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Chile launches one day business incorporation online portal

One day incorporation in Chile is now possible online per official news published on the Chilean Ministry of Economy today. Further reinforcing the Chilean government’s commitment to making Chile’s SMB community more globally competent, the one day incorporation platform went live less than one month after the announcement of the PayPal & Multicaja partnership, which opens access to 123 million prospective clients in 190 countries.

Chile’s new online portal will now allow users to start a company in a single day, easily and free. The procedure is done electronically through this web portal under the Ministry of Economy. They have also simplified the process for those wanting to dissolve a business, which in the past was unfavorably looked upon and thus a difficult process for many.

While I think it is very cool, I have to say based on personal experience even without the system in place, incorporating AndesBeat in Chile (as a foreigner) was not a complicated process. It wasn’t one day incorporation but the entire process was completed within a matter of weeks. The legal paperwork needs to be completed in Spanish and it is highly advised you use a local company with experience in processing the necessary documentation as well as a lawyer knowledgeable on the process. Feel free to reach us through our contact form for recommendations.

However, for those who would love to make the incorporation process happen like yesterday, following is what you need and steps to follow to expedite the process.

How does it work?

Through the new business registration can: create, edit, convert, split, merge and dissolve easily legal and free.

To do this you must complete an electronic form with the data of the company you want to be and the information of the members that compose it, who can register their company through two modalities:

  1. Advanced Electronic Signature (FEA) : Using an electronic device called a token (similar to a USB) plus a password, each partner can sign from your computer.
  2. Signature by Notary : if the partners do not have FEA, can go to a notary with “service number” assigned by the portal and sign their signatures notarized in manuscript. Later the notary shall sign their FEA electronic form.

Once all partners have signed the form, either FEA or notarized society was formed and assigned a rut IBS immediately.

Per Minister Tomas Flores,

The main implications of the new law is that it will enable a potential 370,000 entrepreneurs, who represent 37% of the [Chile’s] ‘informal economy’, to enroll in this new system.  

Eligibility for Classes of Companies:

The different types of commercial companies will be added to the register of companies on the web portal gradually.

  • Limited Liability Company: May 2013
  • Joint Stock Company: June 2014

Who Qualifies? 

  • Entrepreneurs who want to start a business and provide for it a society.
  • Entrepreneurs wishing to formalize informal. 

Step by step to create your company in one day:

  1. Enter website
  2. Select the type of company you want to be.
  3. Enter your RUT (this identification number is Chile’s equivalent of a Tax ID for business or Social Security # for personal) and password. If you are not already registered you must create an account and complete the required data (RUT, name, email address, serial number of the Identity Card).
  4. Complete the electronic form, data entering society and partners.
  5. Once all partners have signed the form, either FEA or notarized society was formed and assigned a rut IBS immediately.
  6. RUT will be assigned a society and this will be incorporated. You can print the temporary rut delivered by the SII, to make purchases immediately.
  7. As a result of the process, members will receive an email with notification of incorporation of your company.

Get More Information!