10 steps to incorporate in Ecuador in 2022

Incorporating a company in Ecuador can be a lengthy process, but Bejarano ADF Consultants’ transparent, logical engagement procedures ensure an efficient business set up. Typically, an engagement will evolve as follows:

1. Before Bejarano ADF 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 Bejarano ADF Consultants’ engagement fees;
2. 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;
3. Bejarano ADF Consultants and the Client agree on the corporate structure for the company. The Client also sends Bejarano ADF Consultants their preferred names which are then reserved with the Superintendent of Companies;
4. After the name is approved, Bejarano ADF 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;
5. Our Client will sign these documents in the presence of notary and will, thereafter, courier us the documents at our Ecuador affiliate office. Bejarano ADF Consultants’ affiliate representative will submit the notarized documents to the Superintendent of Companies for company incorporation;
6. After the company incorporation has been completed, Bejarano ADF 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;
7. Next, Bejarano ADF 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, Bejarano ADF Consultants will submit their contracts at the Ministry of Labor;
8. 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, Bejarano ADF Consultants will assist with support services including internet banking, cheque books and debit/credit cards;
9. If needed, Bejarano ADF 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;
10. The process of Ecuador company registration is now complete. With the engagement complete, Bejarano ADF Consultants will courier a full company kit to our Client; the kit includes the original corporate documents, unopened bank correspondence and a feedback form.