According to ECLAC (Latin American and Caribbean Economic Commission), Chile has managed to improve, despite the pandemic, and has become the third Latin American country with more foreign direct investment received in 2020. Chile is a country with good infrastructure, a well-structured legal and tax system, respect for institutions, and legal certainty. It is worth noting that all this great reception of the country is due to its open policy for foreign investors , promoting free trade, and actively looking for agreements with other countries and trade blocs.
Furthermore, The Economist has ranked Chile as the best country to invest in Latin America and the country with the greatest potential to attract foreign investors. Among the sectors that have received the most foreign investment are Mining, Electricity, gas, and water; and regarding services: Financial Services, and Communications.
What is the RUT Number?
If you are interested in establishing your company in Chile, you should consider the term RUT as an important step in the establishment of your company.
Let’s start by knowing what RUT means, it is the Unique Tax Rol or ‘ Rol Único Tributario’ in Spanish, which applies to both individuals and companies. However, the RUT which is granted to the company is different from the one for individuals, since the RUT allows to identify the type of obligations and privileges that correspond to each one.
This is a way to individualize the companies and/or corporations in the Chilean territory, therefore the companies can be registered as taxpayers.
When a company is incorporated in Chile, it is granted a provisional RUT when carrying out the procedures to start activities, which must be verified and ratified by the tax administration or the ‘Servicio de Impuestos Internos’ (SII) in Spanish.
The SII is the public service in charge of registering legal entities and foreign individuals in the RUT. As a result, it provides a unique registration number for each taxpayer, which identifies them to carry out different procedures in commercial or public entities in the country.
To whom is the RUT focused?
The RUT is focused on all legal entities incorporated in Chile or outside the country, as well as other entities without legal personality, such as de facto companies, communities, etc.
An important aspect apart from the RUT, is that if you are interested in establishing any of these entities in Chile, it is essential for these entities to act through representatives or agents. The person that holds this role, must be domiciled in Chile. On the other hand, if acting with foreign agents, this person must have a valid visa that allows him/her to develop activities in Chile.
Easyco is here to help you along with the company formation processes and makes business registration in Chile easy by providing a hassle-free online company registration experience. At Easyco, we make company formation in Chile easy.
We have a team of corporate experts who have vast experience helping companies and individuals register their business in Chile. Easyco is here to help you along with the company formation processes and makes business registration in Chile easy by providing a hassle-free online company registration experience.
Easyco also provides additional services to guarantee your company’s compliance, which include: