Company set up in Chile for foreigners: Simplification of procedures.
Updated: May 31, 2020
Today, Chile has facilitated the process for the formation of a company, thereby promoting the arrival of foreign entrepreneurs. According to the Ministry of Economy, 140 companies are created every day in Chile. In fact, Your Company in a Day allows creating a company in four steps with electronic signature.
Companies can be of individuals or capital. Those of people are constituted in attention to the people who integrate it and the one of capitals by reason of the contributions, therefore, in the latter the partners can change without the authorization of the others, which happens precisely in the stock companies. The individuals one, the contract to create it, modify it or extinguish it requires agreement or consent of all partners. On the other hand, in capital companies, the agreement of the majority over minorities is sufficient. The companies contemplated in Chilean law are the Limited Liability Company, the Stock Company, the Public Limited Company, among others.
The process can be carried out in five easy steps. First of all, it is necessary to obtain the Unique Tax Role, which is achieved through the internet. The RUT is a tax identification number and is necessary for most of the procedures to be carried out in the country. Secondly, once the RUT has been obtained, the Writing of the Company Constitution is drafted and signed. Among the data that must appear in it there is: Name, surname, nationality, marital status, age and domicile of the constituent, name of the company, etc. After the drafting of the Company Constitution, it is necessary to proceed to legalize the document before a Notary and to be able to obtain the commercial patent. As a third step, the Company must be registered in the Commercial Registry within 60 counted from the date stipulated in the Company Constitution. The process is carried out at the Real Estate Conservator and takes between 3 and 7 business days. In the fourth step, the Publication in the Official Gazette must be made. The publication can be made by a partner or by the Legal Representative of the company, with the protocolized Extract from the Company Constitution. This procedure must be also carried out within 60 days from the date registered in the Company's Deed. The publication process can take between 3 and 10 business days and the value will depend on each extract. As a fifth and final step, it is necessary to assign a RUT to the Company that identifies it as a taxpayer of the state of Chile.
Finally, it should be noted that the new form provided by the Chilean government called Your Company in a Day, is a much simpler form and all through the Internet, in a single step and with zero cost, where you can create and register Companies and the obtaining of the RUT is automatic. It also admits the transformation, dissolution, merger, division of companies and work is being done so that in the future it will cover greater procedures. To perform, you must enter the official page of Chile and have an electronic signature.