Results 1 to 4 of 4
  1. #1
    gregory
    Guest

    Default Importing and incorporating

    We would like to import a full trailer of material into the DR, pay the "Aranceles" ourselves and sell it in parts to local companies from a public warehouse without them having to get "permiso de importacion" or any other paperwork. It should be to local industry like buying bags or boxes from a local producer.

    Can this be done without incorporating as a Dominican corporation? What paperwork would be required? Who would move it through the system as we are not located in the DR?

    Also, I have been checking into incorporating a dominican corporation and it is not a big deal. If we were to do that, what submission requirements would there be and to whom? For example financial statements (audited?), estimated tax payments, etc.

    I think this a great service you are providing and hope it does not become too burdensome.

  2. #2
    Freddy
    Guest

    Default Re: Importing and incorporating

    Anyone can import, be it a physical person or a judicial person (corporation or otherwise). The paperwork used to be easier and quicker but the new government has changed a lot of the bureaucrats and I hear it has become burdensome and slow. My recommendation would be that the first times you import you assist yourself with a "Customs Agent", which can many times be provided by the shipping line. As a matter of fact many shippers will take care of all the process for you in the shortest time; and will let you go with their employees through the process if you tell them you want to learn the ropes.

    Regarding incorporating a dominican corporation, as you say it is not a big deal; and a lawyer would take care of it for a modest fee; unless you go to the most expensive lawyers. Your incorporation papers don't require any audit of your financial statements. Only the "comisarios" of the company to certify what the assets of the company are and what they estimate they value is.

    Regarding taxes, usually the least expensive solution during the first years is to have an accountant on retainer (usually around 800 to 1,000 dollars a month) who will visit you once a month and pick up all your invoices, receipts, etc. and do the accounting for you; or supervise some junior accountant who works with a computerized accountting system. That same person will take care of taxes for you.

  3. #3
    gregory
    Guest

    Default Re: Importing and incorporating

    I have been travelling and thus have had a delay in responding. Please clarify on the importation, can the judicial person be a corporation not registered in any way with the Dominican government?

    My second question was not directed only at taxes, but at knowing what reporting requirements there would be to the local or state government. For example, if the company had no activity for a year would we have to turn nothing in to the government?

    Thanks.

  4. #4
    Frederic
    Guest

    Default Re: Importing and incorporating

    I don't think the judicial person has to be a dominican company, it can be a foreign company importing in to the DR. But you should double-check this out with your customs agent, shipper or freight-forwarder, or with the nearest dominican consulate or your lawyer.

    Regarding your second question, if you had no activities during a year you don't have to pay taxes; you will have to fill a tax-form declaring you had no activities, thus no sales, no profits and therefore no taxes.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •