The Constitution of Companies in Ecuador: the first step to start a new business opportunity.
The combination of the government's interest in attracting foreign investment, the existence of usable natural resources, and the stability of the national currency with the dollar, creates the obvious opportunity to start doing business and with it the need to establish a company.
In this country, there are different types of companies to form companies, but the two types of companies most used are the Stock Company and the Limited Liability Company.
These last companies must have legal representation in the country, fiscal domicile in Ecuador, and a minimum opening capital. They must also file monthly and annual taxes.
Limited liability companies may have the purpose of carrying out any type of civil, commercial, or mercantile acts, except for banking, insurance, capitalization, and savings operations.
A corporation is a company whose capital, divided into negotiable shares, is formed by the contribution of the shareholders who respond only for the number of their shares.
To establish them, it is recommended to use the online method.
In more specific words: through the online corporate constitution of the Superintendency of Companies - http://www.supercias.gob.ec/portal/ - a simple, fast, and low-cost process is carried out.
Upon entering the aforementioned online page, shareholders must grant power of attorney to their legal representative, permitting them to establish the company in Ecuador.
The legal representative will initiate the process and register as a user in the online portal, reserve the name of the company and provide all the required documentation of the company: fiscal/legal address, president, CEO, shareholders, and data of the integration of capital in shares or participations.
The request will include the status of the company, the corporate purpose, and the additional activities that the company will carry out.
Once the application is submitted, the notary, chosen according to the address of the company to be established, will review and approve it.
The president, CEO, and shareholders must sign the letter and the corresponding documents. Subsequently, the notary will send the letter, documents, and all the information to the Commercial Registry, who will review them and, if approved, will register the company.
Already here, at this stage of the process, the tax authority will grant the company its tax identification number and the company will already be legally constituted.
Other obligations must be met for which we highlight the need to be assisted by professionals such as the Creimerman Team, such as: opening a corporate bank account and depositing the minimum capital of the company, registering the company with the Social Security Administration, and obtain the license for economic activities, among others.