En este texto presentaremos brevemente qué son los Pactos de Accionistas en el Derecho Chileno, qué materias abordan, por qué convendría a los miembros de una empresa preparar y firmar uno, y finalmente, algunos ejemplos de cláusulas comunes a este tipo de documentos.
¿Qué son los Pactos de Accionistas?
Los Pactos de Accionistas, son acuerdos que celebran todos o algunos accionistas de una Sociedad Anónima (SA.), Sociedad por Acciones (SpA), o Sociedad Encomandita por Acciones, para determinar el alcance de una u otra materia relevante para la Sociedad y la relación entre ellos. Los aspectos más comunes que regulan los Pactos de Accionistas son aquellos relativos a la cesibilidad o transferibilidad de las acciones, la administración, y la relación de confidencialidad o competencia con la Sociedad.
Por la aplicación práctica, derivada de la gran cantidad de sociedades de estas clases, este texto abordará a los Pactos de Accionistas desde el punto de vista de las Sociedades Anónimas Cerradas y Sociedades por Acciones.
*No hay que olvidar que los Pactos de Accionistas no aplican en casos de Sociedades de Responsabilidad Limitada (Ltda.) o sociedades colectivas, puesto que estas últimas son sociedades de personas donde los socios no son accionistas, sino que son dueños de derechos sociales.
¿Por qué conviene celebrar un Pacto de Accionistas?
Una de las razones más prevalentes para el cierre o quiebra de empresas es precisamente la existencia de conflictos entre los socios. Esto se da, principalmente, porque cada accionista tiene expectativas que pueden ser distintas a de la realidad y de las expectativas de sus demás socios.
Una de las mejores maneras de prevenir conflictos entre socios de sociedades anónimas y sociedades por acciones es precisamente contar con un robusto y completo Pacto de Accionistas. Este es un documento de suma relevancia cuyo propósito es, fundamentalmente, el de prevenir conflictos futuros entre accionistas. Un pacto de accionistas lo que hace es alinear los incentivos de los distintos accionistas bajo un mismo objetivo.
Algunos conflictos potenciales que puede evitar un Pacto de Accionistas incluyen desacuerdos sobre la venta de la empresa, la venta de acciones a un tercero, la creación de una empresa competidora, y la gestión de la empresa después de la muerte de un accionista.
A continuación, ilustraré algunos conflictos que se podrían evitar si es que una Sociedad con dos o más socios tuviera un Pacto de Accionistas que regule de antemano estas materias:
Escenario 1.
Un accionista minoritario quiere vender sus acciones, y las vende a un tercero con quien los demás accionistas no tienen afinidad comercial. Los demás accionistas se enteran una vez que la venta de acciones ya ha tenido lugar.
Escenario 2.
Una compañía con dos socios accionistas recibe una oferta de compra. Un accionista quiere que la compañía se venda, el otro no quiere vender la compañía.
Escenario 3.
Una compañía con dos socios accionistas. Uno de los accionistas quiere salirse de la empresa y quiere vender su parte al otro socio. El otro socio no quiere comprar las acciones del primero.
Escenario 4.
Una compañía con dos socios accionistas. Uno de los socios arma una empresa en paralelo, que le compite a la primera.
Escenario 5.
Una compañía con dos socios accionistas. Un accionista muere dejando herederos, pero estos herederos quieren vender la compañía.
¿Qué tipo de Pactos de Accionistas existen?
Un “Pacto”, es un acuerdo de voluntades entre dos o más personas. En este sentido, Pactos hay de muchas clases. Algunas categorizaciones posibles son las siguientes:
Según la forma en que se celebran
El concepto “Pacto” en el contexto de las Sociedades de Capital (Sociedades Anónimas, Sociedades por Acciones) abarca legalmente tanto aquellas materias contenidas en los estatutos como aquellas acordadas fuere de ellos.
Sin embargo, en la práctica diaria, se entiende que “Pactos de Accionistas” son aquellos que celebran los accionistas de una sociedad más allá de las menciones obligatorias contenidas en los estatutos o sus modificaciones. Esta distinción es relevante pues, aquellos acuerdos que están en los propios estatutos obligan a todos los accionistas de la sociedad y no pueden ser desconocidos por ninguno de ellos. Mientras que los Pactos que no están en los estatutos, sólo obligarán a los demás accionistas cuando sean registrados en el Registro de Accionistas de la Sociedad.
Esta distinción, entre pactos que constan en los estatutos y los que no, es también relevante cuando se combina con la materia de que tratan. Así, aquellos pactos que están en los estatutos y que versan sobre materias diversas distintas a aquellas consideradas esenciales obligan a todos los accionistas de la sociedad y no pueden ser desconocidos por ellos. Además, si tratan sobre limitaciones a la cesibilidad o transferencia de las acciones, entonces sólo son posibles de ser acordados en Sociedades Anónimas Cerradas, o en Sociedades por Acciones.
Por otro lado, aquellos pactos entre accionistas, celebrados fuera de los estatutos de la sociedad se caracterizan porque, en principio, sólo obligan a las partes que los celebran, esto por aplicación del efecto relativo de los contratos. Ahora bien, aun cuando un pacto de accionistas fuere suscrito fuera de los estatutos sociales, podrá obligar a terceros, incluso otros accionistas, cuando se depositare en la compañía a disposición de los demás accionistas y terceros interesados. Más, no impedirá a la sociedad inscribir los traspasos de acciones que se le presenten, sea que cumplan con el pacto o no.
Según las materias de que tratan
Los Pactos de Accionistas pueden tratar sobre distintas materias. Los más conocidos y recomendados suelen ser aquellos que tratan sobre la cesibilidad o transferencia de las acciones. Entre ellos, los más comunes son aquellos que introducen cláusulas que regulan cómo deberán actuar los accionistas de la compañía cuando cualquiera de ellos recibe o efectúa una oferta de compra o venta de sus acciones. Lo mismo, también, en caso de sucesión por causa de muerte o incapacidad sobreviniente de un accionista.
Esta distinción es relevante porque, para que un pacto de accionistas que versa sobre la cesibilidad de las acciones sea oponible a terceros, es decir, para que terceros no puedan ignorarlo y decir que no sabían que este pacto existía, deberán estar en los estatutos, o bien depositarse en la compañía, esto se hace incluyendo el Pacto en el Registro de Accionistas. Si no se incorporan en el Registro de Accionistas, entonces sólo pueden obligar a las partes que los suscriben.
Además, en el caso de Sociedades Anónimas Abiertas, estos pactos sobre limitaciones a la cesibilidad de las acciones no pueden formar parte de los estatutos.
Un poco menos común, pero no menos relevantes, son los Pactos de Accionistas que tratan sobre la administración de la sociedad. Normalmente estos pactos se refieren a materias que no están reguladas en los estatutos. Ejemplos de esto pueden ser pactos entre accionistas que apunten a la forma de elección de Gerentes o ejecutivos principales, elección conjunta de directores o bien sobre accesos a información de la empresa o similares.
Dentro de esta categoría podemos encontrar, también, los Acuerdos de Actuación Conjunta. Como su nombre lo indica. Estos se refieren a las materias y situaciones en que dos o más accionistas se obligan a actuar de forma conjunta en una determinada decisión. Ejemplos de esto pueden darse en la elección de miembros del directorio, o voto conjunto en determinadas materias de decisión de la junta de accionistas.
Un Pacto que muchas veces es ignorado, con desastrosas consecuencias, corresponde a los Pactos que contienen Acuerdos de no competencia. Por medio de estas cláusulas, los accionistas se obligan a no competir contra el negocio de la sociedad. Si bien esto podría resultar muchas veces obvio, en la práctica no lo es, porque de acuerdo con la ley, “un accionista es sólo responsable por su respectivo aporte a la sociedad”. De este modo, al no haber obligación de affectio societatis en las sociedades de capital, si no hubiera pactos de accionistas que obliguen a la no competencia, entonces nada podría prevenirlo.
Otros Pactos, podrían ser aquellos que obligan a los accionistas a mantener determinadas materias confidenciales, hacer aportes futuros a la Sociedad en caso de que esta lo requiera, establecer reglas para los aportes en trabajo o industria, u otros derechos y obligaciones adicionales para los accionistas.
¿Cuáles son las cláusulas más comunes de un Pacto de Accionistas?
A continuación, presentaremos algunas de las cláusulas más comunes que pueden incluir los Pactos de Accionistas. Además, incluimos algunos ejemplos.
Cláusulas de Arrastre y Acompañamiento, conocidas por sus nombres en inglés “Drag-Along” y “Tag-Along”: Las cláusulas de arrastre (Drag-Along), permiten a los accionistas mayoritarios obligar a los minoritarios a vender sus acciones en caso de una venta de la empresa. Las cláusulas de acompañamiento (Tag-Along) permiten a los accionistas minoritarios vender sus acciones en las mismas condiciones que los mayoritarios en caso de una venta.
Ejemplos:
Drag Along: Si un accionista mayoritario, entendiéndose por tal aquel accionista con mayoría de acciones con derecho a voto, (“Vendedor(es) Mayoritario(s)”) decida(n) vender la totalidad de sus acciones a un tercero, dicho(s) Vendedor(es) Mayoritario(s) tendrán el derecho, pero no la obligación, de requerir a los demás accionistas (“Vendedores Minoritarios”) a vender todas sus acciones en la misma proporción, términos y condiciones de la oferta recibida por el(los) Vendedor(es) Mayoritario(s).
Tag Along: Si un accionista mayoritario, entendiéndose por tal aquel accionista con mayoría de acciones con derecho a voto, (“Vendedor Mayoritario”) decide vender cualquiera de sus acciones a un tercero, los demás accionistas tendrán el derecho, pero no la obligación, de participar en la venta a prorrata y vender sus acciones en las mismas condiciones y al mismo precio que el Vendedor Mayoritario.
2. Cláusulas de Compra y Venta de acciones (“Buy-Sell”) y Right of First Refusal (“ROFR”): Estas cláusulas establecen las reglas y las preferencias en la compra venta de acciones por parte de los accionistas, así como las condiciones bajo las cuales un accionista puede ser obligado a vender sus acciones (por ejemplo, en caso de muerte o incapacidad) y los procedimientos para valorar las acciones en esos casos.
Ejemplos:
(Buy-Sell): En caso de la muerte o incapacidad sobreviniente de un accionista, o si un accionista decide vender sus acciones, dichas acciones deben ofrecerse primero a los demás accionistas a un precio determinado o determinable según una fórmula acordada previamente.
“Right of First Refusal” (“ROFR”): Si un accionista recibe una oferta de un tercero para comprar sus acciones, dicho accionista deberá ofrecer las acciones a los demás accionistas al mismo precio y en las mismas condiciones de la oferta recibida antes de poder vender al tercero. Aquí el precio corresponderá al que haya ofrecido el tercero.
3. Cláusulas de Resolución de Controversias: Estas cláusulas establecen los procedimientos para resolver cualquier disputa que pueda surgir entre los accionistas. Es habitual, en Chile, que los contratos tengan cláusulas de resolución de controversia que se refieran a la justicia ordinaria o bien a instancias de arbitraje o mediación
Ejemplos.
Jurisdicción y Competencia (Tribunales Ordinarios): Para todos los efectos derivados del presente Contrato, las partes constituyen domicilio especial en la ciudad y comuna de Santiago, y se someten a la jurisdicción de sus tribunales de justicia.
Mediación y Arbitraje CAM de Santiago[1]: Cualquier dificultad o controversia que se produzca entre los contratantes respecto de la aplicación, interpretación, duración, validez o ejecución de este contrato o cualquier otro motivo será sometida a mediación, conforme al Reglamento Procesal de Mediación del Centro de Arbitraje y Mediación (CAM) de la Cámara de Comercio de Santiago (CCS), vigente al momento de solicitarla.
En caso de que la mediación no prospere, la dificultad o controversia se resolverá mediante arbitraje con arreglo al Reglamento Procesal de Arbitraje del mismo Centro, que se encuentre vigente al momento de solicitarlo.
Las partes confieren poder especial irrevocable a la Cámara de Comercio de Santiago A.G. (CCS), para que, a petición escrita de cualquiera de ellas, designe a un árbitro arbitrador en cuanto al procedimiento y de derecho en cuanto al fallo, de entre los integrantes del cuerpo arbitral del CAM Santiago.
En contra de las resoluciones del árbitro no procederá recurso alguno. El árbitro queda especialmente facultado para resolver todo asunto relacionado con su competencia y/o jurisdicción. (*)
4. Cláusulas de Confidencialidad y No Competencia: Estas cláusulas pueden requerir que los accionistas mantengan cierta información confidencial y no compitan con la empresa durante un período determinado.
Ejemplos.
Confidencialidad: Los accionistas se obligan a mantener en estricta confidencialidad toda la información relacionada con la Sociedad, sus operaciones, estrategias, y sus asuntos internos, salvo que dicha información sea de dominio público, se encuentre ya en conocimiento público por causa no imputable al accionista, o sea requerida por una autoridad judicial o administrativa para el cumplimiento de una obligación legal. Asimismo, los accionistas se obligan a no utilizar dicha información para propósitos personales o ajenos a la sociedad.
No Competencia: Los accionistas se obligan a no participar, directa o indirectamente, en ninguna actividad o negocio que compita con el de la Sociedad, ni a establecer, adquirir o tener una participación significativa en cualquier entidad que compita con la sociedad, durante el tiempo que sean accionistas y por un período de 5 años después de dejar de serlo.
Estos son solo algunos ejemplos de cláusulas que podrían incluirse en un pacto de accionistas. La inclusión de una u otra dependerá de las necesidades y expectativas de los accionistas y de la sociedad en sí.
Conclusión.
Los Pactos de Accionistas son un instrumento que puede ser clave para la supervivencia y éxito de una empresa. El hecho de que no sean una exigencia legal no implica que sean menos importantes. Contar con un Pacto de Accionistas adecuado a las necesidades de la Empresa puede contribuir efectivamente a prevenir conflictos entre los Accionistas y entre ellos y la Sociedad.
Sin embargo, en materias de Pactos de Accionistas, es fundamental contar con el asesoramiento de un abogado experto, esto porque cada Sociedad es distinta, y como tal, lo que suele funcionar para una empresa, puede no resultar exitoso para otras. Por eso, para redactar y negociar un pacto de accionistas que refleje adecuadamente las expectativas de todas las partes y que sirva para prevenir y resolver conflictos futuros, usted puede contactar a los abogados de My Local Partner.
Aviso Legal.
El contenido de este blog es puramente informativo y se proporciona tal cual, sin ninguna garantía de exactitud o integralidad. No pretende ser un consejo o recomendación legal y no debe interpretarse de esa manera. Cada situación legal es única y depende de circunstancias específicas; por tanto, siempre debe buscarse asesoramiento legal profesional en relación con cualquier problema o situación legal particular.
El uso de la información contenida en este blog no crea una relación abogado-cliente.
El blog puede contener enlaces a otros sitios web, los cuales son solo para fines informativos. No nos hacemos responsables por el contenido o las políticas de privacidad de dichos sitios.
Probablemente, hayas oído hablar de los “Stocks Options” o planes “ESOP”. Un Employee Stock Option Plan (“ESOP” o “Plan de Adquisición de Acciones”) es un mecanismo de incentivos laborales a través del cual una empresa otorga a sus colaboradores (trabajadores o consultores) opciones para adquirir acciones de la misma empresa, generalmente a un precio preferencial, o en algunos casos meramente nominal. Esta forma de compensación y reconocimiento por los servicios es muy popular en el mundo de las startups, ya que les permite atraer y retener talento, ofreciendo a sus colaboradores la posibilidad de participar en el crecimiento y éxito de la empresa. Básicamente, es una forma de motivar el compromiso de los colaboradores por la compañía.
Los ESOP comenzaron a popularizarse en la segunda mitad del siglo XX en Estados Unidos. Cobraron protagonismo principalmente desde los años 80 en Silicon Valley, especialmente en casos de empresas en etapas tempranas que buscaban asegurar y retener talento a largo plazo sin que ello implicara un desembolso importante de recursos financieros.
En América Latina, y en Chile, aunque aún incipiente, esta práctica se ha popularizado con la creciente ola de inversiones en startups respaldadas por fondos de capital de riesgo o Venture Capital.
Ahora bien, ¿cómo funciona un ESOP?
Un ESOP se estructura, generalmente, en base a un contrato de opción para la compra de una o más acciones de la empresa. Un contrato de opción es aquel en el que una parte, comúnmente llamada “oferente” (la empresa), otorga a la otra parte, usualmente denominada “optante” o “beneficiario” (colaborador), el derecho de celebrar una transacción comercial en el futuro a un precio determinado o determinable, en este caso, comprar acciones de la empresa a un precio de ejercicio predeterminado. El precio de compra de esas acciones también se conoce como “Precio de Ejercicio“, es decir, es el precio que el beneficiario pagará por el activo subyacente, en este caso, las acciones. En simple, a través de un ESOP la empresa ofrece al beneficiario la posibilidad de, en un futuro, comprar acciones al precio actual. De esta manera, el beneficiario podrá aprovecha toda la ganancia que pudo haber experimentado esa acción durante el tiempo intermedio.
No obstante, el contrato de opción suele estar más regulado que solo lo mencionado anteriormente, esto principalmente porque la empresa otorgante quiere asegurarse de que el beneficiario se va a quedar en la compañía y prestará sus servicios durante un periodo mínimo de tiempo. De otro modo, sería posible que un beneficiario accediera a las opciones, las convirtiera en acciones, y luego renunciara a la compañía. Así, no se cumpliría el objetivo de retención de talento.
Para asegurar la permanencia de un colaborador beneficiado con un contrato de opción para la adquisición de acciones, las empresas otorgantes de las opciones suelen incluir en los contratos el concepto de “vesting“. Esto básicamente agrega una dimensión temporal a las opciones, al limitar su libre ejercicio, a menos que haya transcurrido un periodo de tiempo. El concepto de “Vesting”, que si bien no tiene una traducción exacta al castellano, y que podría asemejarse al concepto de “devengamiento”, permite alinear los incentivos del otorgante y del beneficiario, al hacer que la ventaja de las opciones solo pueda ser aprovechada por el beneficiario cuando haya transcurrido un periodo de tiempo en el cual sus servicios hayan contribuido al crecimiento de la empresa.
Los términos del vesting alcanzado cierta estandarización en la actualidad. A la fecha de este artículo (abril de 2023), en el mundo de las startups tecnológicas en latinoamérica, se suele utilizar un periodo de vesting de cuatro años. Es decir, el beneficiario solo podrá haber ejercido la totalidad de las opciones al cabo de un periodo de cuatro años desde la fecha de su otorgamiento.
Además, para asegurar la compatibilidad de un nuevo colaborador con la empresa, es común incluir un periodo de devengamiento inicial llamado “cliff”, que es generalmente de un año. Esto significa que el beneficiario no puede ejercer ninguna opción, sino hasta que haya transcurrido ese primer año de servicio continuo. A partir de ese momento, las opciones se van devengando, mensual, trimestral, o anualmente, hasta completar el periodo de vesting acordado. Una estructura muy utilizada de vesting es de un año de cliff por el 20% de las opciones y luego cuatro años de vesting trimestral de 5% cada uno, hasta completar el total de 100% al cabo de cinco años.
¿Aspectos a tener en cuenta al introducir un plan ESOP en la empresa?
Adaptarse a la legislación de la propia empresa:
Si bien esto puede parecer obvio, en la práctica no lo es tanto. Son muchos los casos de startups que han adoptado planes de ESOP que han copiado de internet, pero que, al referirse a startups constituidas en otras jurisdicciones, no son 100% adaptables a la realidad chilena.
Determinar la serie de acciones que será objeto del ESOP:
Esto es relevante porque, en muchos casos, los fundadores no quieren compartir información o los derechos políticos que las acciones ordinarias les otorgan con otros accionistas.
Determinar reglas iniciales claras, pero con mecanismos flexibles de administración:
Un ESOP es un proyecto que se extiende en el tiempo. Por esto, es importante que las reglas del plan estén claramente definidas desde el principio, adaptadas a las mejores prácticas y que también otorguen la flexibilidad de realizar cambios futuros si esto es requerido.
Contabilizar en todo momento el Cap Table:
El Cap Table, o estructura de propiedad de la empresa, debe ser tenida en cuenta al momento de planificar un ESOP. De no tener visibilidad sobre este punto, la empresa corre el riesgo de otorgar más opciones que acciones tiene disponibles, o bien no calcular los efectos que las acciones ESOP pueden tener en la dilución de los fundadores.
Impuestos, siempre los impuestos:
Es importante tener en cuenta las consecuencias tributarias de las opciones de adquisición de acciones, tanto para los beneficiarios como para la empresa. En Chile existe un tratamiento tributario distinto según si las opciones son otorgadas como parte de un contrato de trabajo o no. Esto es relevante porque implica que si las opciones son otorgadas a un consultor o a una persona contratada bajo régimen de prestación de servicios a honorarios, su carga tributaria será distinta a la de un beneficiario que es empleado de la compañía. Estos aspectos son muchas veces ignorados, tanto por la empresa como por los beneficiarios, y pueden traer consecuencias costosas en el futuro.
Valor del precio de ejercicio:
Tener en cuenta cuál será el precio de ejercicio de las opciones. Por un lado, debe ser atractivo para los colaboradores adquirir acciones a un precio bajo, pero por otro lado, la empresa debe resguardar su propio capital. Este punto es generalmente pasado por alto al momento del otorgamiento y, muchas veces, se vuelve una fuente de conflictos futuros cuando ya el beneficiario quiere ejercer sus opciones y se da cuenta de que, en la práctica, lo ofrecido inicialmente no era tan beneficioso como esperaba, o es incluso peor que el precio de mercado actual por acción.
Conclusión
Los planes de opciones sobre acciones para empleados (ESOP) son una herramienta valiosa para las empresas, especialmente las startups, para atraer y retener talento. Estos planes permiten a los empleados beneficiarse directamente del crecimiento y éxito de la compañía, alineando sus intereses con los objetivos de la startup. El concepto de vesting o devengamiento es fundamental para garantizar la permanencia de los colaboradores y asegurar que los beneficios de las opciones sobre acciones se obtengan solo después de un periodo de tiempo en el que los empleados hayan contribuido al éxito de la empresa.
En MLP tenemos experiencia preparando e implementando este tipo de estructuras. Si tienes dudas o quieres conversar sobre implementar algo así en tu startup, estamos disponibles para conversar.
One of the most important aspects when setting up a company in Chile is choosing between the different types of commercial legal entities. Deciding on one or another legal structure will depend on the needs, interests and projections of the business. Among other things, the type of company will determine the regulations to be observed by the company. It will also define how it will be managed, who will make the decisions and the way in which it will pay taxes.
In this article, we will analyze the most common types of commercial companies that exist in Chile and their main characteristics. Choosing the type of company a business will have can be a difficult decision to make. Therefore, it is important to have guidance and advice from an expert lawyer in business law.
In Chile, there are two ways to start a business: as a natural person or as a legal entity. The first option refers to the development of commercial activities in one’s own name, using the same Chilean Tax ID (“RUT”) as the natural person. The legal entity, on the other hand, operates independently of the individual members who are part of the company. This means that the company will have its own RUT and will have its own obligations and rights recognized by the law.
Natural Person
In Chile, you can start a business as a natural person, for such there is the figure of the Individual Entrepreneur. This type of business corresponds to the natural person who carries out commercial activities in his own name. The liability of the individual entrepreneur is unlimited. That is to say, he may have to respond with his personal assets for the obligations or debts incurred as a result of the activity exercised.
The individual assumes all rights and obligations inherent to the activity in which the business is carried out.
It does not constitute a separate legal entity, so it operates with the same name and RUT of the natural person.
Develops activities whose income is classified in the first tax category.
The entrepreneur is personally liable for all the debts and obligations of the business.
Operates with the same RUT or passport number of the natural person.
Legal Entity
It is a legal entity independent and distinct from the individual members that form it. Thus, it has the capacity to contract rights and obligations that are recognized by the law.
It constitutes an individuality distinct from those who are part of it.
It gives rise to a separate equity from that of the partners or shareholders.
The legal entity assumes rights and obligations separately from its partners or shareholders, as the case may be. In addition, the rights and obligations are recognized by the law.
Depending on the type of commercial company chosen, it may be formed by one or more persons, both natural and moral.
Chilean law contemplates different types of legal entities.
In Chile, there are different types of commercial companies to choose from. Each one has particularities and conditions of number of partners, or stockholders, and administration.
Chilean law offers different types of commercial companies. Each one is more adapted to a particular business purpose. Next we will mention their main characteristics.
1. Limited Liability Company (“Ltda.”)
It is a partnership in which the system of administration and representation can be freely established. In this type of company, the partners:
They are liable only for the amount of capital they contribute.
They can be nationals or foreigners, natural or juridical persons, and their number cannot be less than two or more than fifty.
The rights of the partners are represented by a quota and not by shares.
The decisions have to be approved by all partners.
These are partnerships formed for businesses qualified as acts of commerce according to the Code of Commerce.
The administration of this company corresponds by right to each and every one of the managing partners, who can exercise it by themselves or through delegates.
The partners may designate an administrator in the corporate deed or in a subsequent act.
Those who are general partners present in the corporate deed are jointly and severally liable for all the obligations legally contracted by the company.
In addition, the partners may not derogate from the joint and several liability in general partnerships.
3. Commercial Limited Partnerships (“Sociedad en Comandita Comercial”)
In this type of partnership, there are two kinds of partners.
General Managers: They are the only ones who have the power of administration and are jointly and unlimitedly liable for the partnership’s obligations. Their names appear in the corporate name.
Limited partners: These are the capital partners in terms of the corporate contribution, and passive partners in relation to the administration of the company. They limit their liability to the amount of their contributions, and their names may not appear in the corporate name.
Likewise, there are two types of limited partnerships:
Simple limited partnership: This is one that is formed by the gathering of a fund provided in its entirety by one or more limited partners, or by these and the managing partners at the same time.
Limited partnership by shares: The limited partnership by shares (“Sociedad en Comandita por Acciones”), is formed by the assembly of a capital divided into shares and supplied by partners whose name does not appear in the corporate deed.
4. Joint Stock Company (“Sociedad por Acciones” or “SpA”)
A Joint Stock Company is a capital company which has one or more shareholders who may be individuals or legal entities, which make a capital contribution. It may remain as such with a maximum of 499 shareholders or 99 with 10% of the capital.
Main characteristics of this type of commercial company:
The capital of the corporation will be divided into shares, being the shareholders liable up to the amount of their contribution in the corporation. The shares must be subscribed and paid within the term specified in the bylaws, and if nothing is specified, such requirement must be complied with within a maximum term of five years from the time of incorporation of the company or from the increase in capital stock, as the case may be.
Different series of shares may be created, with some giving only the right to profit and not to vote, obliging a shareholder to sell its shares to the other shareholders or to the company itself if it wishes to withdraw, among other situations.
The sale of the shares can be made simply by means of a public deed, by means of a private instrument signed before a Notary Public, by means of a private instrument signed by two witnesses, or by means of other formalities set forth in the bylaws of the corporation.
A joint stock company allows great flexibility in its administration and in the rights and obligations related to the holding of its shares, which allows it to adapt to each of the needs of each business.
There must be at least one administrator who acts as legal representative, but there is no limitation that this legal representation may be exercised by two or more persons jointly or separately.
5. Corporation (“Sociedad Anónima” or “SA”)
The corporation is a legal entity, always of a mercantile nature, which is formed by a common fund consisting of contributions made by the shareholders, who are only liable up to the amount of their respective contributions.
Main characteristics of this type of commercial company:
Decisions of an organic and corporate nature are made by the Shareholders’ Meeting, while management decisions are made by a Board of Directors composed of essentially revocable members.
The equity of a corporation is composed of tangible and intangible assets. The capital stock is divided into shares, which are the representation of the shareholder’s right to participate in the funds. These shares are essentially transferable.
In order for a corporation to be incorporated, a minimum capital contribution is required, which can be paid within three years from the date of incorporation. This capital is divided into shares owned by the partners.
There are two types of Corporations.
Open: These are corporations whose shares are traded on the Stock Exchange, being these share transactions of a public nature.
Closed: These are closed corporations whose shares are not traded on the Stock Exchange, but in private transactions.
In civil partnerships, the partners are liable up to their personal assets, the insolvent partner’s share is taxable to the other partners, and resolutions are generally adopted unanimously.
Civil Limited Partnerships (“Sociedad en Comandita”)
In these partnerships, the managing partners or administrators are liable up to their personal assets, and the limited partners are liable for their contribution. Both the incorporation and dissolution of these partnerships are consensual.
7. Sole Proprietorships (“Empresa Individual de Responsabilidad Limitada” o “EIRL”)
This type of company is governed by Law 19.857 introduced in 2003. It is a legal entity with assets separate from those of the owner.
Main characteristics of this type of commercial company:
It is formed by a single person, being only a natural person able to incorporate this type of company.
It has its own patrimony, different from that of the owner. Thus, the owner of the sole proprietorship is liable with its own assets and only with the contributions made or that it has undertaken to incorporate. On the other hand, the company is liable with all its assets for its obligations generated in the exercise of its activity. In this way, it keeps its personal assets separate from those of the company.
The name of the company must include the name of its founder or an invented name referring to the business. It must also include the words “Empresa Individual de Responsabilidad Limitada” or “EIRL”.
Why working with My Local Partner?
My Local Partner is a business consulting firm with a team of prestigious professionals. My Local Partner is composed of a multidisciplinary team of lawyers and accountants who have global business experience. They know the needs, concerns and interests of their Chilean and foreign clients. If you need expert advice on legal issues, business creation, choosing among the existing types of commercial companies, taxes, labor law, entrepreneurship, accounting and BPO, do not hesitate to contact us on our website.
Do you have a business idea? Are you thinking of setting up a company and Chile is the place for it? If you’ve been postponing that initial enthusiasm because of doubts about the legal paperwork, it’s time to bust some myths. In this article, we will tell you what the steps are needed to set up a company in Chile.
Before we analyze the specific procedures, and you start any commercial activity, you must be clear about the legal and business framework of your ideas. When starting out, it is key to have a business plan that will help you identify the area or line of business that your company will have.
Requirements to set up a company or business partnership in Chile
For natural persons – basically, people like you or me -, it is necessary to be over 18 years of age. However, minors who have authorization from a judge can also do it. Men must be over 14 years old and women over 12 years old.
Adults or minors, everyone must have a RUT (“Chilean Tax ID number”).
Foreigners who do not have a RUT must request and process a RUT for foreign investor (“Rut de Inversionista Extranjero”) at the Chilean Internal Revenue Service (SII in spanish)
The company can be incorporated through the online platform your company in one day (“Empresa en un Día”) or may be constituted by means of a public deed which will be granted in any Notary’s Office, registering said deed in the corresponding Registry of Commerce, and publishing an extract of it in the Official Gazette. This last one is normally, the most common path used by entrepreneurs.
Create a company through a Notary or “Your Company in a Day”
Setting up a company in Chile is not a difficult process. However, along the way you will find many legal technicalities that can hinder the process and make it cumbersome. Therefore, having the advice of an expert lawyer in business law is crucial. Someone who can guide you in the set-up of the company, and accompany you in each of the procedures that must be done.
In Chile, there are two ways to set up a company:
Through the notarial system, granting a public deed:the procedure is a little longer but has the advantage that allows you to create a company according to the specific needs of your business.
Through the platform “Your Company in a Day”:the procedure is almost free and very fast. However, you have to fill out an online form that requires you being aware of some legal aspects.
Advantages and disadvantages of creating a company by the traditional method or Public Deed versus “Company in a Day”:
Advantages of the Public Deed
The deed of incorporation of the company will be custom drafted and based on the needs and interests of the company. Drafting the deed with the advisory of an expert lawyer in business law will allow it to fully adjust to what the partners want to establish for their business. Instead, when the company is created by the “Company in a Day” platform, the deed is created from a form with model clauses. If those who are creating the company do not know or do not understand certain legal terms, they can add or omit clauses that will be necessary later, which can be detrimental to the business in the future.
It is easy to modify it once the company is already constituted and operating. When it is created by Public Deed, it is easier to modify the company than when it is created in the Company in a Day platform. Companies that are created online in the Online Registry of Companies are managed by a rigid system. Any change that you want to make to the statutes could ultimately mean having to migrate the company to the traditional Public Deed system, which means a procedure that had not been planned at the beginning.
Disadvantages of the Public Deed
The procedure is slightly longer and has higher monetary costs. To set up a company by Public Deed, several procedures must be carried out. Among them, the granting of the public deed in the notary’s office, the registration in the Commercial Registry and the publication of an extract in the Official Gazette. Each of these procedures has deadlines and associated monetary costs. These will depend on the corporate structure and the size of the business. On the other hand, by doing the company in the “Company in a Day” platform, the process can be faster and at almost no cost.
Next, we will go step by step analyzing the procedures that must be done when setting up a company in Chile.
Steps to set up a company in Chile via Public Deed
#1. Incorporation of a company and define the corporate figure
When setting up a company in Chile, it is essential to properly choose the corporate figure. In Chile, there are several types of company. Deciding on one or the other will depend on the needs and interests of the business.
It is important to keep in mind that the legal structure of the business will determine which regulations the company will observe. In addition, it will define other aspects such as what its form of administration will be, who will make the decisions and how it will be taxed.
In Chile, there are two ways to undertake commercially:
Natural Person:is an Individual Entrepreneur who develops commercial activities in his own name, with the same RUT or passport used by the natural person. He assumes rights and obligations of the activity he develops, responding for debts if any.
Legal Person: it is an independent legal entity, with its own assets and distinct from the individual members that form it. It has its own RUT and is subject to rights and obligations that are recognized by the State.
Types of company under the modality of legal person
Commercial Companies:
Limited Liability Company:It is a society of people in which the system of administration and representation can be freely established. It must be a minimum of two people up to fifty and can be national or foreign, natural or legal persons. The partners respond up to the amount of the contribution they made. Their participation and rights are represented in the membership fee.
Commercial Collective Societies:They are formed for businesses classified as acts of commerce according to the Commercial Code. Its administration corresponds to the right of each and every one of the managing partners.
Commercial limited partnerships: There are two types of partners: managing partners and limited partners. The former are those who have the faculty of administration and are jointly and severally liable for social obligations. The second, meanwhile, are the capitalist partners in terms of the social contribution and liabilities in relation to the administration of the company. The latter limit their liability to the amount of their contributions. There are two types of limited partnerships: the simple limited partnership and the limited by shares.
Stock Company: It is a capital company that may have one or more shareholders. They can be natural or legal persons who make a capital contribution. The capital of the company is divided into shares and the shareholders will be liable up to the amount of their contribution to the company. The shares must be subscribed and paid within the term indicated in the bylaws, and if a term is not set, what the law indicates must be observed.
Corporation: The corporation is a legal person, always of a commercial nature. It is made up of a common fund contributed by the shareholders, who are only liable for the amount of their contribution. There is the figure of the Shareholders’ Meeting, who make the decisions of an organic nature, and on the other hand there is the Board of Directors that makes the management decisions of the company. There are Open Stock Companies, that is, their shares are traded on the Stock Exchange, and Closed Stock Companies that have shares that are not traded on the Stock Exchange.
Civil Legal Entities:
Civil Collective Societies: In this type of company, the partners respond even with their personal assets. The share of the insolvent is levied on the other partners and the agreements, as a general rule, are taken unanimously.
Civil limited partnerships:In these companies, the managing partners or administrators respond even for their personal assets, and the limited partners for their contribution. Both the constitution and the dissolution of these companies is consensual.
Sole Proprietorships:
Individual Limited Liability Company (EIRL): It is made up of one person. This type of company is a legal person with its own assets and different from that of the owner. Thus, the owner of the individual company responds with his assets and only with the contributions made or that he has promised to incorporate. For its part, the company responds with all its assets for its obligations generated in the exercise of its activity.
#2. Company Constitution Deed
The Deed of Incorporation is the document that establishes the type of Company, the line of business that it will have, the commercial activity, the partners and their personal data. The contributions that each partner will make and how they will participate in the company and the profits will also be established here, and how they will respond in case of losses.
The limits and scope of the commercial responsibilities of the partners will be established in the Deed of Incorporation. At this stage, it is crucial to have legal advice. Specifically, with an expert lawyer in business law who can capture the interests of the business and, at the same time, the organization of the partners around the company.
#3. Granting of the public deed at the notary’s office
Once the corporate figure of the company and other corresponding elements have been defined, you must go to a notary’s office for the granting of the public deed. The cost of this procedure will depend on the type of company and the business capital registered on the deed.
#4. Inscription in the Registry of Commerce at the Real Estate Registrar
Once incorporated, you have 60 days to register the extract of the deed of incorporation of the new company in the Registry of Commerce at the Real Estate Registrar. The registration of the company, once the public deed has been granted, is carried out directly in the Registrar of Real Estate that corresponds to the domicile established by the company in its deed. The process takes between three and seven business days, and the costs vary according to which Real Estate Registrar is and the capital of the company.
#5. Official Gazette Publication
An extract of the articles of incorporation of the company must be sent to the Official Gazette (“Diario Oficial”) for publication. The publication is free when the company has a capital of less than UF 5,000, which is an amount currently equivalent to almost USD 200 thousand dollars.
#6. Report initiation of activities at the Chilean Internal Revenue Service (“SII”)
Once the company is incorporated, you can proceed to request and generate the RUT of the company at the Internal Revenue Service (SII). This procedure can be done through the SII web platform. Once the RUT of the company has been generated, it can be said that you have already traveled a good part of the way. Now, the next step corresponds to the report of initiation of activities at the SII. The tax regime that the company will observe will be indicated, and in general, an announcement will be made of the start of formal activities and subject to compliance with existing tax obligations in Chile. The start of activities must be done within the two months following the start of commercial operations. This procedure has no monetary cost.
The report of initiation of activities is a sworn statement before the Internal Revenue Service on the beginning of any type of business or work likely to produce income taxed in the first or second category of the Income Law.
Internal Revenue Service (SII in spanish)
Why report initiation of activities in the SII?
It will allow you to issue electronic invoices to charge your customers.
To make electronic invoices, you will need a digital certificate with which you can sign your electronic invoices digitally.
In addition, starting activities means that the business is already underway and, with this, you will have to declare all the movements of your company.
#7. Bonus! Obtain the municipal patent of your company
Your company is already incorporated. Congratulations! Now there are some extra procedures that will allow you to comply with all the legal requirements when creating a company in Chile. One of them is to obtain the municipal patent of your company.
Municipal permits and commercial patents are requirements regulated by law. Its objective is to supervise that the companies are operating correctly according to the corresponding and binding regulations. The municipal patent is the definitive authorization for the set-up of your business. This permit will be given to you by the municipality that corresponds to the address of the company.
How to set up a company in Chile through the “Company in a Day” platform?
When setting up a “Company in a Day”, the writing of the Deed is automatic. This is created from a form with standard clauses that can be added or removed depending on the needs of the business. It is important to have the advice of a lawyer in this process, since there may be confusing legal terms that can make the process difficult.
Once the partnership deed is ready the partners must sign. This signature can be made online with the Advanced Electronic Signature (FEA) or at the Notary’s office in case the partners do not have one. Once the partners sign, they immediately obtain the RUT of the company. As in the traditional system by Public Deed, activities must be initiated in the Internal Revenue Service (SII).
Note: If you are setting up a company, you may also be interested in our articles on the Terms and Conditions and the General Data Protection Regulation (Chilean GDPR).
Why working with My Local Partner attorneys?
Setting up a business can be a complete challenge. Making sure that it meets all the legal requirements and that the deed says everything necessary for it to work as a Swiss watch can be difficult if we do not understand legal terms. Therefore, it is crucial to have professionals who have knowledge in the incorporation of companies, as well as in the tax area and company law.
Our My Local Partner attorneys have a wide track record in the set-up of Chilean companies. They focus on creating a society according to the defined business projection and business plan. And this includes all the corresponding administrative, legal and banking procedures.
Starting a new business is always a challenge. And it can be even more uphill when doing it in a country as a foreigner. But don’t be discouraged. In this article, we will tell you how to set up a company in Chile as a foreigner, even if you are not physically in Chile.
You will see that although there are several steps to follow, it is not as complex as you may have imagined.In Chile, anyone can set up a company. Whether natural persons or legal entities, nationals or foreigners. Regardless of nationality, and visa or residency status. Here we’ll tell you how.
Types of business incorporation in Chile
First, it is essential to understand that in Chile there are different types of companies. You must define which one best suits your needs and interests. You should always do this before starting the process of setting up your company. For this, we recommend that you consult an expert business law attorney who can recommend the appropriate legal structure for your business.
It is important to keep in mind that the legal structure of the business will determine which regulations the company will observe. In addition, it will define other aspects such as what its form of administration will be, who will make the decisions and how it will be taxed.
Initially, we can distinguish two ways of undertaking any commercial endeavor:
As a Natural Person, (a normal physical person, “you” or “me”): the natural person develops commercial activities in his or her own name, assuming the rights and obligations of the activity carried out. The responsibility of the individual entrepreneur is unlimited, being able to respond with his or her personal assets for the obligations or debts contracted as a result of his activity.
As a Legal person, a legal entity: it is an independent legal entity, with its own assets and distinct from the individual members that form it. It has its own RUT (Chilean Tax ID Number) and is subject to rights and obligations that are recognized by the State.
In this article, we will develop the process for when you undertake a commercial business as a legal person.
Chilean law offers different types of companies. These different alternatives developed over time; therefore, some may be more adequate for current business practices than others. Each one may be more adequate to each particular business purposes. Next we will mention its main characteristics:
Commercial Companies:
Joint Stock Company (“Sociedad por Acciones” or “SpA”)
It is a type of commercial company formed by one or more persons, which is constituted in the form established by law and in which participation in the capital is represented by shares. Each shareholder makes a contribution and is liable up to that amount.
The main thing in this type of company is the capital it has and not the number of persons that compose it. Both the number and the value of the shares that represent the capital is determined by the shareholders and can belong to one or several persons and represent the degree of participation that they have in the SpA.
This type of corporation is relatively modern, was created in year 2005. It is highly recommended for entrepreneurs since it is very simple in terms of creation, administration and reform. It can be incorporated with just one person.The partners can leave the company rapidly, and there is great freedom to define the bylaws, establishing the rights and obligations of the shareholders, the administration modality and all the agreements that are defined among the partners, except for what is established by law.
Limited Liability Company (“Sociedad de Responsabilidad Limitada” or “Ltda.”):
It is a company of at least two persons in which the system of administration and representation can be freely established. It must be a minimum of two people and up to fifty, and they can be nationals or foreigners, natural or legal persons. The partners are liable only up to the amount of the contribution they made. Their participation and rights are represented in the membership fee. Unless a special administration method is decided by the partners, all decisions must be agreed by all partners. It has been the traditional entity type used by professional service companies. Lately, its popularity has decreased in favor of the Joint Stock Company (“Sociedad por Acciones”).
Commercial Collective Company (“Sociedad Colectiva Comercial”):
They are formed for businesses classified as acts of commerce according to the Commercial Code. The administration of this company corresponds by right to each and every one of the managing partners, who can exercise it by themselves or through delegates. The partners can designate an administrator in the social deed or in a later act. Those who are general partners present in the social deed will be jointly and severally liable for all the obligations legally contracted by the company. The partners may not derogate from joint and several liability in partnerships.
There are two types of partners: managing partners and limited partners. The former are those who have the faculty of administration and are jointly and severally liable for social obligations. Their names appear in the company name. The second, meanwhile, is the capitalist partner in terms of the social contribution and liabilities in relation to the administration of the company. The latter limit their liability to the amount of their contributions. There are two types of limited partnerships: the simple limited partnership and the limited by shares.
Corporation (“Sociedad Anónima” or “SA”):
The corporation is a legal entity, always of a commercial nature. It is made up of a common fund contributed by the shareholders, who are only liable for the amount of their contribution. There is the figure of the Shareholders’ Meeting, who make the decisions of an organic nature, and on the other hand there is the Board of Directors, whose members are essentially revocable, that makes the management decisions of the company. There are Open Stock Companies, that is, their shares are traded on the Stock Exchange, and Closed Stock Companies that have shares that are not traded on the Stock Exchange.
Banks, insurance companies, and other regulated businesses can only be performed by this type of legal entity.
Sole Proprietorship (“Empresa Individual de Responsabilidad Limitada” or “EIRL”):
Individual Limited Liability Company (EIRL): It is formed only by a single natural person. The EIRLs have their own assets and are different from those of the owner. Thus, the owner of the individual company responds only with the contributions made or that he has promised to incorporate. For its part, the company responds with all its assets for its obligations generated in the exercise of its activity.
5 steps to set up a company un Chile as a foreigner
It is important to remember that there are no restrictions by nationality to set up a company in Chile. You just need to have the desire and the confidence to launch.
Below, we list in five steps the process to set up a company in Chile as a foreigner.
1. Obtaining a provisional Tax ID – “RUT de inversionista extranjero”
All foreign investors, either natural or legal persons, including those not domiciled or resident in Chile, must obtain a tax identification number (“RUT”) from the Chilean Tax Office (“Servicio de Impuestos Internos” or “SII”), before materializing their investment. All foreign investors who obtain a RUT must designate a legal representative to act on their behalf before the tax authorities. This legal representative may be Chilean or of another nationality, but must be domiciled or resident in Chile.
Requirements to carry out this procedure
Normal procedure:
This procedure can be carried out personally by the foreign investor or through the legal representative domiciled or resident in Chile. In the first case, the foreign investor must physically go to the SII offices with the legal representative, carrying his passport or identity card, and fill out Form F-4415.
If the procedure is carried out by the legal representative, the foreign investor must grant him or her sufficient power to act before the SII and, in particular, to legalize, complete and sign the Form F-4415, as well as to receive notifications and attend meetings with the tax authorities on behalf of the investor. This power of attorney can be granted before a notary public in Chile or in another country but, in the latter case, it must be legalized in accordance with The Hague Apostille Convention or by the Chilean consul in that country and the Ministry of Foreign Affairs of Chile.
Simplified Procedure:
This procedure is carried out directly by authorized banks and stockbrokers who can obtain a RUT for clients investing in Chile to obtain income from the purchase and sale of shares in open corporations, whether regularly traded or not, and fixed income instruments, financial intermediation, participation in investment funds or certain contracts.
In addition, they must comply with the restrictions of this simplified mechanism, such as type of investment and origin of funds (see details at Ex. Res. N° 5412 of 2000, N° 20 of 2001 and N° 47 of 2004).
For more information on the provisional RUT for foreigners, and how to request it, you can review this website.
2. Incorporation of the company
For this step, you must have a clear idea of the corporate figure that you require for your company. You can always contact our expert team of My Local Partner for advice.
3. Registration in the Commerce Registry (“Registro de Comercio”)
Once incorporated, you have 60 days to register the extract of the deed of incorporation of the new company in the local Commerce Registry. The registration of the company is carried out directly at the Registrar of Real Estate which corresponds to the domicile established by the company in its deed.
The process takes three to seven business days.
4. Official Gazette Publication
You must ask the notary to send the virtual extract of the company’s constitution to the Official Gazette (“Diario Oficial”). The cost of the publication is of 1 UTM for each extract (currently, that is around USD 70), unless the share capital is less than 5,000 UF (currently, almost USD 200,000). In that case, the publication will be exempt from payment.
If the capital is not mentioned in the extract, it must be accredited with a certificate from the Real Estate Registrar that must be attached when you request publication. This takes approximately two business days.
5. Obtaining the RUT of the company and beginning of activities at the Internal Revenue Service
These procedures are carried out before the SII, both of which can be carried out remotely through the SII’s online platform. The generation of the RUT of the company must be carried out once the company is incorporated, assigning a RUT to the legal entity, identifying it as a taxpayer. The purpose of the start of activities (“inicio de actividades”) is to notify the SII that the new company will start commercial activities, also informing the tax regime under which the company will be taxed.
It is important to remember that there must be an authorized address for the development of business activities, which must be reported in this procedure at the SII, being established as the tax address.
You have the option to set up your company in a digital platform called your company in one day (“Empres en Un Día”). This alternative is almost free. However, it is likely that taking this option you have many doubts. Our recommendation is that you follow the traditional path through a public deed, receiving the advice of an expert. Although it takes a little more time, for future procedures or corporate modifications of the company, it turns out to be more practical, friendly and less rigid than the system of company in one day.
Are there additional costs in setting up a company in Chile as a foreigner?
With all the information in this article, you just need to look at the latest administrative details. Although it is possible to set up a company in Chile as a foreigner, you should consider certain additional amounts regarding the constitution of your new company in Chile.
If you are a foreigner and choose to incorporate your company in Chile through the notarial system, you must take into account the following:
Drafting of the deed of the company and the corresponding notarial costs.
Publication in the Official Gazette (free for companies with up to 5,000 UF of Capital).
The registration of the extract in the Registry of Commerce of the Real Estate Registrar.
The additional amounts that you must consider regarding your foreign status refer to the processing of the RUT as a foreign investor.
You should consider the costs of legal advice to ensure that expert lawyers supervise your process.
One last cost to consider is the tax domicile, as mentioned above.
Why contacting My Local Partner?
My Local Partner is a business consultancy that has a team of prestigious professionals. My Local Partner is made up of lawyers and accountants who have global business experience. This is why they know the needs, concerns and interests of their clients, both Chilean and foreign.
If you need expert advice on legal, tax, labor law, entrepreneurship, accounting and BPO issues, do not hesitate to contact us on our website.
Si estás por invertir en una casa o departamento, debes considerar todos los factores que podrían alterar su valor, como por ejemplo los impuestos. ¿Sabes qué impuestos hay que pagar cuando se compra o vende una propiedad en Chile?
A raíz de la Reforma Tributaria del 2016 hubo algunas modificaciones que vale la pena mencionar y tener en cuenta. A continuación, analizaremos el IVA, impuesto a la renta y franquicias o beneficios tributarios al momento de comprar o vender una propiedad.
¿Qué pasó con el IVA tras la Reforma Tributaria de 2016? ¿Hay que pagar impuestos al comprar o vender una propiedad?
Hasta el año 2016 cuando una persona vendía algún bien raíz de su propiedad, no debía pagar impuestos. A no ser que se dedicara al negocio de la compra y venta de bienes raíces. Sin embargo, la Reforma Tributaria cambió muchas reglas en el mercado habitacional y una de ellas es que la venta de propiedades está sujeta a IVA. Uno de estos cambios es que la reforma separó a quienes compran propiedades nuevas o usadas esporádicamente de quienes lo hacen de forma habitual. Así, surgieron los llamados “vendedores habituales”.
¿Quiénes son vendedores habituales y no habituales?
Los vendedores habituales son, por ejemplo, inmobiliarias, constructoras y personas naturales que se dedican a comprar propiedades para luego revenderlas a un precio mayor.
Características de los vendedores habituales:
No cumplen con los requisitos para ser ingreso no constitutivo de renta (esta es una calificación derivada de la Ley sobre Impuesto a la Renta).
Son personas no naturales con domicilio y residencia en Chile.
Determinen impuesto de primera categoría en base a renta efectiva (también es una calificación que viene de la Ley sobre Impuesto a la Renta).
Que la enajenación haya sido entre relacionados.
El mayor valor sobrepasa las 8.000 UF.
Que no haya pasado más de un año entre la fecha de adquisición de la propiedad y su posterior venta. Esto excluye las ventas de edificios por pisos o departamentos, y también la subdivisión de terrenos. Para esos casos, el plazo aumenta a cuatro años.
Características de los vendedores no habituales:
Son personas naturales residentes o domiciliadas en Chile.
El valor obtenido por la venta de la propiedad no supera los 8.000 UF.
Si el valor obtenido es menor a 8.000 UF recibe la calificación de ingreso no constitutivo de renta, con lo que el vendedor no habitual queda exento de incluir esa venta en su declaración de impuestos sobre la renta.
Distinciones que hay que tener en cuenta para saber si la venta de una propiedad paga impuestos
Para determinar si la enajenación de bienes raíces, se ve afecta con los impuestos establecidos en la Ley sobre Impuesto a la Renta, se deben considerar diversos elementos, según lo siguiente:
1.- Mayor valor en la enajenación o venta de bienes raíces situados en Chile o de derechos o cuotas respecto de tales bienes raíces poseídos en comunidad. Esto cuando la enajenación sea efectuada por personas naturales que no determinen impuesto de primera categoría sobre rentas efectivas:
a.- Bienes Raíces adquiridos antes del 1° de enero del 2004, independiente de la fecha de su enajenación. Su tributación se rige por las normas de la Ley sobre Impuesto a la Renta vigentes al 31 de diciembre de 2014.
b.- Bienes Raíces, adquiridos a partir del 1° de enero del 2004, enajenados a contar del 1° de enero de 2017. Su tributación se determina de acuerdo a lo siguiente:
b.1.- El Contribuyente lo enajena a una entidad o persona relacionada:
Impuesto Global Complementario o Impuesto Adicional, sobre la base percibida o devengada
El mayor valor se devenga en un solo ejercicio
Sin opción de reliquidar el Impuesto Global Complementario
Sin derecho a Ingreso No Rrenta pasadas las 8.000 UF
b.2.- El Contribuyente enajena a un no relacionado, no habiendo transcurrido un plazo superior a 4 años o igual o superior a 1 año, según corresponda, entre la adquisición o construcción y su posterior enajenación:
Impuesto Global Complementario o Impuesto Adicional sobre la base percibida o devengada, a elección del contribuyente
Cuando se opte por tributar sobre renta devengada, el contribuyente de Impuesto Global Complementario puede optar por reliquidar dicho impuesto
Sin derecho a Ingreso No Renta hasta 8.000 UF
b.3.- El Contribuyente enajena a no relacionado, habiendo transcurrido un plazo superior a 4 años o igual o superior a 1 año, según corresponda, entre la adquisición o construcción y su posterior enajenación:
Ingreso No Renta por el mayor valor hasta 8.000 UF
Mayor valor que exceda las 8.000 UF
Impuesto al Global Complementario o Impuesto Adicional sobre base de renta percibida o devengada, a elección del contribuyente
Cuando se opte por tributar sobre renta devengada, el contribuyente de Impuesto Global Complementario puede optar por reliquidar dicho impuesto
Cuando se opte por tributar sobre renta percibida, el contribuyente de Impuesto Global Complementario puede optar por tributar con IUS de 10%.
2.- Mayor valor en la enajenación o venta de bienes raíces situados en Chile o de derechos o cuotas respecto de tales bienes raíces poseídos en comunidad, cuando la enajenación sea efectuada por una persona que determine impuesto de primera categoría sobre rentas efectivas. Se considera renta efectiva, cuando un contribuyente tiene un giro comercial, industrial o desarrolla alguna actividad de la Primera Categoría clasificada en el artículo 20 de la Ley sobre el Impuesto a la Renta, acogido al régimen de la letra A) o B), del artículo 14 de dicha ley; o bajo el régimen de la letra A), del artículo 14 ter; o bien desarrolla una actividad gravada estando comprendido en el N°1, de la letra C), del mismo artículo 14:
El mayor valor tributa con impuesto de primera categoría e Impuesto al Global Complementario o Impuesto Adicional de acuerdo al régimen de tributación al que se encuentre sujeto el contribuyente.
Para efectos del impuesto de primera categoría, la renta se clasifica en el N°5 del artículo 20 de la Ley sobre Impuesto a la Renta. El Impuesto Global Complementario se aplica al atribuirse la renta o sobre base percibida, de acuerdo al régimen al que se encuentre sujeto el contribuyente.
El Impuesto Adicional se aplica al atribuirse la renta o en su remesa o retiro al exterior, de acuerdo al régimen al que se encuentre sujeto el contribuyente.
Sin derecho a Ingreso No Renta hasta 8.000 UF
¿Qué pasó con el impuesto a la renta al vender o comprar una propiedad?
Se limitó parcialmente la exención al mayor valor obtenido en la venta de inmuebles, la que estará disponible sólo para personas naturales con domicilio o residencia en el país. En estos casos, el impuesto se aplicaría sobre la diferencia entre el precio de venta y el costo, considerando las mejoras, con un límite total y acumulativo de 8.000 UF, con independencia del número de enajenaciones realizadas y del número de bienes raíces del contribuyente, quedando el exceso gravado conforme a las reglas generales, o bien, con un impuesto único y sustitutivo de 10%, sobre la base de renta percibida, a elección del contribuyente.
Si se enajenan bienes raíces adquiridos con anterioridad a la fecha de publicación de la reforma tributaria, para efectos de determinar el mayor valor se podrá considerar: (1) valor de adquisición (incluyendo mejoras) reajustado por IPC; (2) avalúo fiscal vigente al 1 de enero de 2017, reajustado por IPC entre diciembre del 2016 y el mes anterior a la enajenación, o (3) valor de mercado acreditado por el contribuyente a la fecha de publicación de la ley. Si los bienes raíces fueron adquiridos con anterioridad al 1 de enero del 2004, la enajenación se sujetará a las disposiciones vigentes al 2014.
Why contract the services of My Local Partner?
My Local Partner is a business consultancy that has a team of prestigious professionals. MMy Local Partner is made up of a multidisciplinary team of lawyers and accountants who have global business experience. They know the needs, concerns and interests of their clients, both Chilean and foreign. If you need expert advice on legal matters, business creation, choosing between the types of existing commercial companies, taxes, labor law, entrepreneurship, accounting and BPO, do not hesitate to contact us on our website.
One of the most important aspects to set up a company in Chile is choosing between different types of business partnerships. Deciding on one or another legal structure will depend on the needs, interests and projections of the business. Among other things, the type of company will determine the regulations that the company will observe. In addition, it will define what its form of administration will be, who will make the decisions and the way in which it will pay taxes.
In this article we will analyze all the types of commercial companies that exist in Chile and their main characteristics. Choosing the type of partnership that a business will have can be a difficult decision to make. Therefore, it is important to have the guidance and advice of an expert lawyer in business law.
In Chile there are two ways to undertake commercially: through the natural person or as a legal person. The first option refers to the development of commercial activities in one's own name, using the same RUT as the natural person. Meanwhile, legal persons operate independently of the individual members that comprise it. This means that the company will have its own RUT and will contract its own obligations and rights recognized by the State.
Natural Person
In Chile there is the figure of the Individual Entrepreneur. This business type corresponds to the natural person who develops commercial activities in his own name. The liability of the individual entrepreneur is unlimited. That is, he could have to respond with his personal assets for the obligations or debts incurred as a result of the activity carried out.
The natural person assumes rights and obligations of the activity in which the business is developed.
It does not have legal personality, so it operates with the same name and RUT of the natural person.
Develops activities whose income is classified in the first category.
He is personally responsible for the debts and obligations of the company.
It operates with the same RUT or passport number of the natural person.
Made up of one person.
Legal Person
It is a legal entity independent and distinct from the individual members that form it. In this way, it has the capacity to contract rights and obligations that are recognized by the State.
It is constituted as an individuality distinct from those who make it up.
It gives rise to a patrimony separate from that of partners or shareholders.
The legal person assumes rights and obligations separately from partners or shareholders, as the case may be. In addition, the rights and obligations are recognized by the State.
Depending on the type of commercial company that is chosen, it can be formed by one or more people, both natural and legal.
Chilean law contemplates various types of legal persons.
Types of company under the modality of legal person in Chile
In Chile there are multiple types of commercial companies to choose from. Each one has particularities and conditions of number of partners and administration.
Chilean law offers different types of commercial companies. Each one is tailored to each particular business. Next we will mention its main characteristics:
1. Limited Liability Company
It is a society of people in which the administration and representation system can be freely established. In this type of company, the partners:
Rrespond limitedly for the amount of capital they contribute.
Can be nationals or foreigners, natural or legal persons, without their number being less than two or more than fifty.
The rights of the partners are represented by a fee and not by shares.
2. Commercial Collective Societies
They are those that are formed for businesses classified as acts of commerce according to the Commercial Code.
The administration of this company corresponds by right to each and every one of the managing partners, who can exercise it by themselves or through delegates.
The partners can designate an administrator in the social deed or in a later act.
Those who are general partners present in the social deed will be jointly and severally liable for all the obligations legally contracted by the company.
In addition, the partners may not repeal the joint and several liability in partnerships.
3. Commercial limited partnerships
In this type of company there are two types of partners.
Managers: They are the only ones who have the faculty of administration, and are jointly and severally liable for social obligations. Their names appear in the company name.
Limited partners: They are the capitalist partners in terms of the social contribution. They limit their liability to the amount of their contributions, and their names may not appear in the corporate name.
Also, there are two types of commercial limited partnerships:
Simple limited partnership: It is one that is formed by the meeting of a fund provided in its entirety by one or more limited partners, or by them and the managing partners at the same time.
Limited by shares: The limited partnership by shares is constituted by the meeting of a capital divided into shares and supplied by partners whose name does not appear in the social deed.
4. Stock Company
A Stock Company (SpA) is a capital company which has one or more shareholders who may be natural or legal persons, who make a capital contribution. You can remain as such with a maximum of 499 shareholders or 99 with 10% of the capital.
Main characteristics of this type of commercial company:
The capital of the company will be divided into shares, with the shareholders being liable up to the amount of their contribution to the company. The shares must be subscribed and paid within the term indicated in the bylaws, and if nothing is indicated, said requirement must be met within a maximum period of five years from the moment of the incorporation of the company or from the increase in the share capital, as appropriate.
Various series of shares can be created, with some that only give the right to profits and not to vote, forcing a shareholder to sell their shares to other shareholders or to the company itself if they wish to withdraw, among other situations.
The sale of the shares can be done simply by means of a public deed, by means of a private instrument signed before a Notary, by means of a private instrument signed by two witnesses, or by means of other formalities established in the company's bylaws.
A Stock Company allows great flexibility in its administration and in the rights and obligations related to the holding of its shares, which allows it to adapt to each of the needs of each business.
There must be at least one administrator who acts as a legal representative, but there is no limitation that this legal representation can be exercised by two or more people jointly or separately.
5. Corporation
The corporation is a legal person, always of a commercial nature, which is formed by a common fund consisting of contributions by the shareholders, who are only responsible up to the amount of their respective contributions.
Main characteristics of this type of commercial company:
Organic and corporate decisions are made by the Shareholders' Meeting, while management decisions are made by a board of directors made up of essentially revocable members.
The assets of a corporation are made up of tangible and intangible assets. The capital stock is divided into shares that are the representation of the shareholder's right to participate in the funds. These shares are essentially transferable.
In order for the Corporation to be incorporated, a minimum capital contribution is required, which can be paid within a period of three years, counted from the company's start date. That capital is divided into shares owned by the partners.
There are two types of Corporations.
Open: These are corporations whose shares are traded on the Stock Exchange, these share transactions being public.
Closed: They are closed corporations whose shares are not traded on the Stock Exchange and the negotiation of their shares is carried out in private transactions.
6. Civil Legal Entities
Sociedades Colectivas Civiles
In civil partnerships, the partners respond even with their personal assets, the share of the insolvent burdens the other partners and the agreements are generally taken unanimously.
Civil limited partnerships
In these companies, the managing partners or administrators respond even for their personal assets, and the limited partners for their contribution. Both the constitution and the dissolution of these companies is consensual.
7. Sole Proprietorships
Individual Limited Liability Company (EIRL)
Companies of this type are governed by Law 19.857 introduced in 2003. It is a legal entity with assets other than that of the owner.
Main characteristics of this type of commercial company:
It is formed by a single person, and only one natural person can constitute this type of company.
They have their own assets and are different from those of the owner. Thus, the owner of the individual company responds with his assets and only with the contributions made or that he has promised to incorporate. For its part, the company responds with all its assets for its obligations generated in the exercise of its activity. In this way, it keeps personal assets separate from those of the company.
The company name must include that of its founder or an invented name that refers to the business. It must also include the words “Individual Limited Liability Company” or “EIRL”.
Why contract the services of My Local Partner?
My Local Partner is a business consultancy that has a team of prestigious professionals. MMy Local Partner is made up of a multidisciplinary team of lawyers and accountants who have global business experience. They know the needs, concerns and interests of their clients, both Chilean and foreign. If you need expert advice on legal matters, business creation, choosing between the types of existing commercial companies, taxes, labor law, entrepreneurship, accounting and BPO, do not hesitate to contact us on our website.
Constituir una empresa en Chile consta de varios trámites, pero también de decisiones. Una respecta a la figura societaria que tendrá la empresa. Otra, no menos importante, es si se va a crear por medio del portal Empresa en un Día o vía notaría, también conocido como sistema tradicional.
Ambas formas para crear una empresa comercial son caminos válidos que llegan al mismo destino: la constitución de una sociedad. Pese a la modalidad que se elija, la empresa será legítima y podrá operar sin problemas ante el Servicio de Impuestos Internos (SII). Sin embargo, cada una posee ventajas y desventajas que vale la pena tener en cuenta. En este artículo analizaremos punto por punto por qué crear una empresa vía notaría es más conveniente en el largo plazo.
Todo lo que debes saber para crear una empresa en un día o vía notaría
Diferencias entre empresa en un día versus vía notaría:
Vía notaría: el trámite es más largo, más completo y tiene un costo monetario. Crear una empresa otorgando una escritura pública mediante notaría permite que la empresa sea constituida de acuerdo a las necesidades específicas de los socios y el giro de la empresa. Es apto para cualquier tipo de empresa.
Empresa en un día: el trámite es gratis y muchísimo más rápido, ya que solo consta de completar un formulario en línea. Esta modalidad requiere asesoría de un abogado o al menos tener conocimientos legales, ya que hay muchos tecnicismos que podrían dificultar el proceso. Además, es limitante si es que más adelante se quiere modificar la escritura de la sociedad.
Las empresas creadas con una u otra modalidad son válidas y pueden operar correctamente ante el Servicio de Impuestos Internos (SII).
Pasos para constituir una empresa en un día
La Empresa en un Día existe desde el 2013 gracias a la Ley 20.659 que estableció un régimen simplificado de creación de empresas con el fin de fomentar el micro emprendimiento. Estos son los pasos para crearla:
Completar el formulario en línea. Se deberá elegir la figura societaria, rellenar con la información personal de los socios, aportes de cada uno, giro que tendrá la empresa, entre otras cosas. La escritura de la sociedad se crea automáticamente en base a las cláusulas tipo que contiene el formulario en línea.
Firmar el formulario. Se puede utilizar la firma electrónica avanzada o a través de notario.
Obtención de RUT e iniciar actividades ante el Servicio de Impuestos Internos. Una vez firmado el formulario por los socios, inmediatamente cuentan con la escritura de la sociedad y se pueden iniciar actividades ante el SII.
Pasos para constituir una empresa vía notaría
Crear una empresa en Chile vía notaría consta de varios pasos. A pesar de que no es un ejercicio difícil, es crucial contar con la asesoría de un abogado experto en derecho de empresas. Alguien que pueda guiar todo el proceso para evitar perderse entre tecnicismos legales. A continuación, los principales pasos de cómo crear una sociedad en Chile siguiendo el sistema tradicional.
Constituir la sociedad y definir la figura societaria que tendrá. Esta es la primera decisión al formar una empresa en Chile. Elegir una figura societaria u otra dependerá netamente de las necesidades e intereses del negocio que se esté creando. Se debe tener en cuenta que la estructura legal del negocio va a determinar qué normativa observará la empresa. Además, va a definir otros aspectos claves tales como la administración, cómo se tomarán las decisiones y cómo tributará.
En Chile se puede emprender comercialmente como persona natural o jurídica. La primera es un empresario individual que desarrolla actividades comerciales a nombre propio, es decir, con el mismo RUT que utiliza como persona natural. En tanto, la persona jurídica es una entidad independiente que tiene RUT y patrimonio propio. Además, está sujeta a derechos y obligaciones que son reconocidos por el Estado. Revise aquí todas las sociedades comerciales disponibles en Chile.
Escritura de Constitución de la sociedad. Este es el documento donde quedarán establecidos los aspectos formales de la sociedad, tales como el tipo de sociedad, el giro que tendrá y la actividad comercial. Además, contendrá toda la información sobre los socios o accionistas. Sus datos personales, los aportes que cada uno realizó, la participación que tienen en la empresa y de las utilidades, y cómo se responderá en caso de pérdidas.
La escritura debe reflejar los lineamientos generales del negocio y la organización de los socios en torno a este. Por ello, es importante contar con un abogado especialista en derecho de empresa que pueda plasmar todo eso en la redacción del documento.
Otorgamiento de la escritura pública en la notaría. Ya definida la figura societaria y redactada la escritura, se debe ir a la notaría para que sea otorgada la escritura pública. El costo de este trámite dependerá del tipo de sociedad que tenga la empresa.
Inscripción Registro de Comercio en el Conservador de Bienes Raíces. Luego de constituir la sociedad, hay un plazo de 60 días para inscribir el extracto de la escritura de constitución en el Registro de Comercio del Conservador de Bienes Raíces. Este proceso se demora entre tres y siete días hábiles.
Publicación en el Diario Oficial. Un extracto de la escritura de constitución de la empresa se debe enviar al Official Gazette para ser publicado. Esto no tiene costo en caso que la empresa tenga un capital inferior a UF 5.000.
Iniciar actividades en el Servicio de Impuestos Internos. Cuando la empresa ya está constituida se debe solicitar y generar el RUT de la sociedad ante el Servicio de Impuestos Internos (SII). Una vez generado el RUT, se puede iniciar actividades ante el SII y ahí se indicará cuál es el régimen tributario que observará la empresa. Con este paso se da inicio al cumplimiento de las obligaciones tributarias existentes en Chile.
Con ambos métodos para crear una empresa se obtiene una escritura legítima ante el Servicio de Impuestos Internos (SII).
Ventajas y desventajas de constituir una empresa en un día o vía notaría
Ambas formas de crear una empresa en Chile, ya sea el sistema tradicional vía notaría o por el portal de Empresa en un Día, tienen ventajas y desventajas. Vía notaría es posible que la empresa sea creada completamente a la medida de los intereses de los socios y de acuerdo al giro del negocio. En tanto, al crearla en un día evidentemente el proceso es más rápido y a menor costo. ¿Qué es más conveniente? A continuación, analizamos las ventajas y desventajas de las dos formas.
Ventajas y desventajas del sistema tradicional vía notaría
Ventajas
La escritura de constitución de la sociedad es creada a la medida. Con la ayuda de un abogado experto en derecho de empresa, la escritura podrá ser redactada en base al giro del negocio de la empresa, a sus intereses y necesidades.
Una vez que la empresa ya esté constituida y operando, es fácil modificar la escritura. Muchas veces las empresas sufren cambios en el giro del negocio o entra un nuevo socio. En todos esos casos, cuando la empresa es creada vía notaría, el proceso para modificar la escritura es más sencillo.
Tendrá mayor legitimidad ante instituciones bancarias y financieras. Al momento que se quiera abrir una cuenta de banco a nombre de la empresa, un paso crucial para mantener toda la contabilidad ordenada, el proceso podría ser mucho más sencillo si es que la firma fue creada vía notaría. En general, los bancos todavía solicitan el extracto de la escritura publicado en el Diario Oficial como requisito.
Al crear una empresa por el sistema tradicional es más sencillo el trámite para modificar la escritura en caso que entre un nuevo socio o cambie el giro del negocio.
Disadvantages of the Public Deed
El trámite es más largo y tiene costos monetarios. Para crear una empresa por Escritura Pública hay que realizar varios trámites y varios de ellos tienen costo. Entre ellos el otorgamiento de la escritura pública en la notaría, la inscripción en el Registro de Comercio y la publicación de un extracto en el Diario Oficial. Cada uno de estos trámites tiene plazos y costos monetarios asociados. Estos van a depender de la estructura societaria y el tamaño del negocio.
Ventajas y desventajas de crear una empresa en un día
Desventajas
Requieren de asesoría legal para constituirse. Al contrario de cómo se promocionan, las empresas en un día sí necesitan asesoría de un abogado experto en derecho de empresa. A pesar de que se crean en base a un formulario completamente en línea, hay muchos términos legales que no deben desconocerse. Agregar o prescindir de algunas de las cláusulas del formulario puede ser perjudicial para el negocio.
Siguen y se manejan por un sistema rígido. La escritura de las empresas en un día se crea en base a cláusulas tipo que van a ser generales para cualquier tipo de sociedad. Esto quiere decir que cualquier cambio que se quiera realizar a los estatutos podría significar que la empresa tenga que migrar a un sistema tradicional de escritura pública vía notaría. Esto va a significar realizar un trámite que no estaba planificado inicialmente.
Ventajas
No tiene costo. Completar el formulario en línea no requiere pagar nada, salvo la firma electrónica para finalizar el proceso.
Puede realizarse completamente en línea. No requiere de ningún trámite presencial.
Why contract the services of My Local Partner?
My Local Partner es una consultora de negocios que cuenta con un equipo de prestigiosos profesionales. My Local Partner está compuesto por un equipo multidisciplinario de abogados y contadores que tienen experiencia empresarial global. Conocen las necesidades, preocupaciones e intereses de sus clientes tanto chilenos como extranjeros.
If you need expert advice on legal, tax, labor law, entrepreneurship, accounting and BPO issues, do not hesitate to contact us on our website.
Starting a new business is always a challenge. And it can be even more uphill when doing it in a country as a foreigner. But don't be discouraged. In this article, we will tell you how to set up a company in Chile as a foreigner, even if you are not physically in Chile.
You will see that although there are several steps to follow, it is not as complex as you may have imagined.In Chile, anyone can set up a company. Whether natural persons or legal entities, nationals or foreigners. Regardless of nationality, and visa or residency status. Here we'll tell you how.
Types of business incorporations in Chile
First, it is essential to understand that in Chile there are different types of companies. You must define which one best suits your needs and interests. You should always do this before starting the process of setting up your company. For this, we recommend that you consult an expert business law attorney who can recommend the appropriate legal structure for your business. It is important to keep in mind that the legal structure of the business will determine which regulations the company will observe. In addition, it will define other aspects such as what its form of administration will be, who will make the decisions and how it will be taxed.
Initially, we can distinguish two ways of undertaking any commercial endeavor
As a Natural Person, (a normal physical person, “you” or “me”): the natural person develops commercial activities in his or her own name, assuming the rights and obligations of the activity carried out. The responsibility of the individual entrepreneur is unlimited, being able to respond with his or her personal assets for the obligations or debts contracted as a result of his activity.
As a Legal person, a legal entity: it is an independent legal entity, with its own assets and distinct from the individual members that form it. It has its own RUT (Chilean Tax ID Number) and is subject to rights and obligations that are recognized by the State.
Chilean law offers different types of companies. These different alternatives developed over time; therefore, some may be more adequate for current business practices than others. Each one may be more adequate to each particular business purposes. Next we will mention its main characteristics:
Commercial Companies:
Limited Liability Company (“Sociedad de Responsabilidad Limitada” or “Ltda.”):
It is a company of at least two persons in which the system of administration and representation can be freely established. It must be a minimum of two people and up to fifty, and they can be nationals or foreigners, natural or legal persons. The partners are liable only up to the amount of the contribution they made. Their participation and rights are represented in the membership fee. Unless a special administration method is decided by the partners, all decisions must be agreed by all partners. It has been the traditional entity type used by professional service companies. Lately, its popularity has decreased in favor of the Joint Stock Company (“Sociedad por Acciones”).
Commercial Collective Societies:
They are formed for businesses classified as acts of commerce according to the Commercial Code. The administration of this company corresponds by right to each and every one of the managing partners, who can exercise it by themselves or through delegates. The partners can designate an administrator in the social deed or in a later act. Those who are general partners present in the social deed will be jointly and severally liable for all the obligations legally contracted by the company. The partners may not derogate from joint and several liability in partnerships.
Commercial limited partnerships:
There are two types of partners: managing partners and limited partners. The former are those who have the faculty of administration and are jointly and severally liable for social obligations. Their names appear in the company name. The second, meanwhile, are the capitalist partners in terms of the social contribution and liabilities in relation to the administration of the company. The latter limit their liability to the amount of their contributions. There are two types of limited partnerships: the simple limited partnership and the limited by shares.
Corporation:
The corporation is a legal person, always of a commercial nature. It is made up of a common fund contributed by the shareholders, who are only liable for the amount of their contribution. There is the figure of the Shareholders' Meeting, who make the decisions of an organic nature, and on the other hand there is the Board of Directors, whose members are essentially revocable, that makes the management decisions of the company. There are Open Stock Companies, that is, their shares are traded on the Stock Exchange, and Closed Stock Companies that have shares that are not traded on the Stock Exchange.
Civil Legal Entities:
Civil Collective Societies: In civil partnerships, the partners respond even with their personal assets, the share of the insolvent burdens the other partners and the agreements are generally taken unanimously.
Civil limited partnerships: In these companies, the managing partners or administrators respond even for their personal assets, and the limited partners for their contribution. Both the constitution and the dissolution of these companies is consensual.
Sole Proprietorships:
Individual Limited Liability Company (EIRL): It is formed only by a single natural person. The EIRLs have their own assets and are different from those of the owner. Thus, the owner of the individual company responds only with the contributions made or that he has promised to incorporate. For its part, the company responds with all its assets for its obligations generated in the exercise of its activity.
5 steps to set up a company un Chile as a foreigner
It is important to remember that there are no restrictions by nationality to set up a company in Chile. You just need to have the desire and the confidence to launch.
Below we list in five steps the process to set up a company in Chile as a foreigner.
1. Obtaining a provisional RUT – RUT for a Foreign Investor
All foreign investors, whether natural or legal persons, including those not domiciled or resident in Chile, must obtain a tax identification number (RUT) from the (SII) before materializing their investment. All foreign investors who obtain a RUT must designate a legal representative to act on their behalf before the tax authorities. This legal representative may be Chilean or of another nationality, but must be domiciled or resident in Chile.
Requirements to carry out this procedure
Normal procedure:
This procedure can be carried out personally by the foreign investor or through the legal representative domiciled or resident in Chile. In the first case, the foreign investor must go to the SII offices with the legal representative, carrying his passport or identity card, and fill out Form F-4415.
If the procedure is carried out by the legal representative, the foreign investor must grant him or her sufficient power to act before the SII and, in particular, to legalize, complete and sign the Form F-4415, as well as to receive notifications and attend meetings with the tax authorities on behalf of the investor. This power of attorney can be granted before a notary public in Chile or in another country but, in the latter case, it must be legalized in accordance with the Hague Apostille Convention or by the Chilean consul in that country and the Ministry of Foreign Affairs of Chile.
Simplified Procedure:
Este procedimiento se lleva a cabo directamente por los bancos autorizados y corredores de bolsa que pueden obtener un RUT para los clientes que invierten en Chile para obtener ingresos por la compra y venta de acciones en sociedades anónimas abiertas, sean negociadas regularmente o no, y de instrumentos de renta fija, la intermediación financiera, participaciones en fondos de inversión o determinados contratos.
In addition, they must comply with the restrictions of this simplified mechanism, such as type of investment and origin of funds (see details at Ex. Res. N° 5412 of 2000, N° 20 of 2001 and N° 47 of 2004).
For more information on the provisional RUT for foreigners, and how to request it, you can review this website.
2. Incorporation of the company
For this step, it is important that you have a clear idea of the corporate figure that you require for your company. You can contact our expert team of My Local Partner for advise.
3. Registration in the Trade Registry
Once incorporated, you have 60 days to register the extract of the deed of incorporation of the new company in the Registrar of Commerce of the Conservator. The registration of the company is carried out directly at the Registrar of Real Estate which corresponds to the domicile established by the company in its deed.
The process takes three to seven business days. Later you must withdraw the "protocolization" of the company (pages, registration number and year).
4. Official Gazette Publication
You must ask the notary to send the virtual extract of the company's constitution to the Official Gazette. The value of the publication is 1 UTM for each extract, unless the share capital is less than 5,000 UF. In that case the publication will be exempt from payment.
If the capital is not mentioned in the extract, it must be accredited with a certificate from the Real Estate Registrar that must be attached when you request publication. This takes approximately two business days.
5. Obtaining the RUT of the company and beginning of activities at the Internal Revenue Service
These procedures are carried out before the SII, both of which can be carried out remotely through the SII's online platform. The generation of the RUT of the company must be carried out once the company is established, assigning a RUT to the legal entity, identifying it as a taxpayer. The purpose of the start of activities is to notify the SII that the new company will start commercial activities, also informing the tax regime under which the company will be taxed.
It is important to remember that there must be an authorized address for the development of business activities, which must be reported in this procedure at the SII, being established as the tax address.
Are there additional costs in setting up a company in Chile as a foreigner?
With all the information in this article, you just need to look at the latest administrative details. Although it is possible to set up a company in Chile as a foreigner, you should consider certain additional amounts regarding the constitution of your new company in Chile.
You have the option to set up your company in a digital platform called your company in one day. This alternative is almost free. However, it is likely that taking this option you have many doubts. Our recommendation is that you follow the traditional path through a public deed receiving the advice of an expert. Although it takes a little more time, for future procedures or corporate modifications of the company, it turns out to be more practical, friendly and less rigid than the system your company in one day.
If you are a foreigner and choose to incorporate your company in Chile through the notarial system, you must take into account the following:
Drafting of the deed of the company and the corresponding notarial costs.
Publication in the Official Gazette (free for companies with up to 5,000 UF of Capital).
The registration of the extract in the Registry of Commerce of the Real Estate Registrar.
The additional amounts that you must consider regarding your foreign status refer to the processing of the RUT as a foreign investor.
You should consider the costs of legal advice to ensure that expert lawyers supervise your process.
One last cost to consider is the tax domicile, as mentioned above.
Why contract the services of My Local Partner?
My Local Partner is a business consultancy that has a team of prestigious professionals. My Local Partner is made up of lawyers and accountants who have global business experience. This is why they know the needs, concerns and interests of their clients, both Chilean and foreign.
If you need expert advice on legal, tax, labor law, entrepreneurship, accounting and BPO issues, do not hesitate to contact us on our website.
Do you have a business idea? Are you thinking of setting up a company and Chile is the place for it? If you've been postponing that initial enthusiasm because of doubts about the legal paperwork, it's time to bust some myths. In this article, we will tell you what the steps are needed to set up a company in Chile.
Before we analyze the specific procedures, and you start any commercial activity, you must be clear about the legal and business framework of your ideas. When starting out, it is key to have a business plan that will help you identify the area or line of business that your company will have.
El plan de negocios es, por así decirlo, el documento madre al que se recurre a lo largo de la vida del negocio. No es un documento que se hace una vez y que queda guardado en el fondo de un cajón. Al contrario, es un documento que se debe actualizar cada cierto tiempo y que puede servir para retomar el rumbo de la empresa en momentos de crisis.
Razones para tener un plan de negocios al formar una empresa:
Te ayudará a definir el modelo de negocio.
Analizarás tu mercado potencial y podrás conocer mejor al cliente al que buscas dirigirte.
Tener un plan te preparará para asumir eventuales riesgos.
It will help you define your goals.
It will help to plan strategies, define actions to be carried out and choose the means to execute everything.
You will be able to detail the way in which you will invest the available resources you have.
It will allow you to define the human capital necessary to carry out the activity, as well as specify roles.
It can be used to attract investors or to obtain financing. The business plan will be a roadmap that demonstrates the viability of your project.
Benefits of setting up a company
The company is an independent legal entity and different from those who participate in the business. This allows the partners to be protected from obligations and debts contracted by the company.
The fact that the company is a new entity will facilitate future capital raising and obtain financing.
Acting through a company will allow the business to position itself against the competition.
It generates credibility and, therefore, greater trust in customers and suppliers.
Requirements to set up a company or partnership in Chile
For natural persons, it is necessary to be over 18 years of age. However, minors who have authorization from ordinary justice can also do so. Men must be over 14 years old and women over 12 years old.
The company can be incorporated through the platform your company in one day, limited to the models arranged in said system. A company may also be constituted by means of a public deed which will be granted in any Notary's Office, registering said deed in the corresponding Registry of Commerce, and publishing an extract of it in the Official Gazette.
Create a company through a Notary or "Your Company in a Day"
Setting up a company in Chile is not a difficult process. However, along the way you will find many legal technicalities that can hinder the process and make it cumbersome. Therefore, having the advice of an expert lawyer in business law is crucial. Someone who can guide you in the set up of the company and accompany you in each of the procedures that must be done.
In Chile there are two ways to set up a company:
Through the notarial system, granting a public deed: the procedure is a little longer, more complete and has a higher monetary cost. This modality allows you to create a company according to the specific needs of the client and the line of business that the business will have.
Through the platform "Your Company in a Day": the procedure is almost free and faster. You have to fill out an online form that requires some legal knowledge to do so.
Advantages and disadvantages of creating a company by the traditional method or Public Deed versus "Company in a Day":
Advantages of the Public Deed
The deed of incorporation of the company will be custom drafted and based on the needs and interests of the company. Drafting the deed with the help of an expert lawyer in business law will allow it to fully adjust to what the partners want to establish for their business. Instead, when the company is created by the "Company in a Day" platform, the deed is created from a form with model clauses. If those who are creating the company do not know or do not understand certain legal terms, they can add or omit clauses that will be necessary later, which can be detrimental to the business in the future.
It is easy to modify it once the company is already constituted and operating. When it is created by Public Deed, it is easier to modify the company than when it is created in the Company in a Day platform. Companies that are created online in the Registry of Companies are managed by a rigid system. Any change that you want to make to the statutes could ultimately mean having to migrate the company to the traditional Public Deed system, which means a procedure that had not been planned at the beginning.
Disadvantages of the Public Deed
The procedure is longer and has higher monetary costs. To set up a company by Public Deed, several procedures must be carried out. Among them, the granting of the public deed in the notary's office, the registration in the Commercial Registry and the publication of an extract in the Official Gazette. Each of these procedures has deadlines and associated monetary costs. These will depend on the corporate structure and the size of the business. On the other hand, by doing the company in the "Company in a Day" platform, the process can be faster and at almost no cost.
Next, we will go step by step analyzing the procedures that must be done when setting up a company in Chile.
Steps to set up a company in Chile via Public Deed
#1. Incorporation of a company and define the corporate figure
When setting up a company in Chile, it is essential to properly choose the corporate figure. In Chile there are several types of company. Deciding on one or the other will depend on the needs and interests of the business.
It is important to keep in mind that the legal structure of the business will determine which regulations the company will observe. In addition, it will define other aspects such as what its form of administration will be, who will make the decisions and how it will be taxed.
In Chile there are two ways to undertake commercially:
Natural Person: is an Individual Entrepreneur who develops commercial activities in his own name, with the same RUT or passport used by the natural person. He assumes rights and obligations of the activity he develops, responding for debts if any.
Legal Person: it is an independent legal entity, with its own assets and distinct from the individual members that form it. It has its own RUT and is subject to rights and obligations that are recognized by the State.
Types of company under the modality of legal person
Commercial Companies:
Limited Liability Company: It is a society of people in which the system of administration and representation can be freely established. It must be a minimum of two people up to fifty and can be national or foreign, natural or legal persons. The partners respond up to the amount of the contribution they made. Their participation and rights are represented in the membership fee.
Commercial Collective Societies: They are formed for businesses classified as acts of commerce according to the Commercial Code. Its administration corresponds to the right of each and every one of the managing partners.
Commercial limited partnerships: There are two types of partners: managing partners and limited partners. The former are those who have the faculty of administration and are jointly and severally liable for social obligations. The second, meanwhile, are the capitalist partners in terms of the social contribution and liabilities in relation to the administration of the company. The latter limit their liability to the amount of their contributions. There are two types of limited partnerships: the simple limited partnership and the limited by shares.
Stock Company: It is a capital company that may have one or more shareholders. They can be natural or legal persons who make a capital contribution. The capital of the company is divided into shares and the shareholders will be liable up to the amount of their contribution to the company. The shares must be subscribed and paid within the term indicated in the bylaws, and if a term is not set, what the law indicates must be observed.
Corporation: The corporation is a legal person, always of a commercial nature. It is made up of a common fund contributed by the shareholders, who are only liable for the amount of their contribution. There is the figure of the Shareholders' Meeting, who make the decisions of an organic nature, and on the other hand there is the Board of Directors that makes the management decisions of the company. There are Open Stock Companies, that is, their shares are traded on the Stock Exchange, and Closed Stock Companies that have shares that are not traded on the Stock Exchange.
Civil Legal Entities:
Civil Collective Societies: In this type of company, the partners respond even with their personal assets. The share of the insolvent is levied on the other partners and the agreements, as a general rule, are taken unanimously.
Civil limited partnerships: In these companies, the managing partners or administrators respond even for their personal assets, and the limited partners for their contribution. Both the constitution and the dissolution of these companies is consensual.
Sole Proprietorships:
Individual Limited Liability Company (EIRL): It is made up of one person. This type of company is a legal person with its own assets and different from that of the owner. Thus, the owner of the individual company responds with his assets and only with the contributions made or that he has promised to incorporate. For its part, the company responds with all its assets for its obligations generated in the exercise of its activity.
#2. Company Constitution Deed
The Deed of Incorporation is the document that establishes the type of Company, the line of business that it will have, the commercial activity, the partners and their personal data. The contributions that each partner will make and how they will participate in the company and the profits will also be established here, and how they will respond in case of losses.
The limits and scope of the commercial responsibilities of the partners will be established in the Deed of Incorporation. At this stage it is crucial to have legal advice. Specifically with an expert lawyer in business law who can capture the interests of the business and, at the same time, the organization of the partners around the company.
#3. Granting of the public deed at the notary's office
Once the corporate figure of the company and other corresponding elements have been defined, you must go to a notary's office for the granting of the public deed. The cost of this procedure will depend on the type of company and the business capital registered on the deed.
#4. Inscription in the Registry of Commerce at the Real Estate Registrar
Once incorporated, you have 60 days to register the extract of the deed of incorporation of the new company in the Registry of Commerce at the Real Estate Registrar. The registration of the company, once the public deed has been granted, is carried out directly in the Registrar of Real Estate that corresponds to the domicile established by the company in its deed. The process takes between three and seven business days and its the costs vary according to the Real Estate Registrar and the capital of the company.
#5. Official Gazette Publication
An extract of the articles of incorporation of the company must be sent to the Official Gazette for publication. The publication is free if the company has a capital of less than UF 5,000.
#6. Report initiation of activities at the Internal Revenue Service
Once the company is established, you can proceed to request and generate the RUT of the company at the Internal Revenue Service (SII). This procedure can be done through the SII web platform. Once the RUT of the company has been generated, it can be said that you have already traveled a good part of the way. Now, the next step corresponds to the report of initiation of activities at the SII. The tax regime that the company will observe will be indicated, and in general, an announcement will be made of the start of formal activities and subject to compliance with existing tax obligations in Chile. The start of activities must be done within the two months following the start of commercial operations. This procedure has no monetary cost.
The report of initiation of activities is a sworn statement before the Internal Revenue Service on the beginning of any type of business or work likely to produce income taxed in the first or second category of the Income Law.
Internal Revenue Service (SII in spanish)
Why report initiation of activities in the SII?
It will allow you to issue electronic invoices to charge your customers.
To make electronic invoices you will need a digital certificate with which you can sign your electronic invoices digitally.
In addition, starting activities means that the business is already underway and, with this, you will have to declare all the movements of your company.
#7. Bonus! Obtain the municipal patent of your company
Your company is already incorporated. Congratulations! Now there are some extra procedures that will allow you to comply with all the legal requirements when creating a company in Chile. One of them is to obtain the municipal patent of your company.
Municipal permits and commercial patents are requirements regulated by law. Its objective is to supervise that the companies are operating correctly according to the corresponding and binding regulations. The municipal patent is the definitive authorization for the set up of your business. This permit will be given to you by the municipality that corresponds to the address of the company.
How to set up a company in Chile through the "Company in a Day" platfform?
When setting up a "Company in a Day", the writing of the Deed is automatic. This is created from a form with standard clauses that can be added or removed depending on the needs of the business. It is important to have the advice of a lawyer in this process, since there may be confusing legal terms that can make the process difficult.
Once the partnership deed is ready the partners must sign. This signature can be made online with the Advanced Electronic Signature (FEA) or at the Notary's office in case the partners do not have one. Once the partners sign, they immediately obtain the RUT of the company. As in the traditional system by Public Deed, activities must be initiated in the Internal Revenue Service (SII).
Note: If you are setting up a company, you may also be interested in our articles on the Terms and Conditions and the General Data Protection Regulation (Chilean GDPR).
Why hire our My Local Partner attorneys?
Setting up a business can be a complete challenge. Making sure that it meets all the legal requirements and that the deed says everything necessary for it to work as a Swiss watch can be difficult if we do not understand legal terms. Therefore, it is crucial to have professionals who have knowledge in the incorporation of companies, as well as in the tax area and company law.
Our My Local Partner attorneys have a wide track record in the set up of Chilean companies. They focus on creating a society according to the defined business projection and business plan. And this includes all the corresponding administrative, legal and banking procedures.
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