Since July 2015, a simplified registration system for the incorporation, modification and dissolution of commercial companies has been available for the formation of partnerships, limited partnerships and joint stock limited partnerships. The new system has been available for limited liability companies since May 2013, for individual limited liability entities since October 2013 and for joint stock companies since July 2014.
The simplified registration system was established by Law 20,659 – published in the Official Gazette on February 6 2013 – in order to facilitate and encourage entrepreneurship.
The new registration system – which operates in parallel to the standard, more formal system – consists of an online service available for use throughout Chile that:
- is open to the public;
- is free of charge; and
- automates tax registration (the so-called RUT) and the start of business activities with the Internal Revenue Service.
The scheme is administered by the Ministry of Economy, Development and Tourism.
The simplified registration system provides an expedited application process – at no cost or minimal associated cost – to create, amend, change, split, merge or dissolve a legal entity and enable the migration of companies from one registration system to another.
A legal entity can be formally established through the website www.registroempresas.cl by registering as a user and then entering the data of the company and its members in the electronic form provided. The website is user friendly and even recommends frequently used clauses.
Once the required data is entered, the applicant must sign the form in one of two ways:
- If company members have advanced electronic signatures, they may directly sign the form and the company will be immediately incorporated and registered with the tax authorities and receive a tax identification number.
- If company members have no advanced electronic signatures, they will be directed to a notary with a customer number assigned by the website. They will be required to physically sign the necessary documents in front of the respective notary. The notary will then proceed to electronically sign the electronic form with his or her advanced electronic signature. Following this step, the company will be immediately incorporated and registered with the tax authorities and receive a tax identification number.
The simplified registration system will be available for the formation of closely held corporations from July 2016. The system is not expected to be available for the formation of publicly held companies, which must be incorporated according to the standard registration process.
For further information on this topic please contact Santiago Montt Vicuña at Montt y Cia SA by telephone (+56 22 233 8266) or email (email@example.com). The Montt y Cia SA website can be accessed at www.monttcia.cl.
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