Making Money in Ecuador
Getting a work visa
There is a work visa (Category 12-VI) available for Ecuador. It applies to professionals of high technical levels, professionals of specialized fields, and immediate family members accompanying the professional.
Just some of the documents needed for this visa include an authorization to work, issued by the human resources office from the Ministry of Labor—duly legalized, a copy of the working contract duly protocolized by the Ministry of Labor, a certificate of fulfillment of requirements established by the Superintendent of Companies, and an affidavit from the hiring company or person, assuming the responsibility for expenses incurred by the foreigner as a result of abandoning the country or deportation, accompanied by the appointment, duly registered, of the legal representative—all documents duly legalized.
Setting up your own business
Over the past few years, Ecuador has made a concerted effort to attract foreign investment by liberalizing its investment regulations. Equal treatment is given to local and foreign investors, so you’ll receive the same rights of entry into any market as Ecuadorian citizens will. Practically all sectors are open to investors. There is a good labor pool, with minimum compensation levels set by Congress (as specified in the country’s new constitution).
If you are considering starting an enterprise in Ecuador, we suggest you look at the following areas:
- Agribusiness and forestry
- Fishing and aquaculture
The Ecuadorian government has singled out these areas for attention, and provides incentives for those entering them.
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