Incorpating

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ace

New member
Apr 11, 2004
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I have done the search , but still don't understand.
I'm attempting to buy 2 apartments and it was suggested that I incorpate to protect my assets. I was also advised to have someone close to me as my vice president so if something was to happen to me he would have control of the corp. 100% of the shares of the company would be in my name. As I read other threads it mentions "The process involved is more complicated than in the US. For example, our archaic company law still requires 7 shareholders. Law firms usually provide nominees to fulfill this requirement."
These shareholders , your kidding "nominees" what does that mean. Complete strangers are going to have a stake in my company. And when I die what do the shareholders (nominees) get when the corp is sold or I decide to sell everthing and not reinvest.
Thank you for any help.
 
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andrea9k

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Apr 17, 2004
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You can have relatives as shareholders, you need them here to sign the constitution act, or send the act to them to sign it. A passport can work as an ID. No children.

If you dont want someone to have a significant part of your company then assign them just 1 share. They would not have decision power and would not get much in case you decide to sell. You can also have a document ready to be signed after the constitution act where the shareholders "give you back" the shares they "own".

You would need a Will expressing you want your wife -or whoever- inherit your shares in this company in case you pass.

I am not sure, but I think if there are no dominicans shareholders in your company you would have to pay more taxes -Mr Guzman can help here more than me.

Jess
 
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Escott

Gold
Jan 14, 2002
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People supplied by a lawfirm give you letters of resignation in advance and your attorney keeps their share in his possession. You also give them letters holding them not liable for any thing the corp does.

It has nothing to do with Taxes that I know of.

Escott
 
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ace

New member
Apr 11, 2004
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Escott said:
People supplied by a lawfirm give you letters of resignation in advance and your attorney keeps their share in his possession. You also give them letters holding them not liable for any thing the corp does.

It has nothing to do with Taxes that I know of.

Escott
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Ok, thanks Scott. I call you soon and let you know whats going on. This whole process has taken way to long. I'm very dissapointed ( with you know who) I will find out on Wednesday or Thursday if it's going to happen. I'm betting 90% it don't.
 
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Fabio J. Guzman

DR1 Expert
Jan 1, 2002
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The nominee shareholders don't have any say in the company and are shareholders at your discretion because:

(1) Their shares, usually one per nominee, are issued to the bearer and you hold them.

(2) In addition, you have a signed, undated document whereby they transfer their shares to you or to somebody close to you.
 
A

ace

New member
Apr 11, 2004
97
2
0
Fabio J. Guzman said:
The nominee shareholders don't have any say in the company and are shareholders at your discretion because:

(1) Their shares, usually one per nominee, are issued to the bearer and you hold them.

(2) In addition, you have a signed, undated document whereby they transfer their shares to you or to somebody close to you.
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Thank you very much for the info.I should of used your services.
Well hopefully next time.
 
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