Launch a Business in a Day? In Chile It’s Now Possible

By Narayan Ammachchi

Launching a business in Chile is far easier today than it was a few days ago. The Southern Cone has inaugurated an online platform that allows anyone to start a business in a matter of hours and at zero cost.

If you are planning to start a business, all you need to do is: Fill up a form specifying the characteristics of your company, such as the names of partners, the line of business and the capital investment.

The platform will absorb the information and create a document that will then be sent to the Internal Revenue Service, which will issue a taxpayer ID number.

Once you have got hold of the ID number, you can set your business in motion.

Chilean President Sebastián Piñera inaugurated the platform last week. This system has in fact become popular in countries such as New Zealand, Australia, Canada and Singapore.

Chile, it seems, is the first Latin American country to launch the system in a bid to ease the business climate and lure more foreign investment.

Since this is an online system, you need to use an electronic signature. Launching a business was challenge until yesterday, with entrepreneurs requiring to hire lawyers to prepare the necessary paperwork and obtain signatures of a notary. Aspiring entrepreneurs had had to wait for weeks to obtain the Taxpayer ID Number, something vital for launching a business in Chile.

“In accordance with local laws and regulations, the other types of legal structures available for companies incorporated in Chile will be progressively added to the system, beginning with Individual Limited Liability Companies in November of this year and concluding with Reciprocal Guarantee Corporations in 2016,” stated the Startup Chile in its blog.

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