Are you interested in starting a business in Chile? Although opening a business in a foreign country might seem complicated, there are actually several ways you can form the company you want in Chile.
You could team up with a Chilean native, try to work with a local company, obtain a work visa in Chile or form your own company. With specialist advice from our legal team, we go over what you need to know and how you can get your business up-and-running in Chile!
Requirements Before Registering a Company in Chile
In order to incorporate a company in Chile you must have the following:
- Proposed Company Name – You must have a name for your company in Chile approved by Chile’s Company Registry to see if your name is available and not already in use.
- Brief Description of Company Activities – Explain what your company does and what are its plans for the future.
- Shareholders Details – The shareholders can be corporations and/or individuals of any nationality. The shareholders’ names are required to be included in the details. There can be between 2 and 50 shareholders.
- Company Director Details – The director can be of any nationality and does not have to be a Chilean resident.
- Chile Registered Office Address – Your company in Chile must have a registered address.
- Memorandum of Association and Articles of Association – This document sets up the company in Chile and needs to be presented before the Conservador de Comercio.
Now, let’s look at what you need to do to actually form your company in Chile!
How Do I Form a Company in Chile?
There are a couple of steps to create a company in Chile once you obtain your visa or residency. This process is quick and easy, and should only take about 10 days.
1. Get Legal Representation in Chile
Legal representation is necessary when doing business in Chile. Please note that a Chilean company must have a Chilean native or foreigner with a valid visa to be the legal representative of the company. Once you have that sorted, you will be required to:
- Draft a legalization of incorporation deed.
- Have optimal legal and capital structure advice for the company.
- Use a Power of Attorney (if it is a remote incorporation).
2. Get Your Company’s Tax Identification Number
In order to incorporate your new business in Chile and get your Tax Identification Number (Rol Unico Tributario ‘RUT’), you must do the following:
- Get the public deed signed.
- Wait for your RUT to be processed by the Servicio de Impuestos Internos (SII).
- Register your company in the “Registro de Comercio”.
- Publish your new company in the Official Gazette (Diario Oficial).
- Open a local bank account in Chile.
- Submit Articles of Incorporation to the Commerce Register and publish it in the Official Gazette.
Your company can then obtain its tax identification number at the Chilean IRS once a public deed is signed. In about 10 days, you should receive an identification tax number from the Chilean IRS and your company will be legally operational!
At this point, your new business in Chile is fully incorporated.
Starting a Business in Chile is a Great Opportunity
A business startup in Chile is a wise decision. Thanks to its fast and simple process, Chile is ranked 22nd by the World Bank for starting a new business.
Biz Latin Hub has a group of experts that can offer you specialized advice and guidance to set up your business in Chile. We also offer you professional accounting, legal, and financial services. Contact our Country Manager, Allan, here for more help to get started!
Watch the video below and learn about our professional legal and immigration services.