3 Steps to Start a Business “Legally” in Ecuador

Yes, you can find a job in Ecuador, but the best way to work in Ecuador is to “create your own job” by working independently or starting your own business with the help of the right tax accountant backing you through the entire process.

Entrepreneurs run wild in Ecuador… really, they do! There’s a lot to do.

But gone are the days of being able to work years under the table. The current regime has really clamped down and for the first time, businesses have to keep good financial records and pay their taxes. SMSF Specialist advises on such issues. Even though Chapter 7 bankruptcy is considered the most straightforward and quickest types of bankruptcy, there are situations when chapter 13 bankruptcy lawyers in Knoxville, TN is the preferred move. That is because each type of bankruptcy has different tools to offer. For instance, saving your home might be your desired goal—but Chapter 7 doesn’t have the mechanism to do that. Chapter 13, on the other hand, allows filers to keep their assets as long as they make up for missed payments. Additionally, while Chapter 7 wipes out dischargeable debt, Chapter 13 has provisions in place to protect your assets. Understanding your options can seem like a daunting task, especially considering how complicated the United States legal system is. If you do not understand the ramifications of bankruptcy or need counsel when it comes to making an informed decision, it is advisable to get a Chapter 13 attorney on your side. Knoxville Bankruptcy Attorney have solved finance-related problems of all sizes for years. Whether you are a small business bankruptcy lawyers or a consumer, we will make sure your best interests are represented in the courtroom and at negotiations. Our attorneys specialize in these areas. Are you overwhelmed with debt because of an illness, divorce, accident, loss of work or overtime, poor financial planning, or the state of the economy? Each year more than 1,000,000 people file with a bankruptcy lawyer. The majority are hardworking people who would pay all of their bills if they were able. The sudden loss of a job, unexpected medical bills, a divorce, or a natural disaster can quickly wipe-out a life’s savings. Click here learn more about assistance with business debt. Our Bankruptcy specialist lawyers in Knoxville and Flint are ready to help. For many, bankruptcy provides a financial second chance. Whether it’s a Chapter 7 or Chapter 13 Bankruptcy, debt consolidation or fighting back against bill collector harassment, you’ll receive patient, positive and comprehensive advice. The most important thing for you to know is that there are options, and that no situation is hopeless. Our Tennessee bankruptcy law firm is in the business of helping you get back on track.

So if you’re looking to work independently or start a business, here’s how you get started:

First, in one of the major cities of Ecuador go to the government office called the “SRI”. Here, anyone in Ecuador legally, even on a tourist visa, can apply for and get a “RUC” or the Ecuadorian version of a tax ID number. With this number you can print official receipts “facturas” you can use to charge your clients.

Second, to register a trademark or brand in Ecuador you will need to go to the office of the IEPI in Quito, where you pay $16 to do a domain search, then $116 more to register your brand or business name in Ecuador if it is available. This step is optional.

Third, if you’d like to start a corporation in Ecuador, you can with as little as $200 which turns into the shares of your new business which you can distribute or sell as you please. To find out more try the office of the SRI or the office called the “Superintencia de Companias” in Quito on Calle Roca 660 y Amazonas. Also, the SRI should be able to inform you of any other licenses your specific business may need in Ecuador. But don’t sweat it, Ecuador is not nearly as demanding on licenses as the States is.

But the key is the RUC, without it, you can’t legally charge anyone for anything in Ecuador. 95% of your business clients will demand a “factura” with your RUC because without it they can’t write the expense off their taxes.

You can do all the above rather easily without a lawyer, maybe with just a friend translating, but to hire employees “legally” it gets a bit more complicated. To learn more about that try the “Ministerio de Trabajo” (Ministry of Work)… or to get a good, quick overview of labor law in Ecuador and to see exactly how much you will have to pay in taxes as a business owner or retiree in Ecuador , try my full Ecuador Tax Guide here.

Related: Issuing Equity Compensation.

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Journeyman Jack Ecuador

Proudly serving Ecuador Expats since 2008, My Services, web links, contact info tel. #'s - US, CAN & EC. are all below: Thank You, Jack Abercrombie, Cumbaya, Quito- ECUADOR S.A. [email protected] [email protected] #StrategicRelocationEcuador "May your strategy be as dark as night and as swift as a boulder rolling down a mountain." ~ Sun Tzu "I'd rather prep 10 years too early than 10 minutes too late." Strategic Relocation Ecuador: http://JourneymanJack.com/ Ecuador Real Estate: http://EcuadorRealEstate.org Call Toll free from U.S. & Canada: Mnts: 770-828-7913, & Coast: 770-988-4492, EC. Off: 02-380-4088, Ec. Cel Claro: 098-828-8953, WhatsApp, Zello, Telegram, Viber, Signal, WIRE, Element, Sessions: +593-98-828-8953, For Virtual Real Estate Tours, PreTrip Planning Video Conference via Zoom, jitsi, "skype" user name: "Jack.Abercrombie"- https://join.skype.com/invite/B4plcVLSCGWk Someone once said that Ecuador is a country that is: •EASY to love- •HARD to understand- •Impossible to forget- 'All the Very Best on Your Endeavors in Ecuador-