Dominican Republic (DO)

Jurisdiction Overview

IDQuestionAnswer
172 *Are bearer shares available? No, bearer shares are not available/not circulating.
 Data Date: 2019

Notes

 
In 2019, the Global Forum confirms that bearer shares are abolished/immobilized (GF 2019: 43). Furthermore, the Global Forum informs: "When the new law [Law 155-17 of June 2017] entered into force, the DGII and the Mercantile Registry identified the companies that were allowed to issue bearer shares and had effectively issued such shares; 29 companies were identified. The conversion period foreseen in the law expired in 2018. Fines were imposed to companies that did not convert the bearer shares in due time, and holder of such shares cannot claim rights any longer" (ibid.).
 
In 2016, the Global Forum described that bearer shares are available for SAs and there is no mechanism (other than an obligation to report to tax authorities in case of transfer of shares) to identify the owners of bearer shares (GF 2016: 35). In practice, "as of May 2016, only 892 companies had re-registered as SAs [pursuant to a new law of 2011], so only these companies can now issue bearer shares. (...) There are currently 19922 of these SAs that have not undergone the transformation process and which may have issued bearer shares prior to 2011" (ibid.: 34/36; [TJN Note]).

Sources

GF 2016: 32-34; CFATF 2006: 142; CFATF 2012: 43; GF2019: 43