Many foreigners start a business in Sosua Dominican Republic, often it is easier to start a business abroad than to find a job that pays well in a foreign country.
The first question
you need to ask yourself before you start a business is:
"Do you want to live here forever?"
If the answer is yes, than maybe you can proceed, but if no, then you have to have an exit plan. It is almost impossible to sell a business or Real Estate abroad. Often it takes 7-10 years to find a buyer. There are retired people who come to Sosua Dominican Republic and invest the money they earned from the sale of a house in the USA, then lose it all, it is sad, to have no money in old age is a tragedy.
Are you so special you cannot fail.
“The data show that, across sectors, 66 percent of new establishments were still in existence 2 years after their birth, and 44 percent were still in existence 4 years after. (See chart 1.) It is not surprising that most of the new establishments disappeared within the first 2 years after their birth, and then only a smaller percentage disappeared in the subsequent 2 years. These survival rates do not vary much by industry.”
- U.S. Bureau of Labor Statistics
List of things to consider when staring a business in Sosua Dominican Republic?
1. Do you want to sell only to foreigners or to locals, or both? The local expats of tourists will pay more to a foreigner than to a local for the same service or product. However tourists there are tourist season in Sosua Dominican Republic, and you many not have money all your long.
2. Are you going to compete with a local company directly, this sometimes can be dangerous.
3. Are the police or local government of Sosua Dominican Republic going to want a bribe or kickback, are they going to enter you business? People say, "I will not pay a bribe," but there is no choice, how do you not pay a bribe to the police when they have the power to close you?
4. Do you want to rent a building? A permanent location allows for corruption to work better by the locals.
5. Do you need any licenses, and do you need to get residency or a special visa to run a business here?
6. Which laws in Sosua Dominican Republic do the expats or foreigner obey and which ones do they ignore?
Start a business Sosua Dominican Republic
You are invited to write about your experience, with ideas and suggestions for Sosua Dominican Republic.