Sawasdee Importaciones S.A.

Here: Companies in Dominican Republic

Currency and foreign company accounts

One of the most uncomfortable circumstances when owning an international company in Dominican Republic is the fact that the local currency (Dominican Peso) is changing value rapidly. For example from the year 2002 until july 2004 the exchange rate moved from 20 Pesos for 1 US$ to 45 Pesos for 1 US$. Inflation of course has always been there but the loss of value was not that drastic. In 12 years from 1990 until 2002, the Peso dropped from 10 Pesos for 1US$ to 20 Pesos for 1 US$ “only”.

Dominican companies which are interested to save their profit in hard currency might want to open a foreign account, for instance in Europe, Germany.

A company registered in Dominican Rep. as a “S.A.” (corporation) has the possibility to open a saving account at the Deutsche Bank which is one of the most important banks in Europe. The following documentation is required to open a corporation saving account in Euro currency:

1.Articles of incorporation (certified by a representative of the company [whose signature must be bank verified] as been complete, valid and up to date)

2.Extract from the mercantile file registry of the S.A.’s registration

3.Resolution of the board of directors of the S.A. to open the account in question and nominating the person(s) authorized to do so

4.List of specimen signatures (bank verified) of the persons to operate the account

5.Copies of identity card or passport of each of such authorized signatories bearing an acceptable and trustworthy bank’s certification of having identified the respective person.

Interest is not high, but money is protected better against inflation.

You find Deutsche Bank offices in all major cities in Germany. The head office is located in Frankfurt, Germany.

The bank’s web page is

www.deutsche-bank.de

Find out about the actual Peso exchange rate at the Dominican Central Bank