The Ecuador Insider

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.

This was an example from the the Ecuador Insider’s Newsletter I email out weekly, to stay “in-the-know” and to receive future reports … join the Insider’s Newsletter below, you can unsubscribe at any time:

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In such a tiny country, it is amazing how varied the different climates are.

Ecuador is not the “fun in the sun” tropical destination that is many islands in the Caribbean with tons of humidity, scolding temperatures and mosquitoes to match.

Ecuador actually has a very mild, stable climate perfect for people in their later years looking to escape the white tundra of the US.

On the coast, the weather is a mild 65-78 degrees year round, with overcast skies much of the year (from May until mid December).

From late December to mid April, the skies clear up and visitors are welcomed with bluebird days one after the other after the other.

Not to mention, thanks to a warm, constant sea breeze, much of the coastal area has very little humidity.

Guayaquil, the largest urban sprawl of Ecuador, is right on the mouth of a large river with mangrove swamps all around, so, the humidity and heat of this city is often too much for foreigners to handle.

Cuenca and Quito, both cities tucked snuggly in the Andes Mountains, have very similar temperatures similar to that of a typical mountain town in Colorado in the Spring time.

For example, during the day you are fine with pants and a t shirt, at night you will need a light sweater.

In the eastern Amazon region, the weather is hot, the air stagnant and humid, and the skies often overcast with plentiful rain (it is the jungle).

One big plus of Ecuador is that the various microclimates of Ecuador remain relatively stable the entire year, so if you find something you like, stick to it.

Arguably the place with the BEST year round weather of Ecuador, (t shirt and shorts, comfortable, not hot, not cold) is the hidden valley of eternal youth that is Vilcabamba. With year round temperatures in the mid to upper 70s, this place is a small, quiet paradise tucked deep in the Andes mountains.

Whatever your taste, Ecuador has it all except for one thing… snow.

And for more honest advice you can actually use during your property search in Ecuador, join my weekly newsletter by filling in the blanks below:

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Raw beachfront Ranch Land Sales open for any size development .

I will offer this whole beach property , 70,000 m2 @ $15 m2 / offer
or 1/2 acres lots starting at $15m2 up to $45 m2 [ depending on location of lot ]

As for the mountian land i can offer it as a whole for $330,000. usd thats 330,000m2 for $ 1 usd m2

located in Los Camarones just 5km north of Jama.

This is raw land with direct access from the ruta del sol . power follows the road and is easy to place on property . Water is not available at this time, unlike the homes found on the East Coast. You can learn more about homes for sale beaufort sc that are close to the beach if that’s what you prefer.

YES the mountian land has a private road deeded access , YES i own the land outright and is registered with the JAMA city . YES i can give title.

For more info please write via the contact form…thanks.

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Over the last few years in Ecuador, it has become more and more commonplace for owners to ask tenants to pay deposits before renting. But KNOW THIS before you fork over your dough!

In Ecuador, like in most developing countries, even though “in theory” you’re supposed to get your deposit back at the end of your rent… few ever do! Consider that money gone, and yourself lucky if you ever get it back.

Why? Well, you have to understand how people live in poor countries like Ecuador…usually “day to day” and in survival mode. From my experience, even the countries “rich” lack liquidity or have extra cash on hand because they’re way of saving is putting their money into real estate or businesses “so they don’t spend it”.

We must have compassion, people in the US have A LOT more options for their savings like 401Ks, mutual funds and the stock market than people in Ecuador/Latin America.

So the honest truth is, most people lack liquity, and spend your deposit once you give it to them. And when it comes due back to you, they simply don’t have it to give, and will find some lame reason not to give it back!

So even though you may have signed a contract, most know that it is unlikely you will go to the trouble of a lawsuit in the Ecuadorian legal system to recover it (although you can resort to this if you wish).

So, how can you avoid this situation?

Avoid it by shopping around a bit. Most in Ecuador will ask a deposit equal to two months rent, but many will only ask for one equal to one month’s rent and a few won’t ask for a deposit.

Usually you can negotiate directly with the property owner and if they like you, will go lower and allow you to stay for a reduced deposit. Be sure to state your reasoning and that you’ve had troubles getting your $ back in the past.

What’s worked for me, especially for shorter term rents (4 months or less) is I negotiate directly with the owner to see if I can pay a slightly higher rent in exchange for not paying a deposit…

For stays only a few weeks long, I wouldn’t even bother trying to rent and I’d stay in a vacation rental (like one you’d find in vrbo.com) or if you have a tighter budget in one of the many cheap hotels ($10-15/night or less) readily available in Ecuador (but not usually visible on the Internet). Most are quite clean and even comfortable. One good site to find some is hostelbookers.com. Still, if I am planning a vacation I prefer to go to Manuel Antonio, as this place offers the best family fun in Costa Rica.

Remember, there are many good people in Ecuador, and that generally people in other Latin American countries are NO BETTER about giving deposits back than Ecuador. But I’ve been hit by this both in Ecuador and in other countries and just wanted to be sure you aren’t!

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Good question. You want me to keep it real, right?

I remember a few years back someone robbed me while in Guayaquil, I called the police, and they never showed up…and from what the locals told me, this isn’t that strange.

The good news is that the situation has improved over the last few years with the Correa administration. In fact, they have hired SO many police it seems to some that Ecuador is trying to employ their entire male population as policemen.

President Correa has also raised the salaries of the police, gotten them better equipment and cleaned out a lot of the corruption.

The police won’t bother you in the street or ask to see your passport, and can help you in a sticky situation.

In general, the situation has improved over the last few years by leaps and bounds but is not perfect.

To answer the question, can you trust the local police in Ecuador, I would say …”More than a few years ago but still not quite as much as you could maybe in the US (but I’m not Rodney King)”.

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