10 steps to incorporate in Ecuador in 2021
Incorporating a company in Ecuador can be a lengthy process, but Healy Consultants’ transparent, logical engagement procedures ensure an efficient business set up. Typically, an engagement will evolve as follows:
- Before Healy Consultants commences the incorporation process, we request our Clients to i) sign our engagement letter and courier us ii) the signed letter along with all the required due diligence documents and iii) settle Healy Consultants’ engagement fees;
- Our experts will draft a detailed engagement plan for our Clients, detailing by week every step towards engagement completion. This plan will optimize work transparency and settle our Client’s expectations;
- Healy Consultants and the Client agree on the corporate structure for the company. The Client also sends Healy Consultants their preferred names which are then reserved with the Superintendent of Companies;
- After the name is approved, Healy Consultants will prepare the company incorporation documents including the director consent forms and Memorandum and Articles of Association for the new company. Thereafter, we will courier these documents to our Clients;
- Our Client will sign these documents in the presence of notary and will, thereafter, courier us the documents at our Ecuador affiliate office. Healy Consultants’ affiliate representative will submit the notarized documents to the Superintendent of Companies for company incorporation;
- After the company incorporation has been completed, Healy Consultants will publish a notification in the local newspaper. Then, we will submit the company’s legal documents at the Mercantile Registry after which the company will be provided a registration number;
- Next, Healy Consultants will register the company with the National Register of Taxpayers (RUC). We will also register the company with the Social Security Program (IESS). Additionally, if the company has already decided to hire employees, Healy Consultants will submit their contracts at the Ministry of Labor;
- Meanwhile, our bank account opening team will approach the bank (of our Client’s choice) to open the corporate bank account for the new company. After the account is opened, Healy Consultants will assist with support services including internet banking, cheque books and debit/credit cards;
- If needed, Healy Consultants will apply for the appropriate licensing for carrying out the company’s business activity. We will also assist with locating physical office space for the company, if requested;
- The process of Ecuador company registration is now complete. With the engagement complete, Healy Consultants will courier a full company kit to our Client; the kit includes the original corporate documents, unopened bank correspondence and a feedback form.
Frequently asked questions
How much time will be needed to incorporate the company in Ecuador?On average, it takes 4 months to complete the Ecuador business incorporation process, according to our previous experience in this country. Please note that we include into such process preparing of a company incorporation plan, drafting the company’s M&AA and opening the company’s corporate bank account.
Who will be liaising with me during the incorporation application process?Our in-house Ecuador specialist will liaise with you during the whole process, either in English or Spanish according to your preferences. If needed, you may also ask us to appoint another service provider who will assist you in another language, such as Mandarin, Bahasa, French or Hindi.