Business in the world may be taking place online more, but that doesn’t mean people aren’t still going on business trips. In fact, there are studies showing the importance of interacting with a client face-to-face on a routine basis. For those companies who can afford it, meeting clients in a tropical locale can create the perfect opportunity for relaxed relationship building.
Alternatively, there is the prospect of doing business with a Caribbean nation. Real estate is a growing enterprise for the Dominican Republic, especially in the form of foreign investment. More and more Europeans, Asians and North Americans with money are seeking to invest in something as concrete as land. Yet doing business in a foreign nation can be a little daunting. The nuances of negotiation are different, the rules are not the same as at home and of course the perception of time is distinctive.
Business etiquette in the Dominican Republic is not overly complicated, but there are things to remember and prepare for. Thorough research into the current economic state of the country is necessary, as well as considering the history of industry. For the Dominican Republic, their economy relies most upon agriculture, mining and tourism. However oil refinement and chemical manufacturing are also major players. The Dominican Republic exports ferronickel, sugar, gold, coffee and the cocoa bean. They import various foods, petroleum (for processing), cotton, chemicals, and pharmaceuticals (for manufacturing). There is a rather large economic gap between the classes, thus it is common to see luxury vehicles driven or parked next to rusted out Pintos.
Their main trading partners are Venezuela, Colombia, Mexico and the US. Businesspeople in the Dominican dress in a clean-cut professional style. The atmosphere around business interactions is formal, yet friendly and inviting. Reciprocate these customs while doing business in the Dominican, and everyone will feel comfortable. Walking into a meeting to negotiate or tie up a business deal while wearing tropical beachwear is not a good idea.
Similarly there is the question of language. Business in the Dominican Republic is conducted in Spanish, so in the interest of showing respect to your hosts, learn some Spanish before the trip. Commit to learning the language and the Dominicans will be far more helpful, accommodating and respectful. Show appreciation and acceptance for cultural variations, be willing to learn on the spot, be humble. These are not hard things to do, but they will make all the difference when doing business in the Dominican Republic.
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