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Thread: Updating a Corporation

  1. #1
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    Default Updating a Corporation

    I have a Dominican Republic corporation. I need to renew/update my corporation. I do no business in the Dominican Republic, but I have real estate in this corporation. Does anyone know what it cost to renew a corporation and who should I contact?

  2. #2
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    Big changes have been made in the laws regarding corporations and your present corporation may be going out of business at end of June unless you initiate the new procedures and pay the related fees. You should contact the attorney who made your corporation asap.

  3. #3
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    Prices depend on many factors: a) do you wish to stay as an SA (not recommended because of compliance issues) or convert to an SRL or EIRL?; b) what's the capital of your present company?: it may be that you need to raise the capital in order to comply with the new law (SRL have a minimum capital of 100,000 pesos; SA, 3 million pesos paid-up); c) is your company current?

    Fees and expenses for updating SA's range from $700 to $1000.

    Fees and expenses for converting into an SRL or EIRL (including fees for the accountant, which are left out of the quote by some attorneys) range from $1000 to $1800, depending on the reputation and expertise of the firm.

    In both cases, it is assumed that the company is current and that there is no need to increase its capital.

    Unfortunately, the conversion process is quite complicated.

    If you'd like for our firm to do the updating or conversion, please write to [email protected]. We do have some expertise in the area. I co-authored the book of forms (Modelos para la Práctica Societaria) published last May.
    Fabio J. Guzman
    Guzman Ariza
    Attorneys-at-Law
    Sosúa, Santo Domingo, San Francisco de Macorís, Cabrera
    Las Terrenas, Samaná, Bávaro (Punta Cana) and La Romana
    Dominican Republic


    [email protected]


    Website

    The opinion above should not be construed to be formal legal advice and was given without reviewing the facts and documents pertinent to the case. The reader should NOT act based upon this opinion without seeking professional counsel.

  4. #4
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    Patron, for what it is worth, Fabio Guzman's firm is handling the conversion of my company.

    Not a welcome expense, but the change in the law make it necessary as the consequences of not converting are worse.

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