There has been much discussion about the benefits of incorporating for the purpose of buying a home. What about after the purchase of a home has been made? Is it still possible to incorporate and transfer property to the corporation?
- Thread starter jackquontee
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Incorporating after the fact
What are the benefits of doing that as opposed to owning as an individual?
Edit: Found the answer here - http://dr1.com/forums/showthread.php?p=240404#post240404
Edit: Found the answer here - http://dr1.com/forums/showthread.php?p=240404#post240404
Last edited:
Hipocrito Mejia said:Edit: Found the answer here - http://dr1.com/forums/showthread.php?p=240404#post240404
I was going to say to keep it out of the hands of my babys' mamas, but the above works just as well. LOL.
Incorporating
When I spoke to attorney's in the DR they all said you had to have 5 board members and since It would be hard to trust anyone, it would be better to own things in your own name. How do you structure things then if it wise to own things in a corporation?
jackquontee said:There has been much discussion about the benefits of incorporating for the purpose of buying a home. What about after the purchase of a home has been made? Is it still possible to incorporate and transfer property to the corporation?
When I spoke to attorney's in the DR they all said you had to have 5 board members and since It would be hard to trust anyone, it would be better to own things in your own name. How do you structure things then if it wise to own things in a corporation?
Attorney's in the DR told me you need 5 board members to incorporate. They told me it would be better to put things in my own name because where could you find people you could trust. Is this true? There must be some trick to it. I have already read Guzman's recommendation to incorporate. How is everyone structuring the incorporation so that you remain in control of your belongings?
We incorporated to purchase our land and cover our villa as well. We did need a certain number of Dominican nationals on our board. They are all employees of our lawyer and all have one share with no voting rights and no financial rights either. Was set up through Guzman.
Bob K
Bob K
Actually you have 7 board members in total to incorporate in the DR, and after that , you only need to maintain 2 board members to continue functioning as a legal corporation.
When your attorney forms the corporation, he names 5 or 6 dominicans as shareholders, and at the same time, has each nominee sign an undated letter resigning and transferring their shares to whomever you want to name (including yourself). When the time arises, you just add whatever date you want, and they are history.
The company can be formed with 94 shares in your name, and 1 share in each of the others names, and you can also specify if their shares are voting or not.
Your incorporation paperwork can also specify who has the right to open financial accounts, or sign any document for other company business, and that will also protect you.
To answer Jack's question, yes you can change the ownership of property or automobiles into the corporation's name, but you will have to pay the associated transfer taxes again.
When your attorney forms the corporation, he names 5 or 6 dominicans as shareholders, and at the same time, has each nominee sign an undated letter resigning and transferring their shares to whomever you want to name (including yourself). When the time arises, you just add whatever date you want, and they are history.
The company can be formed with 94 shares in your name, and 1 share in each of the others names, and you can also specify if their shares are voting or not.
Your incorporation paperwork can also specify who has the right to open financial accounts, or sign any document for other company business, and that will also protect you.
To answer Jack's question, yes you can change the ownership of property or automobiles into the corporation's name, but you will have to pay the associated transfer taxes again.
hi-tec said:I don't know about DR but In some jurisdictions (legal systems are similar) you are not out the hook (legal complaint) IF an interested party (plaintiff), discover that you are the owner of the corporation or hold majority of shares.
Not in the DR: The only cases in which the corporate veil is lifted on corporations occurs if fraud can be proven on the board members, which is in itself a difficult thing to do.