Following the company incorporation at the Registry of Commerce the mandatory requirements are listed below:
- Obtain the Income Tax Contribution Number (NIT) and the Value Added Tax Contribution Number (IVA) from the Ministry of Finance. The NIT is required for both the shareholders and the newly established company and the IVA only for the corporation
- Personal ID Card, Resident Card or Passport of each one of the shareholders
- Name with which the company will be denominated; in order to investigate with the El Salvador Commercial Office, if the name is available.
- Purpose: The main activity that the Company will be dedicated to.
- Share Capital: Business Law in El Salvador indicate that for Salvadorans as well as for Foreigners, the Share Capital must be of USD $ 11.428.57. From this capital, the amount of USD. $ 2,857.14 must be paid to the order of the new company with a certified check from a Salvadoran Bank. (This is the equivalent of one fourth of the minimum required capital). The balance of the Share capital will be paid in a period of two years. –
- The percentage of shareholder participation for each one.
- Who will be the Legal Representative and who will be the substitute
- Registration of the companies at the El Salvador Commercial Office takes an average of 10 working days. –
- Companies with a share capital of USD $ 11,428.57 pay registration taxes of USD $57.14.
- Legalization of Accounting Books and Chart of Accounts by certified accountant
- The shareholders shall elect an Auditor who will be in charge of the surveillance of the accounting system.
- The Registry of Commerce grants the Merchant License. The company may begin its operations by simply obtaining a receipt when filing the application for registration of the company.
- Registration of the company at the Statistics and Census Division of the Super-intendancy of Commercial Corporation and Enterprises, and registration as employer at the Salvadoran Social Security Institute.
