Article on S.A.S.
Fexlaw made a publication about the SAS in the most recent edition of the magazine “Links” which is published by the British Ecuadorian Chamber.
THE S.A.S A SYSTEM COMMITMENT TO FORM A SUCCESSFUL CORPORATE STRUCTURE
The economic profile of Ecuador according to the World Bank in its Doing Business 2020 report reflected that in the indicator “Opening a business” in our country it is ranked 177 out of 190, it also reflects that there are around 11 previous procedures and a estimated time of 48.5 days. This report reflects the ease of doing business in 190 countries in the world ranking, placing Ecuador in 129th place. In a joint effort between the public and private sectors, they managed to generate an attractive business outlook for both national and foreign investment with the enactment of the Organic Law on Entrepreneurship and Innovation, published in Supplement 151 of February 28, 2020, which introduced the figure of Simplified Stock Companies into the legal system.
With the creation of S.A.S. In short, it seeks to boost the economy and thus encourage entrepreneurs and thus resolve the need to formalize the ventures, quickly, efficiently and without unnecessary paperwork, in addition to the fact that this corporate figure grants freedom of management of the company. The statutes and administrative structures are not established, so they can be adapted to the one that best suits commercial practice. It is also important to mention that they can be established electronically, among other facilities.
According to data from the Superintendence of Companies, Securities and Insurance, until January 4, 2021, 4,833 SAS-type companies have been registered, an encouraging figure that demonstrates the success of the system’s commitment and that constitutes a real incentive for entrepreneurs. . FEXLAW has a consolidated Corporate Law area, which is committed to providing advice and comprehensive support in the creation and consolidation of successful corporate structures.