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 Titling Your Property - Non-Dominican Republic Business Formed in CanadaAll foreign businesses must be registered in the Dominican Republic in order to operate in that country. This includes self-directed IRA LLCs. The process typically takes two to three months. The first step is to have your business documents legalized by a Dominican Republic Consulate office in Canada. There are three Dominican Republic Consulate offices in Canada, and they are located in Montreal, Toronto and Vancouver. The following information is based on having your business documents legalized by the Dominican Republic Consulate Office in Toronto. You can use this office regardless of where you live in Canada or where your business was formed. It is highly recommended that you contact the Consulate (see phone number below) to ensure the instructions in step 1 have not changed. 1. Buyer will mail the following to the Dominican Republic Consulate General in Toronto, Ontario:
The Consulate General's address is:
The Consulate will legalize the documents and forward them the same business day received. 2. Once the attorney receives the legalized documents from the consulate, they will be translated into Spanish. Dominican Republic law requires that all legal documents be in Spanish. Ms. Jaquez's fee to register your company is $2,000, and she will require a deposit of $1500 to begin the work. You will be notified of this at that time. Please make the check payable to Carmen Jaquez and send it, along with a copy of the passport of any member of the business, to the following address:
You may contact Ocean Star Estates for our Federal Express number, so that you can select "third party" on the airway bill. Be sure to write down your tracking number, so you can track the package's delivery. 3. The attorney will send the legalized document and Merchant Registry form to the Chamber of Commerce in the Dominican Republic. The Chamber of Commerce will take approximately 30 days to review the documents and register the business. 4. The buyer will receive documentation showing that the Canadian business has been registered in the Dominican Republic. At this time, the remaining $500 is due to Ms. Jaquez. Note: Please be aware that there are costs associated with purchasing property in the Dominican Republic with a business. In addition to the cost of setting up and registering the business in the D.R., the business will have to pay a 1% annual property tax fee until title has been transferred to the business (this will mainly affect Phase II, for which the deslinde process is ongoing). Once the business owns property, it will not have to pay the 1% annual property tax fee because the land is outside of city limits. Finally, a new law effective in 2010 will require that businesses provide monthly accounting to the government at a cost of approximately $600 per year. |
