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 Titling Your Property - Non-Dominican Republic Business (including SDIRA LLC) Formed in the United StatesAll 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 the United States. There are several Dominican Republic Consulate offices in the United States. The following information is based on having your business documents legalized by the Dominican Republic Consulate Office in Chicago. You can use this office regardless of where you live in the U.S. or where in the U.S. 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 Chicago, Illinois:
The Consulate General's address is: Dominican Republic Consulate General The Consulate will legalize the document(s) in two business days (includes the day of receipt). You may request in your cover letter same day service - please call ahead of time to verify this can be done, and to find out a name to whose attention you can send the document(s). (Note: the example cover letter does not include this request. You will need to add it.) If you need to expedite the process, you may also make an appointment a day or two ahead of time and the Consulate will legalize the document during your appointment. The Consulate is open Monday - Friday from 9:00 a.m. - 4:00 p.m. CST. 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 documents 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 U.S. 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. |
