do business in the Dominican Republic - Pellerano & Herrera

DOING BUSINESS INTHE DOMINICAN REPUBLICFor the registration of License Agreements for Technology Transfer, the followingdocuments must be filed:1. Copy of agreements.2. Proof of ownership of foreign licensor over the technology.3. If it may affect the environment in its area of influence, certification of theMinistry of Environment and National Resources with the relevant provisionsfor the recovery of ecological damage.4. Request of issue of Certificate of Technology Transfer, indicating term of thecontract, foreign licensor and local licensee.BILATERAL INVESTMENT PROTECTION AGREEMENTS (IPAS)In order to complement Law 16-95 and further promote foreign investment, theauthorities have accelerated the negotiation process of bilateral agreements forinvestment protection (IPA'S) with several nations.These are international agreementsconcerning foreign direct investment (FDI) that, based on reciprocity,intend to promote and grant legal protection to investments thus promoting theeconomic development of the country.These instruments are recognized as a source of trust for foreign investors, giventhat they allow to create a favorable investment climate, promoting the flow ofprivate capital and initiatives from this sector. Among the agreements of thisnature already in force we find those signed with Spain, Ecuador, France, PopularRepublic of China,Chile,Argentin,CARICOM and Central America and DR-CAFTA.Others are still in the process of negotiation, Colombia, Peru, Israel, Taiwan,Canada, Korea, Denmark, Norway, Sweden, Germany, Russia, Check Republic,Belgium,Austria,Venezuela and Ukraine.28LAW 72-02 ON MONEY LAUNDERINGBackground and ObjectivesOn 10 June 2002 the Dominican Republic passed Law 72-02 on Laundering ofAssets Obtained from the Illegal Traffic of Drugs and Controlled Substances, inorder to satisfy the need of a legal framework adapted to international standardsin the fight against money laundering. Previously this subject was under thescope of Law 55-02, but this statute had certain gaps, mainly concerning the distributionof goods, products or instruments obtained from illegal activities.The country assumed international commitments that led to the adoption of anstatute that could serve to control effectively the transnational phenomena ofdrug-trafficking, such as the International Convention against Corruption held inCaracas in 1996, the United Nations Convention against Organized Crime held inPalermo, Italy, in 2002, and others.This legislation, together with its application regulations contained in Decree 20-03 of 14 January 2003, has the main purpose of defining the acts that categorizethe offense of laundering from certain criminal activities, as well as providingprecautionary measures and criminal sanctions. In the same regard, the law seeks