NewsWhore
06-02-2009, 03:00 PM
President Leonel Fernandez sent a bill to Congress that would extend to 24 months the period for converting Dominican companies to the business structures established in the new Corporation Law 478-08 (Ley de Sociedades Comerciales y Empresas Individuales de Responsabilidad Limitada).
The National Business Council (CONEP) had asked for an extension of 18 months for companies to adapt to the new rules.
Companies with assets of RD$30 million and more need to be restructured by 11 June 2009 in order to continue doing business.
The Law 478-08 also creates flexible structures for small companies, so these can be incorporated with just one owner and no longer need to have seven shareholders to incorporate.
The National Competitiveness Council has lobbied for the implementation of the law that is described as a quantum leap in making it easier to do business in the Dominican Republic.
You can follow the story here: www.dr1.com/forums/legal/88055-corporate-alert-new-company-law-enacted.html (http://www.dr1.com/forums/legal/88055-corporate-alert-new-company-law-enacted.html)
More... (http://www.dr1.com/index.html#1)
The National Business Council (CONEP) had asked for an extension of 18 months for companies to adapt to the new rules.
Companies with assets of RD$30 million and more need to be restructured by 11 June 2009 in order to continue doing business.
The Law 478-08 also creates flexible structures for small companies, so these can be incorporated with just one owner and no longer need to have seven shareholders to incorporate.
The National Competitiveness Council has lobbied for the implementation of the law that is described as a quantum leap in making it easier to do business in the Dominican Republic.
You can follow the story here: www.dr1.com/forums/legal/88055-corporate-alert-new-company-law-enacted.html (http://www.dr1.com/forums/legal/88055-corporate-alert-new-company-law-enacted.html)
More... (http://www.dr1.com/index.html#1)