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Dominican Republic

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About

Dominican Republic

Capital
Official languages
Population 
Currency

ISO 4217

Santo Domingo

Spanish and Dominican Creole

10,847,910 (as of 2019)

Dominican Peso

DOP

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Economy

The Dominican Republic has seen a steady increase in its economy over the past few years. According to the World Bank, the country’s GDP grew by 5.2% in 2019, and is projected to grow by 5.3% in 2020. This growth is largely driven by the country’s tourism industry, which accounts for nearly 20% of the country’s GDP. The Dominican Republic also has a strong manufacturing sector, which accounts for around 15% of the country’s GDP. The country’s unemployment rate is currently at 6.2%, which is lower than the regional average of 8.2%. The country’s inflation rate is also relatively low, at 2.7%. The Dominican Republic has also seen an increase in foreign direct investment, with a total of $3.2 billion in 2019. This is a significant increase from the $2.3 billion in 2018. Overall, the Dominican Republic’s economy is showing signs of steady growth, and is well-positioned to continue to grow in the future.

Taxation

Taxation in the Dominican Republic is regulated by the General Directorate of Internal Revenue (DGII). Both individuals and corporations are subject to taxation on their income in the Dominican Republic.


Personal Income Tax:

In the Dominican Republic, individuals are required to pay taxes on their income, including salaries, wages, and other sources of income. The tax rate is based on a progressive tax system, where the tax rate increases as the income increases. The tax rates for individuals range from 0% to 25%, depending on the income level. The tax year in the Dominican Republic runs from January 1st to December 31st.


Corporate Income Tax:

Corporations in the Dominican Republic are also required to pay taxes on their income. The corporate income tax rate in the Dominican Republic is a flat rate of 27%. However, there are some tax incentives available to companies in certain industries and regions. The tax year for corporations in the Dominican Republic is also from January 1st to December 31st.


Process and Calendar for payments:

In the Dominican Republic, the tax payment process involves filing a tax return and paying the tax due within a specific deadline. For individuals, tax returns are due on March 31st of the following year. For corporations, tax returns are due within 120 days of the end of the tax year.


In addition to income taxes, there are other taxes and fees that individuals and corporations are required to pay in the Dominican Republic. These include value-added tax (VAT), real estate transfer tax, and social security contributions.


It's also worth noting that the Dominican Republic has signed tax treaties with many countries to avoid double taxation on foreign companies that do business in the Dominican Republic.


In summary, the Dominican Republic requires both individuals and corporations to pay taxes on their income. The tax rates are based on a progressive tax system for individuals and a flat tax rate for corporations. Tax returns are due within specific deadlines, and there are other taxes and fees that individuals and corporations are required to pay.

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