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Company formation process Chile?

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Chile remains one of the most business friendly countries in all of Latin America to form a company in. Its abundance in resources, lucrative mining industry, and ease to do business in are some of the reasons for the success the Chilean market is experiencing. Although it is enticing, it can be difficult to do business in a country where one does not fully understand the regulations and laws to form a company there. In order to help you get a better insight on the steps in this process, our Chilean business experts have created a company formation presentation for Chile. We hope this helps! If you have any more questions about how to incorporate your company in Chile, find the contact sheet at the bottom of this page to get in touch with us.

Doing Business in Chile - Provided is a detailed guide on the process for incorporating a company in Chile, including information on the types of companies in Chile, the duration to form a company in Chile, information about the initial capital requirements for a new legal entity in Chile and other key requirements for establishing a company in Chile. Furthermore, the steps on how to form the most common type of company in Chile and to open a corporate bank account are provided.

Proudly provided by the Biz Latin Hub Group - www.bizlatinhub.com - Latin America´s leading provider of Market Entry and Back Office Services in both English and Spanish

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Company formation process Chile?

  1. 1. Chile – How to Form a Company in Chile? www.bizlatinhub.com
  2. 2. ABOUT US The Biz Latin Hub Group was established in 2014 to assist both local and foreign companies doing business in Latin America, by providing a full suite of multilingual Commercial Representation and Back Office Services. The group is owned and managed by an experienced team of local and expat professionals, dedicated to assisting clients to navigate their way through the complexities of Latin American business environment. www.bizlatinhub.com
  3. 3. www.bizlatinhub.com 8 Steps
  4. 4. www.bizlatinhub.com Step 1 – Choose the Style of Structure for Your Business Needs Limited Liability Company There are number of different legal structures you can choose from when forming your company: • Corporation (sociedad anónima) • General Partnership (sociedad colectiva) • Limited Liability Company (Sociedad de Responsabilidad Limitada) and Company by Shares (SpA) • Association (Associación, or Cuentas en Participación) The majority of companies that are set up in Chile are Limited Liability Companies (SRL). This presentation will outline the process of setting up a:
  5. 5. www.bizlatinhub.com Key Considerations When Forming a Company in Chile •Yes Is Foreign Ownership Allowed? •Yes Can Company Sponsor Foreign Employees? •No Capital Controls •6-8 weeks How Long Does it Take (Including Bank Account) • USD 500 recommended Minimum Capital? • Yes Requires a Fiscal Address and Legal Representation? • Chilean Peso or USD Dollars Currency • 1 Min Number of Shareholders
  6. 6. www.bizlatinhub.com Step 2 – Power of Attorney Get the ball rolling… • Whether you have someone you trust in Chile, or you need to hire the services of a third party to incorporate a Company in Chilean soil, a power of attorney must be drafted and signed. • The idea is to provide the agent with all faculties needed to represent you or your foreign company in the country so that you can form the company in a lawful manner.
  7. 7. www.bizlatinhub.com Define what your company will do… • In Chile, companies legally come into existence when the bylaw is signed at the local Notary. • A local trustworthy lawyer must draft the bylaw which will state and regulate all of the main aspects and affairs of the company such as name, purpose, duration, capital, transitory administrator, managers etc. Step 3 - Bylaws
  8. 8. www.bizlatinhub.com Step 4 - Publication Just a Formality… An extract or excerpt of the bylaw needs to be published in a Chilean Official Newspaper or Newsletter within 30 or 60 days; depending on the type of company.
  9. 9. www.bizlatinhub.com Step 5 - Registration The go-to place… An extract or excerpt of the bylaw must be registered in the Chilean Commerce Registry Custodian within 30 or 60 days; depending on the type of company. The existence, validity and particularities of companies are determined by the public and binding records held by this Custodian.
  10. 10. www.bizlatinhub.com Step 6 – Shareholders’ ID Tax Number It is quicker than it sounds.. In accordance with Chilean Corporate Law, all foreign nationals (individuals and companies) that don’t have residence or domicile in the country and intend to own local based companies, are regarded as investors. As investors, a tax ID number must be granted by the Internal Revenue Service.
  11. 11. www.bizlatinhub.com Step 7 – Company’s Tax ID Number Almost there… In order for the company to start operating, a tax ID number must be granted by the Internal Revenue Service.
  12. 12. www.bizlatinhub.com Step 8 – Bank account Get the wine opener ready! Finally, you just need to open a corporate bank account to conclude the company formation process in Chile! Then you are able to start conducting business in a steady and thriving commercial hub.
  13. 13. www.bizlatinhub.com Do Not Forget! All Companies in Chile require… A LEGAL REPRESENTATIVE Must be a Chilean national, or a foreign national with the legal right to live and work in Chile. A FISCAL/ DOMICILE ADDRESS An address as part of the company registration. Biz Latin Hub Can provide these services!
  14. 14. CONTACT US www.bizlatinhub.com Argentina Buenos Aires Panama Panama City Belize Belize City Brazil São Paulo Ecuador Guayaquil Chile Santiago Colombia Bogotá México México City Peru Lima contact@bizlatinhub.com
  15. 15. OUR SERVICES www.bizlatinhub.com • Commercial Representation Services • Company Formation Services • Visa Processing Services • Accounting & Finance Services • Legal Services • Due Diligence Services • IT Support Services • Recruitment Services
  16. 16. RECENT ARTICLES www.bizlatinhub.com Market Entry: How to Enter the Consumer Packaged Goods Market in Colombia Mining Lawyer: Why are Colombian Emeralds a Good Investment? How to Set Up a Medical Marijuana Business in Colombia?

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