Published: 06 Oct 2008 17:49:37 PST
Setting up a company
Legal business entities
| Different types of companies | Number of partners/shareholders | Maximum and/or minimum capital | Liabilities | Registration fees |
| Sociedad Anonima Commun is a Public Limited Company. | No minimum, it can be a proprietorship. | USD 50,000 | Liability is limited to the amount contributed. | |
| Sociedad de Responsabilidad Limitada (SRL) is a Private Limited Company. | Minimum 2. Maximum 50. |
USD 1,100 | Liability is limited to the amount contributed. | |
| Sociedad Colectiva (SC) is a general partnership. | Minimum 2. | No minimum capital. | Liability is limited to the amount contributed. | |
| Sociedad en Commandita Simple (SCS) is a limited partnership. | Minimum 2. | No minimum capital. | Liability is limited to the amount contributed. |
- Business setup procedures
- In order to set up a Public Limited Company or a Private Limited Company, founders must subscribe a deed which contains the company's status. Then, a notary has to certify the deed's signatures and register it in his protocol.
Working conditions
- Legal weekly duration
- The standard workweek is 48 hours in industry and 44 hours in commerce
- Retirement age
- 60
- Working contracts
- Employment contracts are regulated by Law. Collective agreements and individual negotiations complement it.
The terms of employment contracts are flexible.
Cost of labor
- Minimum wage
- 3,000 pesos (USD125)
- Average wage
- Social security contributions paid by employers
- 18.5 %.
- Social security contributions paid by employees
- 24 %.
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FITA
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