Reliable Proof now required for Registration of Share subscriptions or transfer
24 July 2018
Pursuant to Resolution No. 147-2018, the Ministry of Industry, Commerce and SMEs, has instructed the Mercantile Registry to request Reliable Proofs of Payment, enforcing Law No. 155-17 against Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction, and its Applicable Regulation No. 408-17.
This Regulation provides that when shares are subscribed or transferred for an amount exceeding 250,000.00 Dominican pesos (DOP) it is mandatory to provide a Reliable Proof of Payment in order to properly register the corporate documentation before the Mercantile Registry.
The following list of documents are deemed as reliable proof of payment according to the new rule:
-Copy of Check issued;
-Copy of National or International Transfer evidence;
-Copy of Bank Deposit slip;
-Voucher, extract or proof of charge to the credit/debit card which was used for the payment or settlement;
-Certification issued by a National or International Financial Market Entity;
-Other financial instruments constituting means of payment different than cash, authenticating the settlement or payment.
The provisions of Resolution No. 147-2018 apply for the registry of shares subscription, share transfer, or capital increase documents of any type of companies, consortium, joint ventures and single person limited liability enterprises, under the thresholds entailed by Law No. 155-17.