A Dominican company can be formed in just 72 hours

Dominicantoday.com, Santo Domingo , February 19 th 2008

The National Competitiveness Council (CNC) and other agencies launched the Unified Integral Attention System for the Formation of Companies (SAIFE), project that will allow constituting a company in only three days, eliminating the red tape.

The system's Web site (Creatuempresa.gob.do) links the three agencies which generate the documents required to constitute a company: The National Industrial Property Office (Onapi), Chamber of Commerce, and Internal Taxes (DGII).

The system will allow, in a safe, simple and centralized manner, to conclude the processes of Name Registry, Mercantile Registry, and National Tax Registry (RNC), as well as the payments and transactions within 72 hours. "This means that it will be possible to be create a company from the comfort of one's home or office by just accessing the Internet, without having to go to several agencies and waiting for a time determined in each one of  them", said Laura del Castillo, coordinator of the CNC's Business Climate Department.

In the recent past to form a company took 73 days, though in 2006 was lowered to 22, and only three days are needed with the new system.