Within 2 years, he had to close the car rentals, the gift shops and the restaurants. I believe that the hotels are still open.
Do not trust anybody. Guess what?, his worker were people that he has known for over 30 years. Even some family member stole from him. Be very careful. My advise to you is that if you will not be there to manage your investments, do not do it, even if you know the person real well.
Ps: Some of the people that stole from him were people that did not needed to steal because they were very well to do. You know what they say: " the more you have, the more you want".
This happens in every corner of the earth and IS NOT exclusive to the DR.
It MAY hapen in all corners of the World,but it WILLhappen in the DR!!!
Dominicans,like Gypsys,feel they have a God given right to steal! Know who they like to steal from most of all? Their own family!! But everyone else is a close second! And they don't "Bleed you to death" either,they like to get it all at once! Even if it means putting you out of business,and themselves out of a job!There are no "Geese Laying Golden Eggs" here,they have all long since been killed!
Go figure? Just another trait of this island paradise!
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Dominicans,like Gypsys,feel they have a God given right to steal! Know who they like to steal from most of all? Their own family!! But everyone else is a close second! And they don't "Bleed you to death" either,they like to get it all at once! Even if it means putting you out of business,and themselves out of a job!There are no "Geese Laying Golden Eggs" here,they have all long since been killed!
Go figure? Just another trait of this island paradise!
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Limey said:I have started a new business with great potential but need capital investment (less than $6000) to kick it of. All legal with decent return.
Apply to julianroe@hotmail.com
Or telephome in DR 727 5387
Thanks
Julian
Don't hold tour breath waiting for someone to "Apply". That being said, I wish you good luck.
Joe
CyaBye3015 said:Don't hold tour breath waiting for someone to "Apply". That being said, I wish you good luck.
Joe
And after umpteen versions -original ad and then as a reply to everything related to business ventures - of this ad for the gift shop one might suggest a classified ad and some green in Robert's hand would be fair as well.
I am thinking of building a 700 room hotel casino complex there. It should be about $200 million. Any of you people that want you start a business there should invest in my project. Its better that, I an American rip you off. I will give you quarterly reports on how I wasted your money.
In a 4 year period in Caberete, I saw 100 stores come and go and there are only 30-40 stores available there.
In a 4 year period in Caberete, I saw 100 stores come and go and there are only 30-40 stores available there.
Jimmydr said:I am thinking of building a 700 room hotel casino complex there. It should be about $200 million. Any of you people that want you start a business there should invest in my project. Its better that, I an American rip you off. I will give you quarterly reports on how I wasted your money.
In a 4 year period in Caberete, I saw 100 stores come and go and there are only 30-40 stores available there.
Jimmy, you can count me in!!! :lick: :rambo: :surprised