What are the Corporate Compliance Requirements for Legal Entities in Chile?
Being the most stable economy of Latin America, Chile has grown into a popular destination for innovative business ideas and commercial expansion by well-consolidated and renowned foreign companies. With its globally recognized and diverse mineral and agriculturalexports, Chile offers many strong national sectors for keen investors. Moreover, because of Chile’s rise in tourism, smaller cities are starting to grow, and new opportunities are presenting themselves. The combination of these strong markets and emerging attractive commercial opportunities are key considerations for foreign companies looking for additional sources of revenue abroad.
A popular type of corporation is the Simplified Corporation, also known as the Company by Shares. This type of legal entity allows for 100% foreign ownership, which is a major drawcard for foreign commercial actors. Additionally, this business structure in Chile requires only one shareholder, which can be an individual or a company. This structure is very popular because it allows the smooth flow of capital in and out of the company.
Once incorporated, all legal entities in Chile, including the Simplified Corporation, must meet several minimum statutory requirements to ensure corporate compliance. These are not very complex nor difficult to adhere to, granted you have a comprehensive understanding of how the requirements function and a trusted local expert to support you. However, it is important that all companies meet these requirements while engaging in commercial activities in Chile.
Check out our short but insightful presentation created by our Team in Chile and learn the most pertinent Compliance information you need to successfully do business. For more personalized advice and services, reach out to our local office.
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