IFLR 1000
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Its white sandy beaches and tropical climate have held tourism and real-estate demand steady in the Dominican Republic through tough global economic times. Notorious for its corporate free-zone laws that facilitate foreign investment, government foresight and industry pressure have helped maintain foreign companies' interest in doing business there....

Its white sandy beaches and tropical climate have held tourism and real-estate demand steady in the Dominican Republic through tough global economic times. Notorious for its corporate free-zone laws that facilitate foreign investment, government foresight and industry pressure have helped maintain foreign companies' interest in doing business there.

The Dominican government continues to find ways of attracting new business to the country. One legislative initiative, the Law for the Reform of the Public Enterprise (also known as the Privatisation Law), enabled the government to privatise a diverse array of public entities since its adoption. Industries previously dominated by state-owned corporations, like the country's airports, commodity markets such as sugar and tobacco, as well as mining and energy, have all seen privatisation deals under the new law.

The Dominican Republic legal market has become increasingly competitive as infrastructure and foreign investment interest has heightened. Progressive government legislation has enabled the country to remain attractive to investors amid global economic stagnation. As a result, experienced firms are increasingly called upon to oversee the biggest deals. One lawyer at a leading firm remarked: "Most of the names or the recognition that these offices have rely on the partners' experience, expertise and good work over the years." Newer firms have staked their claims to niche areas of the market, all the while retaining a team with diverse experience.

While the aftershocks of the global economic crisis continue to impact business operations around the world, the Dominican financial system emerged strong and relatively unscathed. Due to a significant restructuring of the financial regulatory environment over the past decade – spurred by a string of bank fraud cases that rattled the system to its core – firms have commented on the robustness of the system moving forward.

Although some large-scale projects supported by foreign companies have suspended operations temporarily due to the global drought in financing, lawyers and their clients agree that the country is well-suited to weather any continued economic storm. With eight international airports and thousands of international flights daily, this Caribbean island remains an attractive business destination, both for its favourable business environment and competitive legal market.