2011News

Banks strike back

The Association of Commercial Banks is accusing the ProConsumidor, the government consumer defense body, of threatening the reputation and the stability of the sector with its campaign demanding the registration of the standard-form contracts issued by the financial intermediaries. According to the bankers, the state consumer protection agency has accused the financial institutions of being …
2011News

Most earn under RD$10K

Barely 13.5% of the country’s 1.2 million workers earn salaries above RD$25,000, while 57% earn less than RD$10,000. Only 174,047 employees earn more than RD$25,000 and most earn less than RD$10,000, a total of 736,208 employees. According to a financial report on the Dominican social security system from the Social Security Treasury, the country has …
2011News

Simplified company form

There is a new legal structure for companies with assets of RD$3 million or more, and the RD$100,000 deposit requirement for company formation has been lifted, among other changes. President Leonel Fernandez signed Law 31-11 that modified Company Law 478-08 and incorporated a new simplified form to be known as the Simplified Corporation (SAS). Companies …