Registration of foreign subsidiaries in El Salvador
1. REQUIREMENTS
a- Articles of Association proving that the company is legally constituted in accordance with the laws of the country of origin, the document must be duly legalized by the Salvadoran Consulate or by Apostille in the country of constitution.
b. Probationary documents duly approved, such as: Minutes of the General Shareholders’ Meeting, stating that foreign subsidiaries and agencies can be opened and that the decision to operate in El Salvador has been taken.
c. Power of Attorney granted to the person who will act as the legal representative of the company in El Salvador, it will state the ample and sufficient faculties given to him/her. The Power of Attorney must be duly legalized by the Salvadoran Consulate or by Apostille in the company’s country of origin, and it has to be registered in the Registry of Commerce of El Salvador.
d. The Legal Representative must reside permanently in El Salvador.
e. The sufficient capital stock established by Salvadoran laws to Stock Companies for business operations is USD11,428.57, which will be registered in the Registry of Foreign Investment of the Ministry of Economy.
f. Initial Balance of the foreign company or subsidiary reflecting the capital stock, this balance must be certified by a Certified Public Accountant duly registered in El Salvador, which will be registered in the Registry of Commerce previous to the company’s registration.
g. Specify the nature, value, source, and function of the economic activity and date of entry of such investment to the country.
h. Bank document or foreign currency form, in original and copy, proving the transfers of funds and giving date of transfer, name of the foreign investor, function and exchange rate, seal and signature of the banking institution.
2. PROCESS OF REGISTRATION
1) Registration of Power of Attorney in the Registry of Commerce (5 days).
2) Registration of Initial Balance in the Registry of Commerce (5 days).
3) Registration of Foreign Investment in the National Office of Investments – Ministry of Economy (10 days).
4) Registration of Foreign Subsidiary in the Registry of Commerce (10 days).
3. ESTIMATED TIME OF PROCESS: THIRTY WORKING DAYS
4. PROFESSIONAL SERVICES: USD 1,150.00
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