In northwestern South America is located the Republic of Ecuador. This country leans on commodities such as petroleum and agricultural products. From 2007 to 2012, Ecuador's GDP grew at an annual average of 4.3 percent. The developing economy that Ecuador has brought an enormous surplus of almost $390 million for the first six months of 2012.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole Proprietorship in Ecuador
A sole proprietorship is the easiest business type one can operate in. This kind of business has its benefits, such as a straightforward establishing process, nominal costs, and the ability to choose whether it will operate under the owner's name or a fictitious name.
How to register a sole proprietorship in Ecuador
As it was said earlier, establishing a sole proprietorship is a straightforward process. The main thing is to get a Tax Identification number at the Servicio de Rentas Internas del Ecuador. There is no additional fee for this kind of registration, and it is the only legal requirement you have to start a venture as a proprietor.
On the other hand, if you choose to open a company other than to act as an individual, you should consult a legal representative. There are three types of companies forms: Limited Liability Company, Unlimited Liability, and Simplified Shares Company. You can start this process either online or in-person at the Instituto Ecuatoriano de Social Seguridad. The first step is to reserve a business name. The submitted application must be notarized, and the deed must be signed.