Doing business in the Dominican Republic continues to improve, according to the recently issued World Bank report “Doing Business Report 2015”.
The country is currently in second place on the list of the six Caribbean economies that have made substantial reforms in their local laws to facilitate a solid business environment during the period 2013-2014.
In the case of the Dominican Republic 15 laws were either introduced or modified to improve the local business climate.
Jamaica introduced 16 reforms to their local laws in this area.
According to the report “The Dominican Republic has facilitated trans-border trade by reducing the number of required documents for import/export processes, improved its regulatory framework on credit information and strengthened laws that protect minority shareholders”.
Summary of the Dominican Republic Report
The Dominican Republic improved its credit information system by passing a new law that protects personal information and regulates credit bureaus.
The country also strengthened laws that protect minority investors by expanding the rights of shareholders and requiring greater corporate transparency.
At the same time, the Dominican Republic facilitated cross-border trade by reducing the number of documents required to export and import goods. On the other hand, it raised the cost of construction permits.
Other major changes:
In the area of business regulatory reform: Credit approval (credit information); protection of minority investors; cross-border trading; easier process to obtain construction permits.
Current ranking in Doing Business 2015: 84
Adjusted ranking in Doing Business in 2014: 84
Ranking regarding the distance to the border in 2015: 63.4