Latin America offers significant opportunities for foreign companies that already operate in other markets and are looking to expand. Within this region, countries such as Colombia, Chile, and Peru stand out for their growing economies, stable legal frameworks, and policies favorable to foreign investment. However, each country has specific steps and requirements for setting up a company and formalizing operations. That is why in this guide we clearly explain the key steps for starting a business in each of these countries, from choosing the legal structure to managing tax and banking procedures.

At Ongresso, we are your partner for expansion in Latin America and, together with our partner Europartner, we accompany you in opening your company in the region in a safe, agile, and effective manner, as you will carry out the process in the company of expert partners.

• How to open a business in Peru?

If you want to establish your business in Peru, you need to follow a series of legal procedures to ensure successful registration. Below, we explain step by step how to start a business safely and smoothly:

1. Choose the appropriate corporate structure. Peruvian law allows 100% foreign ownership and recognizes several corporate forms:

– Closed corporation (Sociedad Anónima Cerrada – SAC) stands out for its flexibility and does not require a board of directors.

– Open stock corporation (Sociedad Anónima Abierta – SAA)

– Limited Liability Company (Sociedad de Responsabilidad Limitada – SRL)

– Individual Limited Liability Company (EIRL)

Choosing the right structure depends on the number of partners and how you want to manage the company.

2. Appoint a legal representative and define the shareholders. The legal representative acts before the Peruvian authorities and must be a resident or have a valid visa. Likewise, identify the shareholders (the law requires at least two and up to twenty) and establish the company’s tax domicile.
3. Reserve the company name. Apply to SUNARP to reserve the name and submit several options to increase the chances of approval.
4. Draft and register the articles of incorporation. With the advice of a lawyer, draft the articles of incorporation, sign the document before a notary, and register it in the public records.
5. Obtain the RUC and open a bank account. With the company registered, apply for the Single Taxpayer Registry (RUC) at SUNAT, legalize the accounting books, and open a bank account in the company’s name. The entire process usually takes between four and six weeks.

• How to open a business in Chile?

If you want to expand your business to Chile, you can take advantage of the digitization of procedures to set up a company in a short time. Below, we explain, in simple terms, each step you must follow to open your company:

1. Digital registration and authentication number. Start the process on the Business and Company Registry (RES) platform to obtain an authentication number that identifies your file. Here you will draft the articles of incorporation and sign them digitally; they will then be authenticated before a notary.
2. Obtaining the RUT. Submit the deed and legal address to the Internal Revenue Service (SII) to obtain the Unique Tax ID Number (RUT), which is essential for invoicing and filing taxes.
3. Invoicing and legalization of books. With your RUT in hand, request the printing of invoices at an authorized printing company and take the minutes and accounting books to the SII to be stamped.
4. Municipal license and workers’ compensation insurance. Obtain a municipal license in the district where the company will operate and enroll your employees in mandatory workers’ compensation insurance.
5. Define the legal structure. You can set up a Sole Proprietorship with Limited Liability (EIRL), a Limited Liability Company (SRL), a Corporation (SA), or a Joint Stock Company (SpA). The SpA is especially popular because it allows you to start with a single partner and facilitates the entry of investors.
6. Additional documentation for foreign investors. If the shareholders do not reside in Chile, it may be necessary to grant a power of attorney and translate documents.
7. Documentación adicional para inversionistas extranjeros.Si los accionistas no residen en Chile, puede ser necesario otorgar un poder notarial y traducir documentos.

• How to open a business in Colombia?

To establish your company in Colombia, you need to have the proper documentation and complete a series of legal procedures. Below, we detail each step clearly so that you can move forward with confidence:

• Select the corporate structure.

2. Check the availability of the name. Before registering the company, consult the Chamber of Commerce through the Single Business Window and prepare several options for the company name.
3. Draft the articles of association and memorandum of association. With the help of a lawyer, draw up the articles of association and memorandum of association, which set out the contributions, governance structure, and rights of the partners.
4. Register with the Chamber of Commerce and obtain a Tax Identification Number (NIT). Submit the documentation to the Chamber of Commerce and register the company. Then apply for a Tax Identification Number (NIT) from the DIAN.
5. Register books and authorize billing. Once you obtain the NIT, stamp the shareholder and minutes books and request authorization to bill electronically.
6. Open a bank account. With the NIT and certified documents, open a bank account in the company’s name. If all the partners are in Colombia and the documentation is complete, an SAS can be incorporated in a few days.

Considering the above information, expansion into Peru, Chile, and Colombia offers ample possibilities, but requires a thorough understanding of each country’s regulations. Therefore, having the right support not only speeds up the creation of your company, but also mitigates risks and ensures regulatory compliance. At Ongresso, we are your expansion partner in Latin America and, together with our ally Europartner, we support you in opening your company in Latin America. Our expert team combines agility and effectiveness so that you can formalize your business safely and quickly.