Articles written by this author include Legal updates and changes, regulatory updates, industry reviews, legal advice, accounting advice, Professional Employer Organization (PEO) news, Q&A with experts, and more.
When doing business in Ecuador, managing your business risks with due diligence is essential to achieve success. Entrepreneurship in a new market entails facing different barriers. These include linguistic or cultural barriers, as well as lack of local market understanding or know-how. Buying existing companies or partnering with locals are key ways to mitigate these challenges and obtain...
Teleworking has become a reality for Ecuadorians during the Covid-19 outbreak. However, it is also part of the regulatory framework supervised by the Ministry of Labour of Ecuador, defining teleworking as "the provision of legal and personal services, in a dependent relationship, of a non-present nature, during ordinary or special working days, outside the facilities of the place where the...
With the growing adoption of mobile devices, computers and laptops over the last 20 years, the opportunities for Fintech businesses in Ecuador are increasing rapidly. This significant increase in technology comes hand in hand with the Fintech business in Ecuador. Even several primary sectors of economies have made a way to introduce some Fintech technologies into their business. Banking changes...
Owners of a Non-Governmental Organization (NGO) must appoint and register a Compliance Officer in Ecuador according to local corporate regulations. Non-Governmental Organizations in Ecuador, beyond having to comply with specific requirements for the operation of their activities locally, are also considered obligated subjects before the Financial and Economic Analysis Unit of Ecuador (Unidad de...
Ecuador is promoting business in the country by introducing a new legal entity, the Simplified Shares Company, or SAS (Sociedad de Acciones Simplificadas). On February 28, 2020, the new Law of Entrepreneurship and Innovation came into force in Ecuador. This law is a very important advance in Ecuadorian legislation and is accompanied by the implementation of a series of new regulations in the...
The use of mobile devices and social networks have increased the usage of e-commerce sales methods and online purchases in Ecuador, presenting a great opportunity for businesses in the world of online sales. The dynamics of buying goods have changed; consumers can now make different purchases on the internet through e-commerce platforms. Ecuador is no exception to this rule. The use of...
Find out the steps to forming a Limited Liability Company (LLC) in Ecuador. In Ecuador, this legal entity structure is known as Compañía de Responsabilidad Limitada. Over the last few years, Ecuador has become more attractive to foreign executives expanding into the region. Its strong stable economy due to decreasing corruption, the Ecuadorian government has become more stable, natural resources...
Gain key insight into business etiquette in Ecuador to integrate smoothly into the country’s commercial culture and make crucial inroads with clients and partners. When expanding your company to a foreign country, it is essential to understand local business etiquette and culture. According to the Hofstede analysis, Ecuador is very similar to other Latin American countries in terms of etiquette....
If your international business expansion isn’t going to plan, it’s important to understand how to liquidate a company in Ecuador. Ecuadorian legislation provides several procedures to liquidate, cancel and dissolve established companies or branches domiciled in the country. In general terms, it is important to keep in mind that the potential closing process of a company in Ecuador is complex and...
Tourism in Ecuador is rapidly becoming a key pillar of the country's economy. The country’s geographical and cultural diversity makes it a striking destination for holidaymakers from Northern and Southern America. Tourist numbers have grown steadily since 2007, reaching a record high of 2.427 million visitors in 2018. Adventure tourism, eco-sustainable natural tourism, and urban tourism service...