do business in the Dominican Republic - Pellerano & Herrera

More documents

Recommendations

Info

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
Pellerano & HerreraAttorneys at lawto establish the mechanisms and tools required to prevent and uncover moneylaundering, to determine the persons that are subject to the law and the administrativesanctions deriving from non-compliance.SCOPE OF THE LAWa) DefinitionsAsset: Monies,securities,papers,notes or goods obtained from a serious offense.Competent Authorities: Under judicial competent authority are meant judicialcourts and the public general attorney, as well as the entities charged of supervisingand seeing to the compliance of the law by the persons subject to its provisions:the Superintendence of Banks, the Internal Tax Office and the DrugControl Office.Confiscation:To deprive a person of property a definite basis by virtue of a decisionof a competent court.Seizure or Freezing of Funds: The temporary prohibition to transfer, exchange,sale or move property,or the custody or temporary control of property by virtueof an order of the competent court or authority.Serious Offense: The illegal traffic of drugs, controlled substances, illegal trafficof weapons, any crime related to terrorism, illegal traffic of persons, illegal trafficof human organs, kidnapping.b) New Public Bodies. Functions:1. National Committee Against Money Laundering: Created with the aim topromote, coordinate and recommend policies for the prevention, detection andrepression of laundered assets. Its main attributions are as follows:To coordinate public and private sector efforts intended to avoid the use ofthe economic, financial and commercial system for money laundering;to recommend to the Executive Power any legal and administrativemeasures that may be needed to strengthen the available mechanisms forpreventing and investigating money laundering;To elaborate the annual budget of the Committee and the other entitiescreated by the new law. This Committee shall be presided over by thePresident of the National Drug Council and further composed of theGeneral Public Attorney of the Republic, the Minister of Finance, theSuperintendent of Banks and the President of the Drug Control Office.2. Financial Analysis Unit:This is the executive body of the National Committeeagainst Money Laundering. Its main attributions are: to receive, request, analyzeand divulge to the competent authorities the reports of suspicious financial transactionsand the reports of cash transactions for more than US$10,000, to providetechnical support to other competent authorities, and others.29
Page 1 and 2: DOING BUSINESS INTHE DOMINICAN REPU
Page 3 and 4: DOING BUSINESS INTHE DOMINICAN REPU
Page 5 and 6: FOREWORDA place to invest ...The Do
Page 7 and 8: Pellerano & HerreraAttorneys at law
Page 29: Pellerano & HerreraAttorneys at law
Page 39 and 40: INTERNATIONALTRADEInternational tra
Page 57 and 58: MAININVESTMENTSECTORSThe Dominican
Page 81 and 82:
Pellerano & HerreraAttorneys at law
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
LEGAL FRAMEWORKFOR BUSINESSACTIVITI
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Digital signature of the Certificat
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Design: Lourdes Saleme y AsociadosP
show all

do business in the Dominican Republic - Pellerano & Herrera

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?