One of the most critical aspects when setting up a company in the Dominican Republic is the choice of trade or business name. Before establishing your Dominican company, your company name must be registered and approved by the National Industrial Property Office or ONAPI. Once the name is approved, ONAPI will provide you with a trade name certificate.
The name you choose for your business should be unique and distinct. Generic trade names will not be approved. For example, a name like Dominican Tours would be considered too generic. The best option would be Blue Moon Beach Tours. The reasoning for registering non-generic trade names is that the entity can be easily identified if there is a legal issue.
During the business name registration process, you will need to submit the primary business name you wish to use and two alternatives. If ONAPI does not approve your primary business name, they may process your alternative options. If the three names you provided are not approved, you will have a second opportunity to submit three more choices at no charge. If the second batch of names you submit is not approved, you will need to restart the process and pay the name registration fee again.
As of the date of this publication, the registration fee is RD$4,755 or US$83.75 at the current exchange rate.
The business name approval process takes approximately two business days and the application can be made online.
Once your company name is approved, you can begin the process of incorporating your business into the desired structure, whether EIRL, SRL, SAS or SA.
If you want to start a business in the Dominican Republic, I advise you to consult with a lawyer in Punta Cana specialized in business formation services before starting the process. A lawyer can advise you on the best corporate structure to choose based on your circumstances and choice of business name.