Understanding the Local Landscape

To effectively acquire talent in Bolivia, it’s essential to comprehend the local employment market. Bolivia boasts a diverse workforce, with a mix of traditional and modern skill sets. Transitioning from the historically agrarian economy, the country is experiencing a rise in demand for professionals in sectors such as technology, finance, and healthcare.

Challenges Faced

While Bolivia offers a pool of talented individuals, there are challenges to overcome. One prominent obstacle is the scarcity of specific skill sets in emerging industries. Identifying and addressing these gaps is crucial for successful talent acquisition strategies.

Moreover, language and cultural nuances play a significant role in effective communication and collaboration. Understanding the local culture is pivotal for creating a workplace environment that fosters productivity and employee satisfaction.

Strategies for Successful Talent Acquisition in Bolivia

1. Strategic Partnerships: Collaborating with local educational institutions and professional organizations can help create a pipeline of skilled candidates. Building relationships with these entities can provide insights into the local talent pool and emerging trends.
2. Flexible Recruitment Strategies: Adapting recruitment strategies to the local context is vital. Offering flexible work arrangements and competitive benefits tailored to the local workforce can set your company apart and attract top talent.
3. Investing in Professional Development: Providing opportunities for skill development and continuous learning can enhance the capabilities of your workforce. This not only attracts skilled professionals but also contributes to employee retention.
4. Emphasizing Diversity and Inclusion: Recognizing and embracing the diversity within Bolivia’s workforce is crucial. A workplace that values inclusivity is likely to attract a broader range of talent and foster a positive corporate culture.

Talent acquisition in Bolivia requires a nuanced approach that considers both the unique challenges and the immense potential that the local workforce offers. By understanding the local landscape, adapting recruitment strategies, and investing in the development of employees, businesses can position themselves for success in Bolivia’s dynamic employment market.

Get Assistance from Easyco Experts!

At Easyco, we make company formation in all of Latin America easy! Our team of corporate experts has vast experience helping companies and individuals register their businesses in LATAM. We have a proven track record of success across all of our services. Easyco also aims to tackle the complex company formation processes across LATAM. We make business registration easy by providing a hassle-free online company registration experience. Start your company in Latin America today!

Easyco also provides additional services to guarantee your company’s compliance, which include:

• Appointment of Legal Representation

• Delivering a Registered Office Address

• Handling tax and accounting

• Hassle-free Payroll Services

• Manage your Company bank account opening

• Manage your Trademark Registration

• Recruiting and Hiring Talent

• Corporate Legal Services

• PEO and EOR services

The post Talent Acquisition in Bolivia appeared first on Easyco.

Bolivia, with its diverse economic sectors, presents a unique set of challenges and opportunities for businesses. Navigating the intricate web of tax regulations and accounting requirements demands a nuanced approach. Outsourcing these functions to specialized service providers can streamline processes and ensure compliance with the ever-evolving regulatory landscape.

Why Expand to Bolivia?

1. Growing Economic Landscape: Bolivia has witnessed sustained economic growth in recent years, driven by a diverse range of sectors, including agriculture, mining, and services. This economic vibrancy provides ample opportunities for businesses to establish a foothold and thrive in a burgeoning market.
2. Investment-Friendly Policies: The Bolivian government has implemented investor-friendly policies, offering incentives to foreign businesses. These policies aim to stimulate economic growth, attract foreign investment, and foster a business-friendly environment.
3. Strategic Geographical Location: Bolivia’s central location in South America makes it a strategic hub for businesses looking to access markets in the region. Its proximity to key markets enhances logistical efficiency and facilitates streamlined operations.
4. Cultural and Linguistic Affinity: For businesses operating in Latin America, Bolivia’s cultural and linguistic affinity can be a valuable asset. Shared cultural elements and the widespread use of Spanish simplify communication and foster positive business relations.

Advantages of Accounting and Tax Outsourcing in Bolivia

1. Cost-Effective Operations: Outsourcing accounting and tax functions in Bolivia provides a cost-effective solution. Leveraging local expertise allows businesses to benefit from competitive service costs while ensuring compliance with regional regulations.
2. Access to Specialized Knowledge: Bolivia’s unique regulatory landscape requires specialized knowledge. Outsourcing partners in the country possess a deep understanding of local tax codes and accounting standards, ensuring accurate and compliant financial management.
3. Mitigation of Compliance Risks: Bolivian tax regulations can be intricate, necessitating a keen eye for compliance. Outsourcing to local experts mitigates the risks associated with regulatory non-compliance, ensuring that your business operates within legal boundaries.
4. Focus on Core Business Functions: Outsourcing non-core functions allows businesses to redirect internal resources towards core competencies. This strategic focus enhances overall operational efficiency and positions the organization for sustainable growth.

Considerations for Successful Outsourcing

1. Vendor Selection: Choose outsourcing partners with a proven track record in providing accounting and tax services in Bolivia. Evaluate their expertise, client testimonials, and adherence to security standards.
2. Communication and Transparency: Establish clear communication channels with the outsourcing partner. Transparency in reporting and regular updates on financial activities contribute to a seamless collaboration.
3. Data Security: Given the sensitive nature of financial information, prioritize data security. Ensure that the outsourcing partner adheres to industry-leading security protocols and compliance standards.
4. Customization of Services: Opt for a flexible outsourcing arrangement that aligns with the specific needs and objectives of your business. Tailored solutions contribute to a more effective partnership.

The post Accounting and Tax Outsourcing in Bolivia appeared first on Easyco.

Requirements for Opening a Corporate Bank Account in Bolivia

Before initiating the process of opening a corporate bank account in Bolivia, it is essential to gather the necessary documentation and meet specific requirements. Here are the common prerequisites:

1. Legal Entity Registration: Ensure that your company is registered as a legal entity in Bolivia. This includes having the necessary business permits and licenses.
2. Tax Identification Number (NIT): Obtain a Tax Identification Number (NIT) from the National Tax Service (Servicio de Impuestos Nacionales – SIN). This unique identifier is necessary for conducting business activities in Bolivia.
3. Proof of Identity: Provide identification documents, such as a valid passport or national identity card, for all the company’s shareholders, directors, and authorized signatories.
4. Proof of Address: Submit a recent utility bill or a lease agreement to establish the registered address of your business.
5. Business Documentation: Prepare copies of your company’s Articles of Incorporation, Bylaws, and any additional legal documents that demonstrate the legitimacy of your business.
6. Business Plan: Present a comprehensive business plan outlining the nature of your company’s operations, projected revenues, and growth prospects.
8. Reference Letters: Obtain reference letters from other financial institutions or professional entities that can vouch for your company’s financial stability and reputation.

Types of Corporate Bank Accounts

Bolivian banks offer various types of corporate bank accounts tailored to meet different business requirements. The most common types include:

1. Checking Accounts: These accounts allow businesses to deposit and withdraw funds for day-to-day transactions conveniently. Checking accounts typically come with debit cards, online banking services, and check-writing capabilities.
2. Savings Accounts: Designed for businesses looking to earn interest on their excess funds, savings accounts offer competitive interest rates and may have limited transaction capabilities.
3. Foreign Currency Accounts: If your company engages in international trade, a foreign currency account can be beneficial. These accounts allow you to hold and transact in major currencies like US dollars or euros, reducing exchange rate risks.
4. Time Deposit Accounts: Finally, time deposit accounts provide higher interest rates than regular savings accounts, but the funds are locked in for a specific term, ranging from a few months to several years.

Popular Banks in Bolivia

Bolivia has several reputable banks that offer corporate banking services. Here are three of the most popular choices:

1. Banco Mercantil Santa Cruz: With a strong presence in Bolivia’s financial sector, Banco Mercantil Santa Cruz provides a wide range of corporate banking solutions. Their services include checking accounts, time deposits, foreign currency accounts, trade finance, and treasury services.
2. Banco Nacional de Bolivia: As one of the oldest and most prominent banks in Bolivia, Banco Nacional de Bolivia offers comprehensive corporate banking products. They specialize in trade finance, cash management, foreign exchange services, and international banking solutions.
3. Banco de Crédito de Bolivia: Known for its extensive branch network and technological advancements, Banco de Crédito de Bolivia is a trusted option for corporate banking needs. Their services encompass business accounts, cash management, international banking, and also tailored solutions for specific industries.

Opening a corporate bank account in Bolivia requires fulfilling specific requirements and choosing the right account type that suits your business needs. Gathering the necessary documentation, registering your legal entity, and selecting a reputable bank.

Get Assistance from Easyco Experts!

At Easyco, we make company formation in all of Latin America easy! Our team of corporate experts has vast experience helping companies and individuals register their businesses in LATAM. We have a proven track record of success across all of our services. Easyco also aims to tackle the complex company formation processes across LATAM. We make business registration easy by providing a hassle-free online company registration experience. Start your company in Latin America today!

Easyco also provides additional services to guarantee your company’s compliance, which include:

• Appointment of Legal Representation

• Delivering a Registered Office Address

• Handling tax and accounting

• Hassle-free Payroll Services

• Manage your Company bank account opening

• Manage your Trademark Registration

• Recruiting and Hiring Talent

• Corporate Legal Services

• PEO and EOR services

The post Corporate Bank Account in Bolivia: Requirements, Account Types, and Popular Banks appeared first on Easyco.

For businesses looking to expand their operations in Bolivia, it is important to understand the differences between PEO and EOR services. PEO (Professional Employer Organization) and EOR (Employer of Record) services are both popular options for businesses seeking to enter the Bolivian market, but they offer different benefits and advantages.

What are the differences between PEO and EOR Services in Bolivia?

While PEO and EOR services in Bolivia share similarities in providing HR outsourcing services, there are significant differences between the two models. The key difference is that a PEO becomes a co-employer of a business’s employees, while an EOR becomes the legal employer of record. This means that with a PEO, the business retains some control over the day-to-day activities of its employees. However, the PEO takes on certain legal and financial responsibilities. On the other hand, with an EOR, the business relinquishes control over employment-related issues entirely. Which the EOR assumesin full. Additionally, the administrative fees and structures of PEO and EOR services can differ significantly, depending on the level of support and customization required by the business.

PEO Services in Bolivia

A PEO is a company that provides HR outsourcing services to businesses, including payroll processing, benefits administration, and employee management. When a business partners with a PEO, the PEO becomes the employer of record for the business’s employees. This means that the PEO takes on all legal and financial responsibilities related to employment, while the business retains control over the day-to-day activities of its employees.

One of the main benefits of using a PEO in Bolivia is that it allows businesses to reduce their administrative burden. The PEO handles all HR-related tasks, freeing up time and resources for the business to focus on its core operations. Additionally, because the PEO becomes the employer of record, it assumes legal and financial liability for employment-related issues. For example, workers’ compensation claims and payroll taxes.

EOR Services in Bolivia

An EOR is similar to a PEO in that it provides HR outsourcing services to businesses. However, an EOR acts as the legal employer of record for the business’s employees. This means that it takes on all legal and financial responsibilities.

How to register a company in Bolivia?

1. Choose the right type of company
2. Draft the Power of Attorney
3. Register the company at Bolivia’s Public Registry of Commerce
4. Obtain a Tax ID Number or NIT
5. Register the company with the National Health Insurance and Pension Fund Administration
6. Open a corporate bank account
7. Obtain all required licenses

Get Assistance from Easyco Experts!

Bolivia is a small country in Latin America, but in constant growth and is always interested in attracting foreign investors from all around the world. To make sure you register your company in the right way, you can get in touch with us. Our team of experts is going to make sure you comply with all Bolivian laws.

At Easyco, we make company formation in Bolivia easy; our team of corporate experts has vast experience helping companies and individuals register their business in Bolivia, with a proven track record of success across all of our services. Easyco aims to tackle the complex company formation processes across LATAM. We make business registration easy by providing a hassle-free online company registration experience. Start your company in Bolivia today!

Easyco also provides additional services to guarantee your company’s compliance, which includes:

• Appointment of legal representation,
• Providing a registered office address
• Handling tax and accounting
• Hassle-free Payroll Services
• Recruiting and Hiring Talent
• Manage your Company bank account opening
• Manage your Trademark Registration
• Corporate Legal Services

The post PEO and EOR Services in Bolivia: Benefits for Business appeared first on Easyco.

Starting a business in Bolivia has many benefits. The country has a growing economy and a strategic location in South America, making it an excellent place to do business. Bolivia also has a rich culture and a friendly business environment, making it easy for foreign investors to feel at home. Additionally, the government offers incentives and tax breaks to foreign investors who bring capital and technology to the country.

What is a Tax ID?

A Tax ID, or “Numero de Identificacion Tributaria” (NIT), is a unique identification number that is required for individuals and businesses in Bolivia to pay taxes and perform any legal transactions related to commerce.

How to Obtain a Tax ID in Bolivia?

Here are the steps you need to follow to get a Tax ID in Bolivia:

Step 1: Gather the Required Documents

Before you begin the process, make sure you have the following documents:

• A valid passport or ID
• A certificate of incorporation (if you are registering a company)
• A legal address in Bolivia

Step 2: Fill Out the Form

You will need to fill out the form on the Servicio de Impuestos Nacionales (SIN) website. You will need to provide your personal information and other details about your business.

Step 3: Submit the Form

Once you have filled out the form, submit it online. You will receive a confirmation email with a code that you will need to use to complete the process.

Step 4: Complete the Process

You will need to go to the nearest SIN office with your confirmation email and the required documents. There, you will complete the process and receive your NIT number.

Requirements for Obtaining a Tax ID in Bolivia

To obtain a Tax ID in Bolivia, you must be at least 18 years old and have a valid passport or ID. If you are registering a company, you will also need a certificate of incorporation and a legal address in Bolivia. The process of getting a Tax ID is straightforward and can be completed within a few days.

Getting a Tax ID in Bolivia is an essential step for anyone interested in starting a business in this South American country. The process is simple and can be completed within a few days. With a growing economy, strategic location, and friendly business environment, Bolivia is an excellent place to do business. We hope this guide has been helpful and wish you the best of luck in your business endeavors.

How to Register a Company in Bolivia?

1. Choose the right type of company
2. Prepare the Power of Attorney (POA)
3. Register the company at Bolivia’s Public Registry of Commerce
4. Obtain a Tax ID Number or NIT
5. Register the company with Bolivia’s National Health Insurance and Pension Fund
6. Open a Corporate Bank Account
7. Get the required licenses from the local municipality

Get Assistance from Easyco Experts!

Bolivia is a small country in Latin America, but in constant growth and is always interested in attracting foreign investors from all around the world. To make sure you register your company in the right way, you can get in touch with us. Our team of experts is going to make sure you comply with all Bolivian laws.

At Easyco, we make company formation in Bolivia easy; our team of corporate experts has vast experience helping companies and individuals register their business in Bolivia, with a proven track record of success across all of our services. Easyco aims to tackle the complex company formation processes across LATAM. We make business registration easy by providing a hassle-free online company registration experience. Start your company in Bolivia today!

Easyco also provides additional services to guarantee your company’s compliance, which includes:

• Appointment of legal representation,
• Providing a registered office address
• Handling tax and accounting
• Hassle-free Payroll Services
• Recruiting and Hiring Talent
• Manage your Company bank account opening
• Manage your Trademark Registration
• Corporate Legal Services

The post What is your Tax ID Number in Bolivia? appeared first on Easyco.

Therefore if you decide to register a company in Bolivia, one of the main factors to consider is the type of legal structure that suits you and your business the best. This will determine the number of shareholders or partners needed, and some other important requirements. Learn about the 4 most common types of companies in Bolivia and how to register your business!

What are the most common types of companies in Bolivia? What are their advantages? How many shareholders or partners do I need? How to incorporate a company in Bolivia?

Limited Liability Company or ‘Sociedad de Responsabilidad Limitada’ (SRL)

• It requires to have a minimum of 2 shareholders and can have up to 25

• The shareholders have limited liability over their contribution

• Divided into quotas, the share capital has to be equivalent to 100 BOL or a multiple of 100 BOL

• A General Manager has to be appointed for the incorporation

Public Corporation or ‘Sociedad Anónima’ (SA)

• Requires a minimum of 3 shareholders, who have limited liability over their contribution to the Share Capital

• It is necessary that one of the shareholders must have a valid residency in Bolivia

• The Share Capital is divided into Stocks

Unipersonal Company or ‘Empresa Unipersonal’

• A Unipersonal Company can be incorporated by one person, who can be either local or a foreigner with residency in Bolivia

• The owner of the company has unlimited liability which means they’re responsible for the company with its own personal patrimony

• This type of legal form is advised for small business owners or entrepreneurs

• It is recommended to have accounting and legal advisors to avoid any complications or problems that put the owner’s assets at risk

Foreign Branch Company or ‘Sucursal’

• The main foreign company has to appoint a Local Legal Representative or General Manager in Bolivia

• It must have a registered office address in Bolivia

• At the moment of the registration, the type of legal form assigned will be equivalent to the main company’s or a similar one

How to form a company in Bolivia?

These are the steps you need to follow to register a company in Bolivia. This is general and may vary depending on the type of company and business activities to be performed:

1. Decide on the correct type of company and legal structure

2. Elaboration and signature of the Power of Attorney

3. Register the company at Bolivia’s Public Registry of Commerce

4. Obtain a Tax ID Number or ‘NIT’

5. Register the company with Bolivia’s National Health Insurance and a Pension Fund Administration

6. Open a bank account for the company

7. Get the licenses from the local Municipality

Get Assistance from Easyco Experts!

Bolivia is a small country in Latin America but it is very attractive to investors from all over the world. To make sure you register your company in the right way, you can get in touch with us, and our team of experts is going to make sure you comply with all Bolivian laws.

At Easyco, we make company formation in Bolivia easy; our team of corporate experts has vast experience helping companies and individuals register their business in Bolivia, with a proven track record of success across all of our services. Easyco aims to tackle the complex company formation processes across LATAM and makes business registration easy by providing a hassle-free online company registration experience. Start your company in Bolivia today!

In addition, Easyco provides additional services to guarantee your company’s compliance, which include:

• Appointment of legal representation,

• Providing a registered office address

• Handling tax and accounting

• Hassle-free Payroll Services

• Recruiting and Hiring Talent

• Manage your Company bank account opening

• Manage your Trademark Registration

• Corporate Legal Services

The post Most Common Types of Companies in Bolivia appeared first on Easyco.

Bolivia is also part of MERCOSUR, which gives it access to other markets in South America, such as Brazil, Paraguay, Chile, Argentina, and more.

What is Payroll Outsourcing?

Payroll Outsourcing refers to transferring all (or part) of the Payroll responsibilities and tasks of your business to a company that offers this service. The companies that offer this service work with trained professionals that have experience in all industries and work requirements, which guarantees you the safety and security your company and your workers need. Payroll Outsourcing is perfect for small, medium, and large companies, since it provides all the solutions in one place and considerably reduces the costs, compared to having a group of people handling the payroll in-house.

What are the advantages of outsourcing the payroll of my company?

Outsourcing the Payroll of your company or business in Bolivia can help you in many ways and give you both short and long-term benefits.

• Low risk of fines, penalties, and audits due to process errors

  In Bolivia, the ‘Ministerio de Trabajo’ or Ministry of Labor can impose fines rising up to BS 10,000 or USD 1,500 for errors in payroll and accounting processes. Some sanctions also include the temporary suspension of the work license or the permanent closing of the business.

  Handling the Payroll of a company can be hard, but it is especially challenging when companies decide to go Global or expand to new countries. When this happens, they have to deal with new legislation and regulations, which can cause some mistakes and result in fines and penalties. Outsourcing the payroll minimizes these risks because we have professionals in Bolivia. This makes sure they comply with all Bolivian laws and regulations and they always stay up to date with new legislation that applies to your local business.

• Continuous support

  As a company that offers outsourcing services, our priority is always to support the development and growth of your business. That’s why we give you constant and continuous support, which allows us to solve any last-minute problems or requirements.

  As you may know, in Bolivia, as well as many other LATAM countries, having a local bilingual partner can be very challenging. Outsourcing payroll to a competent, multilingual service provider is of the utmost importance, in order to provide continuous support and solve any last-minute problems or requirements.

  Furthermore, at Easyco we work with our clients to evaluate the best opportunities and options for the future.

• Local expertise and experience

  Outsourcing companies work with the best trained skilled professionals with years of experience in their field. They’re also in constant training and always aware of all law and regulations updates and changes. This is especially helpful if your company is based in another country and just starting operations in Bolivia.

• Cost-effective

  Outsourcing is also a common alternative for businesses that want to reduce some costs. Companies that outsource their payroll tasks in Bolivia overall save up to 18% in comparison to the companies that do it in-house.

• Easy handover process

  We try to make all handover processes easy, we take care of the communication and transfer of information with the designated party. Afterward, we will confirm when the process is completed and carry on with our service moving forward.

What are the different types of Payroll Categories?

There are different types of Payroll categories that can apply to your company. This depends on the type of business, the number of employees, and the industry. Each of these regimes is different in every country and has different types of benefits and regulations. These are some of the Payroll categories:

• General and SMEs labor system

• Public labor system

• Civil construction workers

• Agriculture

• Medical personnel

• Mining workers

• Internships

• Other types and regimes your organization requires

How can Easyco help you?

• Complete calculation of paycheck

• Direct deposit to multiple accounts

• Payroll tax comprehensive service

• Locality processing

• Reporting of employee benefits

• Usage tracking and accrual – Vacation, Holiday, Sick, Personal Time, PTO

• Digital checks in PDF format

• Garnishment disbursements

• Reports in a standard format and client-developed reports

• Guidance for employee insurance

• Customer support via e-mail or Whatsapp

Get Assistance from Easyco Experts!

Bolivia is a great and interesting country if you’re looking to expand to South America to support the growth of your business. It is full of opportunities and developing industries, as well as skilled trained professionals. Our experts can help you register your company in Bolivia and assist with the formalities and compliance along the process.

• Appointment of legal representation

• Providing a registered office address

• Handling tax and accounting

• Hassle-free Payroll Services

• Manage your Company bank account opening

• Manage your Trademark Registration

• Recruiting and Hiring Talent

• Corporate Legal Services

The post Why Outsource the Payroll of your Company in Bolivia? appeared first on Easyco.

Starting a business and registering a company in Bolivia is a very interesting opportunity for many. However, but it can be a long tedious process full of administrative and bureaucratic procedures. At Easyco, we can help you and make the company registration process easy for you and your team!

Are you interested in registering a company in Bolivia? Would you like to know what are the requirements? At Easyco, we tell you how and give a step-by-step guide on how to register your company in Bolivia in the most successful, easy, and fast way possible.

1. Decide on the right type of company and legal structure

   The company type and legal structure you choose depend on how many people are going to constitute the company, as well as the capital available and the nature of the business. These are some of the most common types of companies in Bolivia:

   • Limited Liability Company (SRL): In an SRL in Bolivia, the liability of each of the partners is restricted to their capital contribution. This type of company can have a maximum of 25 partners and at least 4 managers or administrators.

   • Public Corporation or Sociedad Anónima (S.A.): A Public Corporation in Bolivia must have a minimum of 3 shareholders, who have limited liability over their contributions. In Bolivia, an S.A. can be constituted in 2 ways. The first one is by a single act or by the public subscription of shares .

   • Unipersonal Company or Sole Proprietorship: An Unipersonal Company is formed by one person (national or foreign), who is going to pursue the business activity of the company. It is recommended to hire a Legal Manager and an Accountant since the owner of the company is going to be responsible for all the company obligations with its own personal assets.

2. Elaboration and signature of the Power of Attorney

   If your shareholders are not present in Bolivia, a Power of Attorney (POA) will be required that allows your legal representative to carry out the process locally. This Power of Attorney has to be signed by the corresponding party.

   Also, consider that for foreign shareholders additional documentation will be required.

   All documentation that comes from abroad must be duly legalized and apostilled (if applicable), and these hard-copy documents must be sent to Bolivia. Finally, consider that documentation that is not in Spanish will require translations to be accepted by the local agencies.

   Although this step might sound cumbersome and time-consuming, it is a standard process to register your company in Bolivia. Nevertheless, there is another way in which you can incorporate a company in Bolivia without completing this step first. At the end of this article, be sure to ask us how.

3. Register the company at Bolivia’s Public Registry of Commerce

   Prepare all the documents and submit them to Bolivia’s Public Registry of Commerce or Registro Público de Comercio (RPC). This step can be done online at the platform called ” Mi Empresa”, which allows you to easily submit all the documentation required for each type of company. Some of the documents needed are the type of company, name, registered office address, legal representative, nature of the business, and the application form that can be found on the platform.

   Once the documents are submitted, it is necessary to pay the incorporation fees online or at the bank. The RPC is going to review all the documents and finally proceed with the registration process. A commercial registration number will be assigned to the company as an identification number. Once this step is completed, your company officially exists.

4. Obtain a Tax ID Number or NIT

   After the company is successfully registered at the Public Registry of Commerce, it’s time to obtain a Tax Identification Number or ‘Número de Identificación Tributaria’ (NIT) at the National Tax Service or ‘ Servicio de Impuestos Nacionales’, in Spanish. some of the documents needed to obtain an NIT are:

   • Commercial Registration Number assigned by the Public Registry of Commerce

   • Notarized Power of Attorney

   • Copy of the ID of the Legal Representative

   • Electricity bill from the registered office address

   • Sketch of the registered office address

5. Register the company with Bolivia’s National Health Insurance and a Pension Fund Administration

   One important step is to register the company with Bolivia’s National Health Insurance or Caja de Salud and a Pension Fund Administration or Administradora de Fondos de Pensiones (AFP). The company has to pay 10% of the employee salary to the Caja de Salud. This way, the employees and their families can have access to healthcare.

   The company also has to work with a private AFP of their choice to make monthly contributions to each of the employee’s own pension funds. The fees and payment vary but this is regulated by the Authority for the Supervision of Pension and Insurance Funds.

6. Open a bank account for the company

   In order to start working, companies need to open a corporate bank account in Bolivia. Each bank offers different types of accounts with many benefits depending on the agreement and goals of the company. It is recommended that the bank offers good pricing structures for international transactions.

   To open a bank account in Bolivia, most banks require you to make an initial deposit of USD$500 to fund your new account. Remember you can deposit the initial paid-in capital at the corporate bank account created.

   Also, it is important to consider that some banks may have foreign transaction restrictions for companies that have foreign shareholders. It is crucial to take this into account as part of your company establishment strategy, as identifying a bank that has flexible policies will determine when your new company can start its operations.

7. Submit an application to the local Municipality to get all licenses required

   In order to start operations, it is necessary that the office or the business local has all the required licenses and documents needed. Each local municipality is responsible for the supervision, verification, and issue of the licenses. This step may require a couple of inspections and visits. The requirements vary depending on the nature of the business, the type of work being done, the number of people working, etc.

Get Assistance from Easyco Experts!

Bolivia is a small country in Latin America but in constant growth and is always interested in attracting foreign investors from all around the world. To make sure you register your company in the right way, you can get in touch with us. Our team of experts is going to make sure you comply with all Bolivian laws.

At Easyco, we make company formation in Bolivia easy; our team of corporate experts has vast experience helping companies and individuals register their business in Bolivia, with a proven track record of success across all of our services. Easyco aims to tackle the complex company formation processes across LATAM. We make business registration easy by providing a hassle-free online company registration experience. Start your company in Bolivia today!

Easyco also provides additional services to guarantee your company’s compliance, which includes:

• Appointment of legal representation,

• Providing a registered office address

• Handling tax and accounting

• Hassle-free Payroll Services

• Recruiting and Hiring Talent

• Manage your Company bank account opening

• Manage your Trademark Registration

• Corporate Legal Services

The post How to Register a Company in Bolivia? appeared first on Easyco.