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If you are interested in expanding into the Ecuadorian market, you are going to need good legal counsel. Because your corporate legal counsel in Ecuador will be able to oversee your company formation in the shortest time possible, while guaranteeing that you remain in full compliance with local regulations.
Your legal counsel will also be able to provide valuable advice on aspects of doing business in the market, such as the different types of legal structure in Ecuador to choose from when establishing your local entity.
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Ecuador has grown significantly since the turn of the century, with gross domestic product (GDP) hitting $107.4 billion in 2019 (all figures in USD). That figure made it Latin America’s seventh-largest economy, while the gross national income (GNI) of $6,090 per capita registered that same year placed Ecuador as an upper-middle income nation based on World Bank classifications.
Ecuador is bordered by Colombia and Peru — two of South America’s biggest economies and major destinations for foreign direct investment (FDI). Along with those two countries and Bolivia, Ecuador is a member of the Andean Community of Nations (CAN) — an economic integration initiative that recently implemented a new free movement statute, which could prove a boon for business and investment.
While Ecuador has witnessed strong growth in recent decades, the country is home to a host of investment opportunities and unsaturated markets, while the country elected business-friendly President Guillermo Lasso earlier this year, and has already begun adopting policies intended to encourage commercial activity.
Ecuador’s prime export products include agricultural products, such as bananas, fruits, plants, and timber. However, the country also produces significant quantities of petroleum oil, with production growing steadily in recent years to at least 500,000 barrels per day since 2014. The country’s main trade partners include Chile, China, Panama, Peru, and the United States.
Ecuador’s capital city, Quito, has also been recognized as a regional hub for software development, while the country’s principal port Guayaquil handled the seventh-highest throughput of containers in Latin America and the Caribbean in 2018.
If you are planning to launch into the Ecuadorian market, or are already active there, reaf on to understand how your attorney in Ecuador will be able to support you, as well as what to look for when choosing legal counsel. Or go ahead and contact us now to discuss how we can support your business.
How your attorney in Ecuador will support your business
One of the biggest challenges of expanding into a new market is getting to grips with and remaining in full compliance with local regulations, especially when there is a language barrier to negotiate. So by selecting bilingual legal counsel with a strong track record of assisting foreign investors, you will be able to easily overcome such challenges.
Your attorney in Ecuador will have a firm understanding of the administrative necessities and processes involved in market entry, as well as the particularities of the regulatory framework that can catch newcomers out.
They will also be able to oversee the protection of your intellectual property and guarantee that your company is able to establish the greatest possible competitive edge in the market.
On top of all of this, your corporate legal counsel in Ecuador will represent your business before clients, partners, and other associates, avoiding legal issues before they arise.
What should your legal counsel bring to the table?
When you work with a good corporate attorney in Ecuador, they will be able to assist you in the following ways:
Decision-making: Your legal counsel in Ecuador will be able to provide you with reliable and up-to-date advice to help you reach key decisions, such as the type of entity that best suits your needs.
Bilingual support: While most people in legal and business circles in Ecuador will have a grasp of English, all official procedures will be carried out in Spanish, so working with a fully bilingual attorney will be essential.
Local network: An experienced attorney will be plugged into the local legal and business communities, meaning that you will enjoy access to a well-established network of valuable contacts that could assist you in your business activities.
Intellectual property: Your legal counsel in Ecuador will be able to apply for patents, trademarks, and copyrights, in order to protect your intellectual property and guarantee your competitiveness in the market.
Key considerations for choosing an attorney in Ecuador
When choosing your legal counsel in Ecuador, the following things should be considered:
Legal knowledge: Corporate regulations in Ecuador can be updated with some regularity, so it is important to work with an attorney with the most up-to-date knowledge, and a grasp of specialist areas of the law as related to your business activity, such as mining law or trade law.
Client feedback: By seeking out the comments of current and past clients, you can develop a good impression of the quality of the service they provide, as well as the legal areas in which they have particular knowledge.
Online management: If you are not going to be based in Ecuador, you will ideally want to work with an attorney who uses an online platform to relay key information related to your business to provide you with maximum oversight.
Biz Latin Hub can be your legal counsel in Ecuador
At Biz Latin Hub, our multilingual team of legal specialists has the knowledge and expertise to effectively support you in your launch and ongoing operations in Ecuador. Our comprehensive portfolio of services, including company formation, accounting, tax advisory, and recruitment, means we can provide a tailored package of integrated back-office solutions and be your single point of contact for doing business in the Ecuador, or any of the other 17 markets around Latin America and the Caribbean where we have local teams in place.
Contact us now to discuss how we can support your business.
Or learn more about our team and expert authors.
The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.
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