NewsWhore
05-28-2009, 03:30 PM
The director of the National Competitiveness Council (CNC) Andres Van der Horst Alvarez strongly supports the implementation of Law 479-08 on corporations to go ahead as planned.
"We believe that this law, as approved, will strengthen judicial security in the country, which has been criticized by business groups," he said.
He said that the DR was recognized by the World Bank as one of the countries that had improved its business climate in 2008, adding that the law would replace a corporate code that dates back to the 1800s, and would make it possible for a company to be formed with a single owner.
Furthermore, he said it introduces the model of limited corporate responsibility whereby shareholders are only liable for the extent of their contribution. He added that it creates more transparent companies, which opens doors for the start of a stock market system in the country.
The president of the Dominican Republic Stock Market, Marcos Troncoso disagrees with a bill passed in a first reading by the Chamber of Deputies that aimed to extend the period for the changes companies with assets of more than RD$30 million need to carry out. The Law 478-08 would go into effect this 18 June.
Troncoso says that there will always be people who leave things for the last minute, and this would be true if companies had been given five years to gear up for the law, instead of the present year.
More... (http://www.dr1.com/index.html#3)
"We believe that this law, as approved, will strengthen judicial security in the country, which has been criticized by business groups," he said.
He said that the DR was recognized by the World Bank as one of the countries that had improved its business climate in 2008, adding that the law would replace a corporate code that dates back to the 1800s, and would make it possible for a company to be formed with a single owner.
Furthermore, he said it introduces the model of limited corporate responsibility whereby shareholders are only liable for the extent of their contribution. He added that it creates more transparent companies, which opens doors for the start of a stock market system in the country.
The president of the Dominican Republic Stock Market, Marcos Troncoso disagrees with a bill passed in a first reading by the Chamber of Deputies that aimed to extend the period for the changes companies with assets of more than RD$30 million need to carry out. The Law 478-08 would go into effect this 18 June.
Troncoso says that there will always be people who leave things for the last minute, and this would be true if companies had been given five years to gear up for the law, instead of the present year.
More... (http://www.dr1.com/index.html#3)