The Dominican Republic has a new law on anti-money laundering and terrorist financing in an effort to catch up with current international standards. This new law was enacted on June 1, 2017, under Act No. 155-17 (hereinafter “the Law”) which aims to regulate more efficiently money laundering and terrorist financing activities according to the latest … Seguir leyendo
First of all, there is no word or phrase that could translate into English what a deslinde means. Real Estate Cadastral Individualization, maybe? In order to explain the concept of DESLINDE in the Dominican Republic, it is important to go back to the circumstances that lead our authorities to request such process as a mandatory prerequisite to … Seguir leyendo
non compete A non compete clause (also called “covenant not to compete”) is a clause under which one party agrees not to enter into any activity that could be considered as competition against another party. This is usually required by the employer to the employee, by a business to a consultor or among partners. The use … Seguir leyendo
There are recent news on dividends distribution by Dominican free zone companies. But first, let us review the background on the recent announcement made by the government. Dominican Law No. 253-12, enacted at the end of 2012, (hereinafter called “the Tax Reform”) modified the Dominican Republic’s Tax Code as well as other laws of a fiscal nature. The only significant change to the tax situation of free zone companies with regard to withholdings on dividend distribution … Seguir leyendo
Liquidation is a term used to indicate the payment an employee receives from its employer as compensation when the employer has used its right to put an end to the labor contract for no reason (no fault by employee), that is, a payment upon dismissal. Such payment is calculated depending on the seniority of … Seguir leyendo
In the Dominican Republic, the contractual relations between the parties intervening in any distribution agreement between a foreign licensor and a local distributor/importer are under the scope of Law 173, enacted in 1966 and subsequently amended, which establishes extraordinary protection for the local distributor/importer of foreign services and products The object of this law is … Seguir leyendo
With the purpose of attracting foreign investment to increase levels of employment and foreign currency in the country, in 1970 the Dominican Republic established a legal regime of extra-territoriality by means of which companies that are set up in a specific geographic territory declared as an “industrial free zone” and surrounded by insurmountable walls, are … Seguir leyendo
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