What is the going price, per square foot, on commercial space in downtown Sosua....looking specifically for restaurant pricing on busy street such as Pedro Clisante. Based on roughly 1000sqft, what are leases at on average?
Thanks.
Thanks Black Dog. That's a huge difference. Is Alejo Martinez a major street?
You really need to learn Sosua if you are even considering a six figure purchase of a bar!
Calle Alejo Martinez is the road parallel to Pedro Clisante, a major street, but not as commercial as Pedro C.
http://www.sosuabaygrandcasino.com/images/sosua_map.gif
You really need to learn Sosua if you are even considering a six figure purchase of a bar!
Calle Alejo Martinez is the road parallel to Pedro Clisante, a major street, but not as commercial as Pedro C.
http://www.sosuabaygrandcasino.com/images/sosua_map.gif
I currently work 60 hours/week and our Canadian Government legally takes 50% of my income for tax...and that is legal? For me, getting into business in Sosua isn't about getting rich, it's about the quality of life, making a decent living and escaping this rat race. ....and the great weather!
I know what I'm going to write sounds negative, but I think it's for the most part realistic.
- you could quite likely work 60 hours/week to keep your restaurant running
- Dominican taxes assuming you do things legally... flat 25% corp tax on your restaurant's profits, 16% ITBIS on everything you sell, 10% required tax on each sale to supplement employees salary, 1% tax on corporate assets
- Don't forget to set aside 1 month pay per employee annually for liquidation (severance pay). If I'm not mistaken, unless the employees are liquidated prior to you taking over... you inherit the need to pay their liquidation upon termination.
- Dominican taxes continued: Personal Income up to
- RD $290,243.00 annually: exempt.
- RD $290,243.01 - RD $435,364.00: 15%.
- RD $435,364.01 - RD$604,672.00: RD $21,769 plus 20% of income above RD $435,364.0.
- Income above RD $604,672.01: RD $55,630 plus 25% of income above RD $604,672.01.
- Add in your residency costs so you can work legally
- You're right, you likely won't get rich
- Quality of life... depends how much money you arrive with & whether it buys the quality of life you want. Don't count on supporting a 'Canadian lifestyle' with the earnings from a small restaurant in Sosua. It's not a sure thing.
- Making a decent living... many (perhaps most) restaurants and bars in Sosua don't make much money. Some do, you might get lucky with the combination of location and what you bring to the business.
- Escaping the rat race... you're trading Canadian rats for Caribbean rats
It's not impossible to do & it can be fun. If your finances are iffy upon starting... it can be a very difficult road.
The reality is most on here would like to see you succeed. Many have the same dreams. Those who've actually attempted businesses here (or have friends in business) have a taste of the realities that are hidden to newcomers.
If you have the money... come down, rent a place to live, and work beside someone at any restaurant you choose. Volunteer if you have to. Find out how to deal with suppliers, employees, police, etc, etc. Then when you're comfortable... make the leap. Even if you don't see for sale signs, many are for sale. You'll also not have to ask 'where is that street?' You can go into business from a stronger position than jumping into a specific location/situation from 1000's of miles away.
This may sound really arrogant, but if I had 100 large in my hand, the last place I would put it would be in a restaurant or bar in a market where my research is limited to a blog. Hmmmmm
#1 Mistake Americans make is that they think their successes in buisness in the States or EU is a Trump card for success in DR.
You simply cannot throw a US model at this place and expect it to work. AND, by the time you "try and learn" from your mistakes in some sort of a process improvement model, you lost your $$$.
Open an Etrade account with the 100K and live here as a vacationer.
...someone posts fairly specific question and ends up getting a million reasons why they will fail in business in the DR!
No disrespect to anyone, just my observations!
Not everyone wants to live as a vacationer! I for one get bored by the 2nd week! And this thread has gone the way of so many others where someone posts fairly specific question and ends up getting a million reasons why they will fail in business in the DR!
No disrespect to anyone, just my observations!
Black Dog,
Besides, dude, to be fair, I have many of your replies that have gone off topic. No offense taken.