Company setup for a "Short term loan / finance company" ?

caribmike

caribmike

Gold
Jul 9, 2009
6,808
202
63
Looking into this for somebody.

Where can I get information (or was it discussed on DR1 before?) online?

- Legal requirements to set the company up. (What documents are required, shared capital requirements, board of director requirements)?

- Does an online micro loan company needs licensing?

- Regulations regarding whether company shareholders should be local or can be from EU?

- Regulations and requirements of employees (i.E. local employees required)

What I think I know is that this requires a "S.A."? With an S.A. can someone do any kind of business or is there another permission needed in regards to lending business (Banco Central)?

Regarding local employees. "Local" = native Dominicans or do foreigners with residency count?

Founding a company I heard long time ago 7 shareholders and x have to be locals?

Any help is appreciated. Thank you for your input! :)
 
F

Fernandez

Bronze
Jan 4, 2002
572
38
48
Most of this information is available on the web pages of the Rentas Internas.
Also, you can contact most commercial law firms who can guide you through this process.

Caution: The general thinking about micro financing - dangerous in the DR, very careful.
Expect a high- very high- default rate.
 
caribmike

caribmike

Gold
Jul 9, 2009
6,808
202
63
Thanks. I know that with the default rate. It is not me who wants to do it. I know better ;). I just was asked to collect as much information as possible.
 
P

playacaribe2

Gold
Jan 9, 2004
10,912
2,247
113
caribmike said:
Looking into this for somebody.

Where can I get information (or was it discussed on DR1 before?) online?

- Legal requirements to set the company up. (What documents are required, shared capital requirements, board of director requirements)?

- Does an online micro loan company needs licensing?

- Regulations regarding whether company shareholders should be local or can be from EU?

- Regulations and requirements of employees (i.E. local employees required)

What I think I know is that this requires a "S.A."? With an S.A. can someone do any kind of business or is there another permission needed in regards to lending business (Banco Central)?

Regarding local employees. "Local" = native Dominicans or do foreigners with residency count?

Founding a company I heard long time ago 7 shareholders and x have to be locals?

Any help is appreciated. Thank you for your input! :)
Click to expand...

Formation is best done through a lawyer. I believe the S.A. Designation has been replaced by S.R.L.

After formation, if ever, PM me with any company/business specific questions. This is a highly competitive and high default rate business.......but also potentially lucrative. IMHO cannot be done successfully without a partner who understands this business from the bottom up.


Respectfully,
Playacaribe2
 
L

LTSteve

Gold
Jul 9, 2010
5,449
23
38
caribmike said:
Looking into this for somebody.

Where can I get information (or was it discussed on DR1 before?) online?

- Legal requirements to set the company up. (What documents are required, shared capital requirements, board of director requirements)?

- Does an online micro loan company needs licensing?

- Regulations regarding whether company shareholders should be local or can be from EU?

- Regulations and requirements of employees (i.E. local employees required)

What I think I know is that this requires a "S.A."? With an S.A. can someone do any kind of business or is there another permission needed in regards to lending business (Banco Central)?

Regarding local employees. "Local" = native Dominicans or do foreigners with residency count?

Founding a company I heard long time ago 7 shareholders and x have to be locals?

Any help is appreciated. Thank you for your input! :)
Click to expand...

You need an attorney to answer those questions. This is way over our pay grade. Contact an expert.
 
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