Corporate Bank Account in the Dominican Republic

A Dominican company needs a local bank account to pay suppliers, staff and taxes. Banks apply strict anti-money-laundering checks under Law 155-17, so preparing a complete file is the key to a smooth opening.

I. Understanding the requirements

• The company’s RNC and Mercantile Registry certificate
• The bylaws and the minutes appointing the managers and authorized signers
• IDs or passports of the shareholders, managers and signers
• A beneficial ownership declaration identifying the individuals behind the company
• Proof of the company’s address and a description of its activity and expected transactions
• Bank or commercial references, if requested

II. Selecting the right bank

Banreservas, Banco Popular Dominicano and Banco BHD are the largest banks. Compare online banking, international transfers and US dollar accounts, which are common for companies that trade internationally.

III. Initiating the application

The signers usually meet the bank in person. Documents issued abroad must be apostilled and, where needed, translated into Spanish.

IV. Compliance and due diligence

The bank reviews the ownership chain, the source of funds and the business model. Expect follow-up questions if funds come from abroad.

V. Activation and maintenance

Once approved, the account is activated with online banking for the authorized signers. Keep the bank informed of changes to shareholders, managers or signers, and update your documents when asked.

Get help from Easyco

Easyco coordinates the company setup in the Dominican Republic up to the issue of the RNC, and supports companies afterwards with tax, accounting, payroll and company compliance, including a registered office address. Read how to set up a company in the Dominican Republic, or contact us to discuss your project.

• Company setup in the Dominican Republic, up to the issue of the RNC
• Tax and accounting
• Payroll
• Company compliance, including a registered office address