Open a "Colmado" in santiago, DR

Member since 21 August 2017

NalexanderMember21 August 2017 15:52:06

Hello guys I'm new here. I'm thinking of moving next year in santiago. I want to open a small business but I don't know the steps, Can someone enlighten me please .
Thank you.

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert21 August 2017 19:25:37

17643

Welcome to the forums. You can own but not work in a business without residencia. Working in it means you need residencia.

Depending what kind of business you are looking at. Rules change by situation, area and type!

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member22 August 2017 11:32:43

7675

Welcome. Lots to research on the subject here. Like Planner said you need your residency. Have you been here before??
Bob K

Nalexander Member

Member since 21 August 2017

NalexanderMember23 August 2017 15:33:14

Yes i visited a couple times. How long does it take to get your residencia? I won't be working tho just my business and live there maybe buying a home if they finance home there, do you know?

thecolonel Banned

Member since 06 November 2015

thecolonelBanned23 August 2017 15:59:42

558

If you really think you can just open a colmado and make a good enough living to pay for the mortgage on a financed house, you better do more 'due diligence'.

Nalexander Member

Member since 21 August 2017

NalexanderMember23 August 2017 16:12:20

That was not the question. But thank u

planner Dominican Republic Expert

Member since 27 December 2010

Dominican Republic Expert

plannerDominican Republic Expert23 August 2017 18:25:55

17643

You wont get financing as a foreigner. Sorry.

Bob K VIP Member

Member since 25 June 2007

Bob KVIP Member24 August 2017 10:35:01

7675

You can get a home loan here but it is very expensive with stupid high interest rates and takes lots of time to arrange and about 2000 pieces of paper to fill out. With out a large amount of money (investments) or assets you won't qualify.

Bob K