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Usually, commercial companies more used in the Dominican Republic are JOINT STOCK COMPANIES. Whether in the field of trade in general, import or export, the construction sector, tourism, telecommunications, free zones, financial sector and even companies that process international payments, call centers, Etc. The advantages of these kinds of companies are reflected in its management as it relates to each of the shareholders; make easier the access to opening bank accounts, loans, and opening additional branches.
Also, joint stock companies in the Dominican Republic allow covering areas of business in addition to the ones originally anticipated at the creation of a company that may become of interest to shareholders to exploit. Of course, the opening of choice of business areas should be established through the social statutes.
In the creation of a joint stock company in the Dominican Republic, single shareholder liability with regard to the obligations undertaken by the company is limited to the contribution provided.
The nationality of the shareholders is not an obstacle according to the laws of the Dominican Republic in order to create a company. Among the requirements for the incorporation of companies or joint stock companies, provided by the Commercial Code is that the minimum number of shareholders is seven.
Capital and its Rules
Outside everything related to the field of Banking and Insurance, which are heavily regulated by the laws of the Dominican Republic, in the Dominican Republic, there is not a strict regime in terms of capitalization of a company.
The types of corporate shares that the law contemplates are shares to the order, nominal shares, bearer’s shares.
It is mandatory to set the nominal value for each of these shares in Dominican Republic currency; at WDA we will advise our clients on this, in accordance to the nature of their business and the value of each share.
Decisions reached through a majority of votes gathered in assembly Ordinary and Extraordinary are made mandatory to the corporation.
This simple and streamlined process must be handled by lawyers of trust and experience in commercial law in order to avoid costly delays and complications.