The ISO code of Dominican Republic is DO according to the ISO 3166 standard. The local name of the country is Republica Dominicana. Dominican Republic capital city is Santo Domingo. People in Dominican Republic speak the Spanish language. In the year 1821, Dominican Republic emerged as a sovereign political entity. The largest city in Dominican Republic is Santo Domingo.
Dominican Republic is located in the UTC -04:00 time zone, which is also called Atlantic Standard Time or AST. The internet country code top-level domain (ccTLD) for Dominican Republic is .do. The International dialing codes for Dominican Republic are +1809, +1829, +1849. People in Dominican Republic drive on the right side of the road. Total land area of Dominican Republic is 48,670 km² (approx. 18,792 mi²). Dominican Republic is not a landlocked country. It means that is is bordered by at least one major body of water.
Dominican Republic is located in North America. Dominican Republic is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Dominican Republic faces various issues, including water shortages, soil eroding into the sea damages coral reefs, deforestation.
Doing business in Dominican Republic
We offer various corporate services in Dominican Republic jurisdiction. These services can serve both, people coming from Dominican Republic and foreigners. If you plan on doing business in Dominican Republic you might be interested in contacting us.
To find out about starting your business in Dominican Republic click on company formation in Dominican Republic.
To find out how to open a bank account in Dominican Republic and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Dominican Republic.
Choose preferred service below or continue reading to find out more about Dominican Republic.
Demographics of Dominican Republic
The total population of Dominican Republic is 10,882,996 people. In Dominican Republic, the population density is 197 people per square kilometer (512 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is diverse according to a fractionalization scale which for Dominican Republic is 0.4294. Dominican Republic has approximately 415564 foreign immigrants. The median age is approximately 27.1 years. In Dominican Republic, 45 in every 100 people use internet. Dominican Republic has a Human Development Index (HDI) of 0.7.
The majority religion of Dominican Republic is Christianity, Dominican Republic is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Dominican Republic.
Culture of Dominican Republic
People in Dominican Republic speak the Spanish language. According to data on inbound tourists in Dominican Republic, 4,690,000 tourists arrive in the country each year. The first McDonalds in Dominican Republic was opened on 30 November 1996, and it was located in Santo Domingo. One of the most popular national dishes of Dominican Republic is la bandera. To read more click on culture of Dominican Republic.
Geography of Dominican Republic
Dominican Republic is considered to be a large nation because of its total area. Its total land area is 48,670 km² (approx. 18,792 mi²). Dominican Republic is located in North America. Its capital city is Santo Domingo. The length of said border is 360 km (224 mi).Total length of land borders of Dominican Republic is 376 kilometers (~145 miles).
The highest point of Dominican Republic is Pico Duarte, with its official height being 3098 m (10,165 ft). Including land mass and EEZ, the total area of Dominican Republic is approximately 304,568 km² (~117,594 mi²). The most notable natural resources found in Dominican Republic are nickel, bauxite, gold, silver, arable land.To read more click on geography of Dominican Republic.
Economy of Dominican Republic
The currency of the country is Dominican peso. The symbol used for this currency is RD$, and it is abbreviated as DOP. 5.5% of population in the country are unemployed. The total number of unemployed people in Dominican Republic is 598,565. Each year, Dominican Republic exports around $9.82 billion and imports roughly $16.8 billion. The Gini Index of the country is 45.7. Dominican Republic has a Human Development Index (HDI) of 0.7.Dominican Republic has a government debt of 77% of the country's Gross Domestic Product (GDP), as assessed in 2012. Dominican Republic is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, sugar processing, gold mining, textiles, cement, tobacco.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Dominican Republic is $138,511 billion. Each year, consumers spend around $39,770 million. The ratio of consumer spending to GDP in Dominican Republic is 0%, and the ratio of consumer spending to the world consumer market is 0.1146. The corporate tax in Dominican Republic is set at 27%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Dominican Republic is 18%. In 2013, Dominican Republic received 261.3 million USD in foreign aid.In 2014, the foreign aid amounted to 225.3 USD.To read more click on economy of Dominican Republic.
Infrastructure of Dominican Republic
Infrastructure quality in Dominican Republic is rated to be at 2.61. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Dominican Republic, 98% of the population has access to electricity. There are 404,500 internet hosts in Dominican Republic. Dominican Republic has 36 airports nationwide.
The logistics performance index of Dominican Republic is 2.86. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.91. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Dominican Republic is 476. To read more click on infrastructure of Dominican Republic.
Politics of Dominican Republic
Dominican Republic, is a unitary presidential republic. With regard to political and civil freedoms, Dominican Republic is 1. Citizens in Dominican Republic experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Danilo Medina.
According to the World Bank Group, the government effectiveness index of Dominican Republic is -0.43. This indicates that the government of Dominican Republic is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Dominican Republic before considering any business maneuvers.In Dominican Republic, the legislative power is vested in a Congress. The strength of legal rights index for Dominican Republic is 1. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Dominican Republic received 261.3 million USD in foreign aid. In 2014, the foreign aid amounted to 225.3 USD. Dominican Republic is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Dominican Republic is one of the original UN member states who founded the organization. Dominican Republic is a member of the World Bank. To read more click on politics of Dominican Republic.
Environment of Dominican Republic
Dominican Republic emits 2.2 metric tons per capita of CO2. 13384 km² of Dominican Republic's territory is covered in forests. and forest land comprises 27% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Dominican Republic is 476. To read more click on environment of Dominican Republic.
Company formation in Dominican Republic
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Dominican Republic.
When establishing a company in Dominican Republic, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Dominican Republic that will affect the establishment and growth of one's business. Contact us or click on company formation in Dominican Republic to read additional information when setting up a business.
Bank account opening in Dominican Republic
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Dominican Republic. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Dominican Republic, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Dominican Republic or contact us.