Could you please tell me the background of your firm in Dominican Republic?
Steel Hector & Davis is a Florida-based law firm of approximately 190 attorneys. Besides Florida we have offices in Brazil, Venezuela, Guadalupe, and our most recent international office is in the Dominican Republic, which we opened in 1998. We have been in the country since then.
What services does your firm offer here in Dominican Republic?
We are a full service firm; we focus on representing the foreign investors, which are international in most cases, who are doing business in the Dominican Republic. Within that we work in the telecommunication's area. We also do litigation, tourism, free zones and energy sector. We are a full service firm focused on serving the needs of foreign clients.
Who are these clients?
We represent top firms within different areas and industries, for example we represent American Airlines from the civil aviation sector, several firms in the energy sector, as well telecommunications companies such as Codetel, the leading telephone provider in the country. Additionally, most of the largest US multinationals doing business in the country are our clients. And most of our clients are large international corporations, from various sectors including some of the above mentioned sectors. Recently, we also obtained a new client within the mining industry, specifically the one who won the privatization of the gold mine in Pueblo Viejo. We have also been involved in representing them in this case. We see a gold opportunity in the international finance, to meet corporations from abroad to introduce an old operation to a large investment.
Is it unavoidable for investors to seek consulting services and legal advise before coming into Dominican Republic?
It is highly advisable for foreign invertors to seek advice in the country prior to beginning operations or prior to make its investment in the country. It's advisable to seek good advice, not only legal, but also from the local people, and accounting firms, and even political.
What are the main concerns that these large corporations who want to invest in the country have?
We show them what the rules of the game are, how they would affect them the laws of the land, how secure their investment will be. Whether they will be able to retaliate their investment or their profits, if they will be able to exchange taxes considerations. How the labor laws will apply to their operations. How to recover the investment done. What is the status of the fiduciary, how reliable the corporations are. If they will be able to prevail in the event they will take part in. Also how reliable are their property rights and how they will be respected. How reliable is the land registration. It varies from industry to industry. In the finance area, the main concern is how secure is their credit, if their guarantee will be able to enforce their mortgages, etc. If we talk about telecommunications, the problem will be how reliable is the regulator, how impartial they are.
In your opinion, which is the most modern and accurate legislative field in Dominican Republic?
In the last several years the Dominican Republic
has been working on recapping its legal frame.
It has an acting series of laws that have
come to modernize our legal framework. With
the foreign investment law, in 1995 and before
that, the tax code, labor code, in 1992, the
Dominican Republic has been steadily improving
its legal frame. Recently we have a new intellectual
property law, which is very good, and also
an Industrial property law that has its clauses
in the right direction. We have a telecommunications
law that legalizes the market so it can be
opened to competition. Very recently we have
had the general electricity law, and the one
that regulates the stock market. We have a
series of legislative pieces that come to
create well-defined legal frame of foreign
investment in the various industries. |
What place does your firm occupy among the legal firms here in the Dominican Republic?
We are one of the two international firms in the country. We have been here for three years now and we are pretty happy with the results that we have had so far and the acceptance within the businesses in the country. We are one of the most important firms. According to a legal magazine from the country we are among the top ten from the country.
Among those top ten law firms, what distinguishes your firm from the others?
We are the only true international firm. And also the sophistication of the lawyers: we have some standards, and you must have a master degree in order to belong to our firm. We are one firm that although we have different operations we are the same Florida firm that maintains the same standards of service and ethics. We are able to provide within our firm advise to clients not only in Dominican Republic on aspects of the US laws but also if necessary on the laws of other jurisdiction. Our attorneys have to be trained in our Miami office, to familiarize themselves with the people, the practices, etc.
As the advisor of many foreign investors, you must have very useful investment information. Which will be the next gold mine in Dominican Republic?
I would say that telecommunications, construction, transportation, and "mega harbors", like the one in Montecristi.
Which is the most exciting thing of your work in Dominican Republic as a law firm? What motivates you?
I think it's a fascinating country to work in. I also think that the Dominican Republic has more layers than an onion, and the interesting thing is helping the foreign investors to go through all those layers, trying to figure out what it is behind, what things are happening, and explaining to them how the country works and how their rules interact. It is also a country that offers a lot of opportunities and challenges for people investing in it. And also for us who are advising those people who are investing. In our case we are not only advisers for investors but also we are investors ourselves, because we are foreigners. It is very interesting from that point of view. I would say that one of the assets that the country has is its people. We have a great environment. It is a great country. There are a lot of things to be done.
I would like to have two advises from you forwarded to our readers, potential investors.
You have to run with the political structure. As per conversation with Mexican and other countries' politicians, they say that Dominican politicians are very smart. You must get to know them, and then you will know where the country will go.
Thank you very much for your comments.
Thanks to you
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