Ecuador has begun opening up its economy to world markets, with clear messages, such as the signing of the Trade Agreement with the European Union, the intention to join the Pacific Alliance and the signing of bilateral investment treaties. Ecuador seems determined to attract foreign investment and this makes establishing an export company in Ecuador an attractive opportunity. With assistance from a local partner, the process is relatively straightforward.
Let’s get started.
How To Set-Up a Company/Legal Entity in Ecuador?
There are five types of companies that can be established in Ecuador. However, the most widely used companies are limited liability companies and public limited companies.
Currently, there are two ways toincorporate a company in Ecuador. In the traditional way, bylaws must be drafted, approved by the Superintendence of Companies and the Mercantile Registry, tax identification number obtained, bank account opened and Single License for Economic Activities paid in the municipality where the company is domiciled.
This process is slightly complex, takes more time (given greater levels of bureaucracy). However, it allows for a broader social purpose and adjusted to the specific activities of the company.
Our recommendation, however, is to incorporate your company online. In general, the requirements needed to establish a company online are filled through a form onsuperintendence of companies website. This form is filled by reserving a company name and providing information on the company shareholders. Once the notary and the Mercantile Registry have approved the deeds, they will be responsible for registering the company and the Internal Revenue Service (‘Servicio de Rentas Internas del Ecuador’ – IRS) will grant the company tax identification number (called a ‘RUC’).
Steps to Register as an Exporter Company in Ecuador
Once your company has been fully incorporated in Ecuador, you must then register the company as an exporter. See below the steps to register as an exporter in Ecuador:
Ensure your companies activities identify exportation as a key business activity.
Obtain the digital signature certificate or TOKEN, granted by the following entities:
Register as an exporter in Ecuapass, which is the Ecuadorian customs system that allows Foreign Trade Operators to carry out all their import and export customs operations:
Update your information in the database
Create user and password
Accept use policies
Register electronic signature
Additional Requirements: Type of Export Product
The above are the general requirements to register as an export company. However, it is possible that depending on the type of product to be exported, additional obligations must be fulfilled.
Want More Information on Exporting in Ecuador?
Ecuador is one of the most attractive Latin American Jurisdictions for exportation. To ensure your business plans are executed correctly, it is advisable to work with a local partner. Get in contact with Biz Latin Hub – our team of local experts can ensure that your business objectives are met through the provision of tailoredbusiness services. Contact Ernesto at contact@bizlatinhub.com for more information.
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As informações fornecidas aqui não devem ser interpretadas como orientação ou aconselhamento formal. Consulte um profissional para sua situação específica. As informações fornecidas são apenas para fins informativos e podem não abranger todas as leis, padrões e práticas recomendadas pertinentes. O cenário regulatório está em constante evolução; as informações mencionadas podem estar desatualizadas e/ou podem sofrer alterações. As interpretações apresentadas não são oficiais. Algumas seções baseiam-se nas interpretações ou pontos de vista de autoridades relevantes, mas não podemos garantir que essas perspectivas serão apoiadas em todos os ambientes profissionais.
La información que aquí se ofrece no debe interpretarse como orientación o asesoramiento formal. Por favor, consulte a un profesional para su situación específica. La información proporcionada tiene únicamente fines informativos y es posible que no recoja todas las leyes, normas y mejores prácticas pertinentes. El panorama normativo está en continua evolución; la información mencionada puede estar obsoleta y/o sufrir cambios. Las interpretaciones presentadas no son oficiales. Algunas secciones se basan en las interpretaciones o puntos de vista de las autoridades pertinentes, pero no podemos garantizar que estas perspectivas se respalden en todos los entornos profesionales.
The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.
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