NewsWhore
06-04-2009, 04:31 PM
The National Competitiveness Council (CNC) makes it clear that the new company rules established in the Law on Commercial Societies 479-08 will go into effect on the 19 June, following a six-month grace period, despite the fact that President Leonel Fernandez sent a bill to Congress aimed at extending the grace period for the large company structure stipulations.
Fernandez has proposed a 24-month extension, after receiving requests from the National Business Council and other private sector organizations.
CNC director Andres Van Der Horst Alvarez, who is seeking the immediate implementation of the law on the grounds that it modernizes the way of doing business, encouraged small companies to take advantage of the law.
"Small and medium businesses, productive family units and companies with just one owner should not let the opportunity pass without making the most of the facilities and fiscal pardons that are offered until October by the institutions that are tied to the implementation of the law."
He pointed out that most existing businesses, although legally constituted as anonymous societies (SA) or shareholder companies (CxA), do not operate as such, and are, in fact, businesses with one owner or family businesses with closed books.
"The six-month deadline to make adjustments only affects the large capital enterprises, and 19 June is the date that the great majority of the businesses can begin to change," he added.
He called on business leaders to gather all of the advantages that the new law offers in order to make their management situation clearer and leave behind the 19th Century Commercial Code that made seven shareholders obligatory to start a business, a collective management and the taking of decisions by means of an assembly.
He detailed different aspects of the process, such as the fact that the Chambers of Commerce have edited a pamphlet and produced model documents, unified the payment for commercial registration at RD$1,000 for the process, the ONAPI (National Office of Intellectual Property) has taken administrative measures in order to facilitate the changes to commercial names and the DGII (Department of Taxes) issued Rule 5-09 that grants a grace period of four months for the procedures of adaptation to take place without affecting tax issues, "now that the law in itself does not introduce, modify or eliminate any tax."
More... (http://www.dr1.com/index.html#5)
Fernandez has proposed a 24-month extension, after receiving requests from the National Business Council and other private sector organizations.
CNC director Andres Van Der Horst Alvarez, who is seeking the immediate implementation of the law on the grounds that it modernizes the way of doing business, encouraged small companies to take advantage of the law.
"Small and medium businesses, productive family units and companies with just one owner should not let the opportunity pass without making the most of the facilities and fiscal pardons that are offered until October by the institutions that are tied to the implementation of the law."
He pointed out that most existing businesses, although legally constituted as anonymous societies (SA) or shareholder companies (CxA), do not operate as such, and are, in fact, businesses with one owner or family businesses with closed books.
"The six-month deadline to make adjustments only affects the large capital enterprises, and 19 June is the date that the great majority of the businesses can begin to change," he added.
He called on business leaders to gather all of the advantages that the new law offers in order to make their management situation clearer and leave behind the 19th Century Commercial Code that made seven shareholders obligatory to start a business, a collective management and the taking of decisions by means of an assembly.
He detailed different aspects of the process, such as the fact that the Chambers of Commerce have edited a pamphlet and produced model documents, unified the payment for commercial registration at RD$1,000 for the process, the ONAPI (National Office of Intellectual Property) has taken administrative measures in order to facilitate the changes to commercial names and the DGII (Department of Taxes) issued Rule 5-09 that grants a grace period of four months for the procedures of adaptation to take place without affecting tax issues, "now that the law in itself does not introduce, modify or eliminate any tax."
More... (http://www.dr1.com/index.html#5)