Business accounts: Dominican Republic
An honest assessment before work starts, the quote is fixed in writing.
The Dominican Republic is the largest economy in the Caribbean, with strong tourism, free trade zones, construction and agriculture. Banks are concentrated in Santo Domingo, supervised by the Superintendency of Banks, and open company accounts in pesos and US dollars. The key condition for a company account is full local registration: without a tax number (RNC) a company cannot open an account, buy property or operate.
A Dominican company for the account
- The main form is the limited liability company (SRL) under Commercial Companies Law 479-08. Since 2011 there has been no minimum capital, but each share quota must have a nominal value of at least RD$100.
- The company is entered in the commercial register of the local Chamber of Commerce, then registered with the General Directorate of Internal Taxes (DGII) to obtain an RNC.
- Shareholders and managers can be foreigners with passports, and residents with a national ID card.
- Corporate income tax is 27%, ITBIS (VAT) 18%, and dividend withholding 10%, final.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
What documents the bank asks for
| Document | Why |
|---|---|
| Commercial register certificate | confirms the company exists and who manages it |
| RNC in active status | without it the bank will not open an account |
| Articles and a shareholders' resolution on the account and signatories | defines who controls the money |
| Passports or ID cards of shareholders and signatories | identity and beneficial owner checks |
| Proof of address for the company and signatories | a local office or lease |
| Business description and source of funds | anti-money laundering review |
Foreign documents of corporate shareholders are filed with an apostille and Spanish translation.
Timeline
| Stage | Time |
|---|---|
| Commercial register | 1-3 weeks |
| RNC | 1-2 weeks |
| Preparing the bank file | 1 week |
| Bank review and opening | 2-6 weeks |
Many Santo Domingo banks ask signatories to visit a branch in person to sign the signature card and verify identity.
Peso and dollar accounts
A company can hold accounts in Dominican pesos and US dollars, and some banks also open euro accounts. The foreign exchange market is free and currency is exchanged at the market rate. Export companies in free trade zones usually need a dollar account for settlements with foreign clients.
Free trade zones and reporting
Companies in free trade zones under Law 8-90 are exempt from income tax, ITBIS and duties on imported equipment and raw materials if they export and hold approval from the National Council of Free Trade Zones. For a bank this is a plus: clear export activity and state oversight. A regular company files monthly ITBIS and withholding returns and an annual income tax return. During review the bank sometimes asks for a tax clearance certificate, so an accountant is needed from the first month.
Why banks refuse
- The RNC has not been obtained or is not active.
- There is no local address, or the lease is not in the company's name.
- Beneficial owners are not fully disclosed, or corporate shareholders' documents lack an apostille.
- The source of funds is not evidenced.
- Higher-risk activity without licences: gambling, currency exchange, money transfers.
How we help
We register the company with the commercial register and DGII or review an existing one, prepare the account and signatory resolution, translations and apostilles, and the source of funds file, choose a bank in Santo Domingo and handle the visit and review until a decision. Then we connect an accountant for monthly returns.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property · All country programs
FAQ
Can a free trade zone company open a dollar account?
Can a foreigner open a company account in Santo Domingo?
Is capital required for a Dominican company?
What taxes does a company pay in the Dominican Republic?
How long does opening an account take?
What currency are accounts in?
Why can't an account be opened without an RNC?
Need a business account in the Dominican Republic?
We pick a Dominican bank for your company, prepare the compliance documents and guide the opening of a peso or dollar account. The catalogue covers business accounts worldwide.
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