Foreigner starting a business in Cabarete????

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loopfitt

New member
Mar 11, 2007
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Hello to all. This is my first post on this site so bear with me if my question has already been dealt with. I was just recently in Cabarete for the first time about 3 weeks ago and needless to say I fell in love with the area, especially after returning home to a few feet of snow and sub zero temps here in Toronto,Canada. I am now considering moving to the area as soon as possible. I will be returning for a couple weeks at the end of May for pleasure but hopefully also to do some business. As I mentioned I am thinking of moving to the area and I would like to start a business. I have a couple of ideas that I think would do well. However, I am not sure of the business policies in DR. Can a foreigner just walk in and start a business? I would like to become a resident( as I heard this is the best option) but I heard that one must have proof of at least $50,000 in cash or investments. Is this true? I hope not because I don't have anything close to that amount of cash. Is there any way around this if true?
I would appreciate any help especially from those who have started a business in DR or know of someone who has. Thanks again.-Alessandro
 
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Chris

Gold
Oct 21, 2002
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www.caribbetech.com
Oh Boy! Do you have enough money to come to the DR and stay for 6 months or a year to learn the ropes? with no hardship to yourself or family? And then, do you have enough money left over to start a business? If yes, then come on down and stay for 6 months or a year and do nothing but research your business idea. If you don't have enough money for both of the above, don't do it! Start saving instead.
 
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DavidZ

Silver
Aug 29, 2005
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...and for the record you dont need $50,000 to get your residencia (cedula). But if you dont have $50,000 to spare, you probably dont have enough to live here and start a business...
 
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loopfitt

New member
Mar 11, 2007
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DavidZ said:
...and for the record you dont need $50,000 to get your residencia (cedula). But if you dont have $50,000 to spare, you probably dont have enough to live here and start a business...
Click to expand...

I don't have the $50,000, but the business I am thinking of has very low overhead and start-up costs and I have private investors(ie;family) who are willing to put up the money at a no interest loan. So the question stands, do I need to be a resident to legally run a business? If so, what is the process to become a resident?
 
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rubio_higuey

Gold
Feb 7, 2007
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This should be probably moved to LEGAL forum so Mr. Guzman can answer...

You would need to give more information on what kind of business you want to run. Who will be your clients? In the DR/outside of DR? Can you handle your business with having company registered overseas? You need RNC (tax number) and NCF (numero de comprobante fiscal) if you want to sell to other companies in DR, but probably can do without it if you sell to residential customers in DR or international companies.
Also, if you need to register company here, what form would it take? Sole proprietorship has different requirements than C x A (stock company).

There is no easy answer unless you give more info and/or consult a specialist.

For example, my tourism agency works with international clients and is registered overseas with its registered office and bank account as well.
 
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Don Juan

Living Brain Donor
Dec 5, 2003
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Buena suerte.

With the implementation of DR-CAFTA soon,this may be a good time to look into doing business in DR...But,
As Rubio stated,You need to get in touch with an expert such as Mr. Guzman.
Also, Chris's suggestion to spend a few months there, will give you a much better feel for whatever business you're thinking of.
However, DR is not for everyone. It has its quirky side and if you can't stand it, it's best to keep enduring Toronto's frigid winters.
I wish you great success, though.
 
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amparocorp

Bronze
Aug 11, 2002
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the quick way to make 1 million $ in the DR is to come here with 2 million $. i have seen way too many people come on down with the dream, attempt a business, and leave with their tail between their legs. if they had taken the same money, rented a small residence, learned the beauty of rice and beans, and lived a simple life they would probably still be here. i"ll let you in on something i learned a long time ago. no matter what you do in Canada, electrician, baker, computer geek, saxaphonist, indian chief, there is a Dominican guy that can do a better job of it. also, there are a million Dominicans in NY city alone, not to mention elsewhere in the states and europe. if they didn't think of it already, what makes me think i'm so smart that i can do it?
 
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Don Juan

Living Brain Donor
Dec 5, 2003
856
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Mr/Ms Loopy.

I encourage you to try your business ideas in DR. You may not necessarily make the same money as in Toronto but you may compensate for it by the wonderful climate and milieu.
Where can you hear rooster crowing in the Toronto morning? Where can a life be as uncomplicated?
Spend a little time here and see how you like it, okay? Nothing ventured, nothing gained.
 
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mikeyone

New member
Apr 16, 2003
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And another one bites the dust!!!

When I came here I thought Se Vende was the President there were so many signs.. Sorry, had to vent.. M.
 
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