From what I have read, the new law passed at the end of Dec 2008 will come into effect mid 2009. In my opinion, the new law is completely ridiculous, especially the 180 day retroactive aspect for existing S.A. companies.
Alternatively you can start a new SRL company.
Below is some info I received from our lawyer on the new SRL's.
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The minimum social capital required for incorporation is RD$100,000.00. This also has to be deposited at a local bank.
The minimum of partners required is 2. (You don’t need other shareholders to complete the minimum)
The name of the company does not have to be registered at ONAPI, but under the new legal provisions the last name of the partners has to be included in the name of the company.
Other characteristic is that the participation on the benefits is not negotiable. This means that neither of you can sell your part in the company to a third-party unless the other consents it. (Except for cases of divorce or inheritance from you to your beneficiaries)
The manager of the company has every power to act on behalf of the company without any assembly meeting or power of attorney (this means less formality and more practical solutions). Nevertheless, this means that you will have to elect your manager carefully, since the company will be bound to comply with all acts signed by the manager under the corporate name.
The liability of the partners is limited to the investment made in the capital of the company.
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Can they put up any more barriers for small business and investment? Not only do we have one of the highest electricity costs in the world, but now they DR will have the highest incorporation costs in the world.
This country has 1000's of small businesses and now they are telling them they will need to deposit at least RD$30 million pesos in cash to legally operate or will need to convert to a SRL. An SRL that has ridiculous rules and regulations. More money for lawyers and BS Government agencies etc.
My guess is that the small business community will fight this, at least I hope so. Then again, they have shown they are pretty apathetic and powerless when it comes to actually forcing "real world" change or lobbying for common sense solutions.