Opening a Bank Account in the Dominican Republic as a Foreigner

Opening a Bank Account in the Dominican Republic as a Foreigner

If you are thinking of investing or residing in the Dominican Republic, you might find this article interesting.
We will list the essential requirements needed to perform the following:

  1.  Open a bank account in the Dominican Republic.
  2. The different types of accounts available.
  3. How to access key information, such as your profitability levels or authenticity.

The Dominican Republic has national and international Financial Intermediation Institutions (Banks), both small and large, with certifications that accredit them and give them credibility at the national and international level.

In this article, I will be listing some of the main Banks in the Dominican Republic

National Banks:

  • Banco BHD LEON : It is one of the largest banks in the country and it is known for its exceptional customer service.
  • Banco Popular Dominicano : Recognized nationally and internationally as the largest in the country.
  • Banco Banreservas : Property of the Dominican state. They offer their services to the general public, and all government transactions are carried out through this bank. It is in high demand, with branches all over the country.

International Banks:

The currency of the Dominican Republic is Pesos (DOP), which causes limitations when it comes to having checking accounts with checkbooks in dollars or euros; nevertheless, banks issue all Cashier’s Checks in USD and EUR.

Each entity offers different products for specific audiences. Here you can see a list of various account types carried by the Banco Popular Dominicano:

Requirements to open a bank account as a foreign natural person

If the foreign national is a resident:

  • Legible copy of your permanent Dominican ID (Cédula) or Provisional Residency Card provided by the Central and Electoral Board.
  • Copy of the identification document of your country of origin, which could be your current passport or the identity card from that country.
  • Copy of an additional identity document, which could be a driver’s license or social security card.
  • Tax Return from your country of origin.
  • Proof of Income Documents:
  • If you are an employee: a letter of employment issued by your employer or your last 3 pay stubs;
  • If you are self-employed: List of partners or shareholders, Commercial Registry, National Taxpayer Registry or minutes of the meeting in which you were designated as executive, partner or shareholder thereof
  • For business owners: Documents that prove said activity, such as a copy of the Commercial or Industrial License for the business, form provided by the bank, bank and commercial references, if required.

If the foreign national is a non-resident:

  • Copy of valid passport, including the identity data section and the entry and exit stamps, as well as the photo on the document.
  • Copy of the official entity document, according to your immigration status, such as: card issued by the General Directorate of Immigration for a “Temporary Worker” or “Student”; or a card issued by the Ministry of Foreign Affairs (known in Spanish as MIREX) for foreign diplomatic and consular officials, representatives and members of international organizations, etc.
  • Picture of the identification document of your country of origin, which could be an identity card from said country.
  • Copy of an additional identity document, which could be a driver’s license or social security card.
  • Last year Tax Return from your country of origin.
  • If required, bank and commercial references.
  • Proof of income Documents.
  • If you are an employee: A letter of employment issued by your employer or your last 3 pay stubs.
  • If you are self-employed: Last Tax Return to the Internal Revenue Office, corresponding to the country in which you resided in the last year; Communication that explains the nature of your activities.
  • For business owners: Documents proving said activity, such as a copy of the Commercial or Industrial license for the business.
  • The form that will be provided by the Bank.

When it comes to accounts opened to receive wages or salaries from a company or entity, the cédula provided by the Central Electoral Board or the work visa issued by the General Directorate of Migration must be provided.

You may provide the original, a physical copy or a digital copy of the documents. If they come from abroad, they can be accepted as long as they are apostilled, i.e., legalized internationally; and if they are in a language other than Spanish, they must be translated by a legal translator.

Requirements to open a bank account as a foreign company

  • Copy of the Articles of Incorporation
  • Copy of the Bylaws
  • Copy of the list of partners or shareholders
  • Copy of the Certificate of Incorporation, issued by the authority in the country of origin equivalent to the Ministry of Industry and Commerce of the Dominican Republic
  • Document of the numbering assignment equivalent to the National Taxpayer Registry (known in Spanish as RNC) in your country of origin, if applicable
  • Confirmation of the National Taxpayer Registry (RNC) numbering on the Department of Internal Revenue’s portal
  • Copy of the Commercial or Industrial License 6obtained from the Ministry of Industry and Commerce, as a result of the company registration in our country
  • Documents showing the organizational structure, as well as the role of its directors and partners or shareholders
  • Copy of the original Minutes or resolution of the Board of Partners, Shareholders or Board of Directors, in accordance with the provisions of the Company’s Bylaws; authorizing their establishment in our country, opening of the account(s), designation of the signatories as well as any other related provision
  • Copy of the identity documents of the partners, main shareholders or Directors, Legal Representatives and Proxy
  • of the account(s) in our country, as well as designating the signatories and any other provision related to the case
  • Copy of the identity documents of the partners, main Shareholders or Directors, Legal Agents and Representatives
  • Copies of financial statements and tax returns, if required
  • For cases in which a partner or shareholder with at least ten percent (10%) stock participation is a Legal Person, the following will be required as well:
  1. Bylaws.
  2. Minutes of the meeting of partners or shareholders designating the natural person representing the entity or the Board of Directors or director of the entity.
  3. List of partners or shareholders.
  4. Identity documents of the shareholders, partners and managers.
  5. Commercial references (from suppliers or clients) and bank references, if required.

Before opening a bank account as a Foreign Company, we suggest you take the following into account

  • Documents from abroad must be apostilled. If they cannot be apostilled, they would need to be legalized by the corresponding Dominican consulate.
  • Documents in a language other than Spanish must be translated by a legal translator.
  • In the event that obtaining the documentation required to identify the Final Beneficiary turns difficult, the office can provide you with a template of a Final Beneficiary Declaration.
  • Your immigration status or the identity document of the country of origin and the passport.

Thank you for your interest in our services at Krause & Asociados. We would be delighted to assist you with any of your legal or accounting needs in the Dominican Republic. Please be so kind as to fill out the form below and we will answer your query promptly.

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