Chile’s Steadfast Economy Attracts So Much Potential for Business
Chile is one of the fast-rising nations in the world. In fact, it is referred to as the most prosperous country in South America. With a 2018 nominal GDP of approximately $325 billion, we can conclude somehow that the economy is indeed healthy. Being able to register a company in Chile and start a business right away is definitely a feasible choice.
According to recent data, the majority of its GDP comes from industry and service sectors (95%), with a small percentage in agriculture (5%). If the nature of your business falls under these fields, then this nation is the perfect destination for you. Although opening a business in a foreign land might seem complicated at first, there are actually ways you can register a company in Chile.
With our legal team’s dedicated advice, you can easily get your business up-and-running in Chile!
Requirements Before You Register a Company in Chile
To incorporate a company in Chile you must fulfill the following requisites:
- Proposed Company Name – You must register a name for your company with Chile’s Company Registry. The agency will then verify if your name is available and appropriate to use.
- Brief Description of Company Activities – Explain the nature of your business, its activities, and its future plans.
- Shareholders’ Details – As stated by law, the shareholders can include corporations and/or individuals of any nationality. The shareholders’ details should include their legal names. There can be a minimum of 2 shareholders, with a maximum of 50.
- Company Director Details – The director can be of any nationality. The law does not specify the director to be a Chilean resident.
- Chile Registered Office Address – Your company in Chile must have a registered address.
- Memorandum of Association and Articles of Association – This document sets up the company in Chile. You need to present it to the Conservador de Comercio for approval.
Now, let’s look at what you need to do to actually form your company in Chile!
Steps on How You Register a Company in Chile
Now that you have accomplished the necessary requirements for registering your company, it’s about time you create a company in Chile. Basically, you need to obtain your visa or residency first. Assuming you already have that, then you can directly follow these quick and easy steps. Approximately, you only need about 10 days to complete the entire process.
1. Get Legal Representation in Chile
Legal representation is very essential when doing business in Chile. You have to take note that a Chilean company requires a Chilean native or a foreigner with a valid visa to be the legal representative of the company. Once you have settled this matter, you must be able to:
- Draft a legalization of incorporation deed.
- Accomplish an optimal legal and capital structure advice for the company.
- Use a Power of Attorney (only if you are doing a remote incorporation).
2. Get Your Company’s Tax Identification Number
In order to incorporate your new business in Chile and get your Tax Identification Number (Rol Unico Tributario ‘RUT’), you must do the following:
- Draft a public deed and have your legal representative sign the document.
- Wait for the Servicio de Impuestos Internos (SII) to process your RUT.
- Register your company in the “Registro de Comercio”.
- Issue your new company in the Official Gazette (Diario Oficial).
- Open a local bank account in Chile.
- Submit Articles of Incorporation to the Commerce Register and publish it in the Official Gazette as well.
Your company can finally obtain its tax identification number at the Chilean IRS after the signing of the public deed. In about 10 days, you should receive an identification tax number from the Chilean IRS and your company will be ready for operations.
At this point, your new business in Chile is legally incorporated.
Register a Company in Chile for Better Opportunities
Forming a business in Chile is an astute decision, thanks to its fast and simple process. This might be one of the reasons why Chile is ranked 22nd by the World Bank for starting a new business.
Having said that, the path to success only begins from here. You need further guidance to reach that top spot. This is exactly where Biz Latin Hub excels. We have a group of experts that can offer you specialized advice and direction to set up your business in Chile. We also offer you professional accounting, legal, and financial services.