Doing business in Ecuador
The Republic of Ecuador, commonly known as Ecuador, is a country in northwest South America. Oil, mining, food processing, textiles, chemicals and tourism are among the key sectors of the Ecuadorian economy. Major exports include oil, bananas, gold and flowers.
Ecuador is a member of the Organisation of American States (OAS), the Andean Community of Nations, the Latin American Integration Association (LAIA) and the World Trade Organisation (WTO).
According to the data collected by the World Bank for their Doing Business study, starting a business in Ecuador requires 12.00 procedures, takes 50.50 days, costs 22.00% of income per capita and requires paid-in minimum capital of 0.00% of income per capita.
Moreover, TMF Group’s Global Benchmark Index Complexity 2015, shows how Ecuador has significantly improved its complexity ranking compared to the previous year. Ecuador went from being the 20th most complex country (2014 Index) to be number 40 (2015 Index).
TMF Group facilitates entry into the Ecuadorian market
TMF Group has a team of experts in Ecuador, providing financial, legal, HR and payroll services to both local and international clients. We can get you set up, provide a single point of contact and take care of those non-core elements that keep your business moving, allowing you to focus on what you do best: selling your products and services.
When entering a new market, companies must ensure a complete understanding of local laws and regulations - otherwise they could face risks to their reputation, fiscal penalties, loss of business opportunities and legal action. TMF Group helps companies stay compliant with local regulations and filings and set up in Ecuador with speed, safety and efficiency.
Understanding the complexities of local laws, regulations, processes and requirements is at the heart of what we do. From whatever country you are in, our wholly-owned and independent offices across the globe can help launch your entry into the Ecuadorian market, ensuring you reduce risk and simplify operations.