do business in the Dominican Republic - Pellerano & Herrera

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DOING BUSINESS INTHE DOMINICAN REPUBLICREGULATION OF ASSET EVALUATIONIn order to complement Law 92-04 on Risk Prevention for Financial Entities, andfinancial activity in general, the Monetary Board adopted on 31 December 2004the “Regulation of Asset Evaluation”.The purpose of this regulation is to establish the method that financial entitieshave to follow to evaluate, compensate and sanction risks in their assets andreserves.To this effect, it defines the criteria, notions, variables and classificationsthat financial entities have to follow to evaluate and measure risks in their loanportfolio, investments, fixed assets, assets received in the collection of credits,other assets and reserves. In the same way, it sets forth the criteria to eliminateor sanction irrecoverable assets from the balance sheet.These norms shall apply to the following financial entities,whether public or private:Multiple BanksSavings and Credit BanksCredit CorporationsSavings and Loans AssociationsNational Bank for Promotion of Housing and ProductionOther financial entities that the Monetary Board may deem advisable toinclude.It should also be mentioned that these rules also apply to financial entities stilloperating as Development Banks, Mortgage Banks or Small Financial Entities,until their transformation in any of the financial entities established in theMonetary and Financial Law.36
INTERNATIONALTRADEInternational trade plays a key role in the Dominican economy. Imported componentsare estimated to account for 60% of the value of the goods consumed inthe local market, while exports have increased considerably in the last yearsmainly through the development of free zones.The preferential export rights enjoyed by the Dominican nation to enter theUnited States and European markets, as well as the process of regional integrationundertaken by the Dominican Republic, have largely contributed to thedevelopment of the external sector and offer a wide range of export opportunities.1IMPORTS37MAIN IMPORTSThe country imports products from all over the world, but close to 40% comesfrom the United States.The main imports are oil and oil products, vehicles, boilers and machinery, houseappliances, iron and steel, plastic materials, carton and pharmaceutical products.In relation to consumption products, the main imports are fat and animal oils,wheat, milk and dairy products, cereals, seeds and fish.As to free zone imports, many raw materials are imported for assembly and thenre-exported.These products include textiles, shoes, medical equipment, etc.Raw material imported by free zones comes,in order of significance,from the followingnations: United States, Popular Republic of China, South Korea, Taiwan,Puerto Rico and Italy.It should be noted that between 1993 and 2005 the balance between free zone
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Pellerano & HerreraAttorneys at law
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LEGAL FRAMEWORKFOR BUSINESSACTIVITI
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Design: Lourdes Saleme y AsociadosP
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