Having the support of a corporate lawyer in Ecuador is important for any foreign company looking to expand its commercial presence into the Andean country. Because a corporate lawyer will be able to provide specialist advice related to the market and oversee company formation in Ecuador, while working to eliminate risks and ensure full compliance with local legislation once your operations are up and running.
Ecuador has seen significant growth since the turn of the century, and recorded a gross domestic product (GDP) of $107.4 billion in 2019 (all figures in USD), making it Latin America’s seventh-largest economy. That same year, the country saw gross national income (GNI) reach $6,090 — a figure that places Ecuador as an upper-middle-income country according to World Bank classifications.
The country sits in the northwest of South America and is bordered by two of the continents major economies — Colombia and Peru. Despite its strong growth in recent decades, the country boasts a host of unsaturated markets and opportunities, as well as a recently elected government that can be expected to implement business-friendly policies.
Ecuador’s capital city, Quito, has been recognized as a regional software development hub, while its principal port of Guayaquil handled the seventh-highest throughput of containers in Latin America and the Caribbean in 2018. While foreign direct investment (FDI) inflows have been variable over recent years, they have followed a generally upward trajectory, meaning that the $948.6 million of FDI registered in 2019 was the third-highest amount seen in over half a century.
Ecuador’s prime export products include mostly agricultural products, such as bananas, fruits and nuts, plants and trees, and wood. However, the country is also a notable oil producer, with production steadily growing in recent years, never dropping below 500,000 barrels per day since 2014. The country’s main trade partners include Chile, China, Panama, Peru, and the United States.
If you are considering doing business in Ecuador or have already established a legal entity in the country, read on to learn about the importance of hiring a reliable corporate lawyer in Ecuador. Or go ahead and contact us now to discuss your business options.
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How can a corporate lawyer in Ecuador support your business?
Complying with corporate regulations when expanding into an unfamiliar market can be a difficult task, especially for non-Spanish speaking business executives. By working with a reliable corporate attorney in Ecuador, you will be able to access specialized legal advice that will keep your business safe from any fines or non-compliance penalties, giving you peace of mind and mitigating any risks that can jeopardize your commercial operations.
With years of experience in the Ecuadorian market, your corporate legal counsel will understand the particularities of the local regulatory framework and will have sufficient authority to represent your company before authorities, providing all necessary support to fill out forms, draft documents, and carry out different legal processes to ensure the protection of your company. In addition, a corporate lawyer in Ecuador will also represent your business before clients, partners, and suppliers, and will be able to guide your organization through legal issues that may arise.
Main advantages of working with a corporate lawyer
Some of the main advantages of working with an experienced corporate lawyer in Ecuador include:
Decision-making support: With years of experience and extensive knowledge of corporate law in Ecuador, a dependable lawyer will help you make the best decisions to ensure the success of your business strategy, while avoiding extra costs and delays. In addition, a corporate lawyer will help you choose the legal entity that best suits your business expectations.
Well-established network: Expanding a business in Ecuador for the first time is not easy. However, a corporate lawyer with good experience will have a well-established network of contacts that could be beneficial to your business.
Intellectual property protection: A corporate lawyer in Ecuador will guarantee the protection of your intellectual property, be it a brand, a logo, a product, or a patent. In this way, you will be able to preserve the recognition of your business in the market and remain competitive.
Ongoing bilingual support: Although the English language is increasingly common in Ecuadorian business circles, the official language of the country is Spanish and all the procedures to incorporate a legal entity are carried out in that language. Therefore, by working with a bilingual lawyer, you will be able to overcome any language barrier that may arise.
Choosing a reliable lawyer for your company: key considerations
When hiring a corporate lawyer in Ecuador, it is also important to choose the right one. The following considerations can be crucial to finding your ideal attorney:
Previous client comments: To get an idea of the skills, knowledge, and methods of a certain lawyer, it is strongly recommended to contact previous clients who are willing to give an opinion. Note that the reputation of corporate lawyers is generally a good reflection of the quality of their past work.
Up-to-date legal knowledge: Corporate regulations in Ecuador can be updated with some regularity. Thus, it is important to work with a corporate lawyer who is aware of changes in local legislation, to ensure your compliance and the longevity of your organization.
Use of technology: Working with a corporate lawyer in Ecuador who knows how to handle and save all information related to your company virtually will ensure that you can access it regardless of the time or place where you are, offering you easy oversight and peace of mind.
Biz Latin Hub can be your corporate lawyer in Ecuador
At Biz Latin Hub, our multilingual team of legal specialists has deep knowledge of local corporate law and can help you navigate Ecuador’s regulatory system, while ensuring your company remains in good standing with local authorities. With our complete portfolio of back-office solutions, including accounting, tax advisory, and HR high-quality services, we are equipped to be your single point of contact to support your business expansion in Ecuador, or any of the other 15 countries around Latin America and the Caribbean where we are present.
Contact us now for personalized assistance or a free quote.
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