CORPORATE MATTERS
- Liability: The shareholders’ liability is always limited to their contributions.
- Capital: There is no minimum capital required for incorporations. The frequent one at the start is around USD 300.00.
- Number of shareholders: At least two shareholders.
- Managment: A board of directors and a general manager is always needed in stock companies. On the other hand, the close stock companies could dispense with a board of directors, in which case the general manager supplies its duties.
- Contributions: They could be made in cash or goods, and experts’ appraisals are not required.
- Auditing: Except for some line business, auditing financial statements are not mandatory.
- Average time for incorporation: Around two weeks or less.
LABOR MATTERS
| EMPLOYEE RIGHTS | MICROCOMPANY | SMALL COMPANY | GENERAL REGIME |
|---|---|---|---|
| Annual sales | Max. 150 UIT* | From 150 UIT to 1700 UIT | More than 1700 UIT |
| Minimum wage | Around US$ 320.00 | Around US$ 320.00 | Around US$ 320.00 |
| Vacations | 15 days per year | 15 days per year | 30 days per year |
| Overtime | Yes | Yes | Yes |
| Bonus | No. | Yes (50% of salary) | Yes (one salary) |
| Household allowance | No. | Yes | Yes |
| Compensation for length of service (CTS) | No. | Yes (50% of CTS) | Yes (100% of CTS) |
| Profit distribution | No. | Yes | Yes |
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