Cost-efficiency and Resource Optimization

1. Reduced Operational Costs: Outsourcing accounting services in Guatemala provides an opportunity to lower operational costs. Companies can tap into skilled professionals without the need for in-house hiring, saving on salaries, benefits, and infrastructure expenses.
2. Focus on Core Competencies: By outsourcing routine accounting tasks, businesses can redirect internal resources toward core competencies. This strategic shift enhances overall productivity and allows for a more concentrated focus on strategic business objectives.

Expertise and Compliance

1. Local Regulatory Knowledge: Guatemala’s unique regulatory landscape requires a deep understanding of local compliance standards. Outsourcing accounting services ensures that professionals well-versed in Guatemalan regulations handle your financial matters, reducing the risk of non-compliance.
2. Access to Specialized Skills: Outsourcing firms often have a team of skilled professionals with diverse expertise. This provides businesses in Guatemala with access to a broad range of specialized accounting skills, from tax planning to financial analysis.

Scalability and Flexibility

1. Adaptability to Business Growth: As businesses in Guatemala expand, their accounting needs evolve. Outsourcing offers scalability, allowing companies to adjust the level of accounting services based on fluctuating business requirements.
2. Flexibility in Service Packages: Outsourcing firms typically offer customizable service packages. Businesses can tailor these packages to meet their specific accounting needs, ensuring a cost-effective solution that aligns with their financial goals.

Enhanced Security Measures

1. Data Security Protocols: Reputable outsourcing firms prioritize data security. By leveraging advanced technologies and stringent security protocols, these firms safeguard sensitive financial information, reducing the risk of data breaches.
2. Disaster Recovery Plans: Outsourcing partners often have robust disaster recovery plans in place. This ensures continuity of financial operations, even in the face of unforeseen events, contributing to overall business resilience.

Get Assistance from Easyco Experts!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is successful in the least amount of time possible.

Furthermore, at Easyco, we make company formation in Guatemala easy. Our team of corporate experts has vast experience helping companies and individuals register their businesses in Guatemala. We have 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 Guatemala today!

Additionally, Easyco also provides 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 Why Outsource Accounting in Guatemala? appeared first on Easyco.

Benefits of Business Expansion to Guatemala

1. Strategic Location: Nestled between North and South America, Guatemala is a gateway to both continents, making it an ideal hub for businesses aiming to tap into diverse markets.
2. Booming Economy: Guatemala boasts a resilient and growing economy with various sectors like agriculture, manufacturing, and services offering lucrative prospects for investors.
3. Business-Friendly Environment: The Guatemalan government has implemented numerous incentives and initiatives to attract foreign investment, including tax breaks and streamlined business processes.

The Corporate Bank Account Opening Process

Opening a corporate bank account in Guatemala is straightforward and efficient, designed to support the seamless flow of international business operations.

1. Gather Required Documents: Prepare essential documents such as passport copies, proof of address, business licenses, and legal entity documents. Having these ready will expedite the process.
2. Select Your Bank: Choose from the array of reputable banks in Guatemala known for their reliability and exceptional services. Popular options include Banco Industrial, Banco G&T Continental, and Banco de Desarrollo Rural.
3. Visit the Bank: Schedule a meeting with your chosen bank. During this appointment, a dedicated account manager will guide you through the necessary paperwork and provide insights into the bank’s offerings.
4. Submit Application: Complete the bank account application forms and submit the required documents. The bank will conduct its due diligence procedures, adhering to international standards.
5. Account Approval and Activation: Once approved, your corporate bank account will be activated, and you’ll receive the account details, enabling you to initiate transactions immediately.

Most Popular Types of Bank Accounts

1. Business Savings Account: Ideal for small to medium-sized enterprises (SMEs) looking to store funds while earning modest interest securely.
2. Business Checking Account: Offers flexibility with unlimited transactions, making it suitable for companies with high transaction volumes.
3. Foreign Currency Account: Facilitates transactions in various currencies, reducing exchange rate risks for businesses engaged in international trade.
4. Merchant Services Account: Tailored for businesses in the retail or e-commerce sector, this account supports card payment processing and digital transactions.

Guatemala’s welcoming business landscape and its strategic advantages position it as an enticing choice for companies venturing into new territories. Opening a corporate bank account in this thriving nation is a pivotal step towards a successful expansion, and the streamlined process, along with a variety of bank account options, ensures a smooth journey. As you set your sights on new horizons, let Guatemala be your partner in growth, offering both a promising market and a reliable financial ecosystem.

How to Register a Company in Guatemala?

• Firstly, decide which is the best type of company for your business
• Appoint a Legal Representative
• Choose the name for the company
• Then it is necessary to prepare and notarize the Articles of Incorporation
• Pay the incorporation fees at the Banrural
• The next step is to submit all the registration documents to the Mercantile Registry
• Following, you can obtain the Tax ID or RUT
• Finally, once the company is registered and assigned a RUT, you can open the corporate bank account at the bank of your choice

Get Assistance from Easyco Experts!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is successful in the least amount of time possible.

Furthermore, at Easyco, we make company formation in Guatemala easy. Our team of corporate experts has vast experience helping companies and individuals register their businesses in Guatemala. We have 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 Guatemala today!

Additionally, Easyco also provides 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 Open a Corporate Bank Account in Guatemala? appeared first on Easyco.

Why is Trademark Registration Important?

Trademark registration is a legal process that provides exclusive rights and protection to your brand’s name, logo, or any other distinctive symbol used to identify your products or services. By registering a trademark, you gain the following advantages:

1. Brand Protection: Trademark registration grants you exclusive ownership, preventing others from using a similar mark that may confuse consumers.
2. Legal Recourse: If someone infringes on your trademark, registration gives you the legal grounds to take action against them in Guatemalan courts.
3. Market Recognition: A registered trademark distinguishes your products/services from competitors, building trust and credibility with customers.
4. Asset Value: A registered trademark can be a valuable asset for your business, potentially increasing its market value.
5. International Expansion: Trademark registration in Guatemala can serve as a foundation for future expansion into other markets.

What Does Trademark Registration Protect?

In Guatemala, registering a trademark safeguards your brand against unauthorized use or imitation. It covers:

1. Word Marks: Protection for names, slogans, or phrases associated with your brand.
2. Design Marks: Shielding logos, symbols, or unique visual representations of your brand.
3. Service Marks: Safeguarding marks are used in service-based businesses to distinguish their offerings.
4. Collective Marks: These are used by organizations or associations to identify members or products that meet specific standards.

Trademark Registration Requirements in Guatemala

To register a trademark in Guatemala, you must comply with the following prerequisites:

1. Distinctiveness: The mark should be distinctive, not generic or merely descriptive of the product/service.
2. Availability: Ensure that the proposed mark is not already registered or pending registration by another entity.
3. Lawful Use: The mark must not violate Guatemalan laws, offend public morality, or infringe on third-party rights.

How to do it?

1. Trademark Search: The first step is to conduct a comprehensive search to ensure that your desired trademark is available for registration.
2. Filing the Application: Then, submit a trademark application to the Guatemalan Institute of Intellectual Property (IGPI) along with the required documentation and payment.
3. Examination Process: Once submitted, the IGPI will review your application to verify compliance with legal requirements and assess potential conflicts with existing marks.
4. Publication: Finally, if the application is successful, your trademark will be published in the Official Gazette for opposition purposes. Other parties have 30 days to challenge your registration.
5. Registration and Renewal: Once the opposition period lapses and no objections are raised, your trademark will be registered, and it will be protected for ten years, renewable indefinitely.

Benefits of Registering a Trademark in Guatemala

1. Strong Legal Protection: Trademark registration provides solid legal ground to take action against infringers, ensuring your brand’s integrity is upheld.
2. Market Exclusivity: You gain the exclusive right to use the mark in connection with your goods/services, reducing the risk of brand confusion.
3. Business Expansion: A registered trademark also facilitates business expansion and licensing opportunities within Guatemala and beyond.
4. Consumer Trust: A registered trademark instills confidence in consumers, leading to increased loyalty and potential business growth.
5. Competitive Advantage: A unique trademark sets your brand apart from competitors, which enhances its marketability and visibility.
6. IP Rights Enforcement: Guatemala offers a favorable environment for intellectual property rights enforcement, safeguarding your business interests.

In conclusion, registering a trademark in Guatemala is a crucial step in protecting your brand’s identity and ensuring its long-term success. By gaining legal exclusivity, establishing consumer trust, and leveraging the advantages offered by the Guatemalan legal system, you position your business for growth and prosperity. Don’t delay securing your brand’s future – start the trademark registration process today!

Get Assistance from Easyco Experts!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is successful in the least amount of time possible.

Furthermore, at Easyco, we make company formation in Guatemala easy; our team of corporate experts has vast experience helping companies and individuals register their business in Guatemala, 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 Guatemala today!

Additionally, Easyco also provides 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 Trademark Registration in Guatemala: Safeguarding Your Brand’s Success appeared first on Easyco.

What is a Tax Identification Number (NIT)?

A Tax Identification Number (NIT) is a unique identifier assigned to individuals and legal entities in Guatemala for tax purposes. The NIT is issued by the Superintendencia de Administración Tributaria (SAT), the country’s tax authority responsible for tax administration and collection. The NIT allows the SAT to track and monitor taxpayers’ financial activities accurately.

Importance of Having a Tax Identification Number (NIT)

1. Compliance with Tax Obligations: Having an NIT is a legal requirement for individuals and businesses operating in Guatemala. It ensures compliance with tax obligations, including filing tax returns, paying taxes, and maintaining accurate financial records.
2. Identification in Financial Transactions: The NIT serves as a unique identifier when conducting financial transactions, such as opening a bank account, purchasing or selling real estate, or engaging in commercial activities. It helps establish a transparent and traceable financial system.
3. Access to Government Services: Individuals and businesses with an NIT can access various government services, such as applying for permits, and licenses, or participating in public tenders. It is often a prerequisite for participating in official transactions and dealings with government agencies.

How to Apply for a Tax Identification Number (NIT) in Guatemala?

Obtaining an NIT in Guatemala involves a straightforward application process. Here are the general steps to follow:

1. Gather Required Documents: Prepare the necessary documents, including valid identification (such as a passport or national identification card) and proof of address (utility bills, rental agreements, etc.). Legal entities must also provide additional documents, such as the company’s legal registration and articles of incorporation.
2. Visit the SAT Office: Visit the nearest SAT office or access their online portal to initiate the application process. The SAT website provides guidance and downloadable forms to assist applicants.
3. Complete the Application: Fill out the NIT application form accurately, providing all requested information. Ensure that the information matches the supporting documents.
4. Submit the Application: Submit the completed application form, along with the required documents, to the SAT office. If applying online, follow the instructions on the SAT website to submit the application electronically.
5. Verification and Issuance: Finally, the SAT will review the application and conduct any necessary verifications. Once approved, the SAT will issue the NIT, usually within a reasonable timeframe.

The Tax Identification Number (NIT) is a vital identification document for individuals and businesses in Guatemala. Obtaining an NIT ensures compliance with tax obligations, facilitates financial transactions, and provides access to various government services. By understanding the significance of the NIT and following the straightforward application process, taxpayers in Guatemala can navigate their tax-related responsibilities efficiently and participate actively in the country’s financial landscape.

How to Register a Company in Guatemala?

• First, choose the best type of legal entity that fits your business needs
• Then, appoint a Legal Representative
• Choose the name of the company
• The next step is to prepare and notarize the Articles of Incorporation
• Pay the incorporation fees at the Banrural
• Submit the registration documents to the Mercantile Registry
• Once the company is registered you can obtain a Tax ID
• Finally, open a corporate bank account in the bank of your choice

Get Assistance from Easyco Experts!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is done successfully and in the least amount of time possible.

At Easyco, we make company formation in Guatemala easy; our team of corporate experts has vast experience helping companies and individuals register their business in Guatemala, 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 Guatemala today!

Additionally, Easyco also provides 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 What is the Tax ID in Guatemala? appeared first on Easyco.

Guatemala is a country in Central America known as a very popular travel destination for tourists that love extreme sports, trekking, and being in touch with nature. The country has many beaches, waterfalls, and volcanoes, as well as many animals and species that can only be found in that unique region.

Payroll in Guatemala

These are some of the general information to keep in mind about payroll and general employee benefits in Panama. These can vary depending on the industry, type of work done, and other criteria.

• Working Hours

  For daytime workers, it can be from 6 to 8 hours a day, from Monday to Friday or Saturday, depending on the agreement with the employee. The total accumulated number of hours a week worked can not be more than 48.

  From 8 pm to 6 am it is considered nighttime, and employees can’t work more than 6 hours or an accumulated 36 hours a week.

• Overtime

  For overtime work, that exceeds the maximum 48 hours allowed, the employee is paid at 150% of the normal pay.

• Paid Leave

  • Paid Time Off (PTO): Employees have 15 days of paid vacation per year working in a company

  • Public Holidays: There are a total of 12 National Public Holidays in Guatemala

  • Maternity Leave: Mothers have a total of 84 days of maternity leave, starting from a month before the expected due date.

• Minimum Wage

  In Guatemala, the minimum wage depends on the industry you’re working in. In the agricultural industry it is at 2,742.37 GTQ, followed by exporting or maquila at 2,581.76 GTQ, and nonagricultural activities at 2,825.10 GTQ.

  Remember that employees working at a minimum wage also are entitled to additional monthly compensation of 250 GTQ.

Contributions

The employer and the employer make the contributions both:

These are the contributions paid by the employer:

• Social Security: 10.67%

• Workers Recreatonial Institute – IRTRA (for private companies only): 1%

• Professional Training Institute – INTECAP: 1%

And these are the contributions paid by the employee:

• Social Security: 4.83%

Why outsource the payroll of your company?

Outsourcing the payroll tasks of your company in Guatemala can give you and your team the freedom to focus on other areas of the business. Payroll can seem like a daunting task, especially in a new country with contact changes in regulations and laws.

Outsourcing can be the best option for companies that are first starting operations, as well as companies that are already established and are looking to optimize their processes, relieve their team of the payroll workload, and reduce costs.

It is important to have in mind the advantages and disadvantages of both, doing the payroll in-house or outsourcing it, and if necessary discussing it with other areas of the company, such as accounting, legal, etc.

Benefits of outsourcing payroll tasks

• Local expertise, experience, and continuous support

  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 Guatemala.

  Furthermore, 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.

• Low risk of errors

  Outsourcing the payroll decreases the possibility of mistakes and errors that can lead to sanctions and fines from the authorities. Outsourcing companies make sure all their actions comply with local regulations and are in constant training to stay up to date with changes and new laws.

• Cost-efficient

  Outsourcing is also a common alternative for businesses that want to reduce some costs. In general, companies that choose to outsource their payroll save up to 18% in comparison to the companies that do it in-house.

What tasks can be outsourced?

At Easyco, our goal is to make your company in Guatemala run as smoothly as possible. That’s why we’ve compiled a list of payroll services designed to cater to all your business needs. Keep in mind that if you need any additional service we can also help you, just send us a message with your requirements and we’ll get back to you as soon as possible!

• 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!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is done successfully and in the least amount of time possible.

At Easyco, we make company formation in Guatemala easy; our team of corporate experts has vast experience helping companies and individuals register their business in Guatemala, 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 Guatemala today!

Easyco also 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 Payroll Outsourcing Services in Guatemala appeared first on Easyco.

For new investors and business owners looking to expand their companies or start a new one in Guatemala, it is necessary to know and understand the different types of legal forms and structures there are. This will allow them to choose the right one according to their needs, type of business, and objectives.

What are the most common types of legal structures in Guatemala? Which one is the best for my business? How to set up a company in Guatemala?

Limited Liability Company or ‘Sociedad de Responsabilidad Limitada’ (S.R.L. or LLC)

A Limited Liability Company in Guatemala is similar to in other parts of the world since the liability of the partners is limited to their contributions.

• The participation of each partner is divided into ‘Contributions’

• It needs a minimum of 2 partners at the moment of incorporation and it can have a maximum of 20

• All of the partners in this type of legal entity have to be natural

• The name of the company must reflect the nature of the business or it can also be the full name or last names of one or two of the partners

‘Sociedad Colectiva’ (Ltda. or Cía Ltda.)

In a ‘Sociedad Colectiva’, the partners have unlimited liability, which means they are responsible for ll the company’s obligations and responsibilities with tax and other governmental authorities.

• All the partners have unlimited liability for the obligations and responsibilities of the company

• The company’s name must have the full name of one of the partners or the last names of two of them, followed by the abbreviation ‘Ltda.’ or ‘Cía Ltda.’

• This type of company is used often in small businesses where there’s trust between the partners

• It requires a minimum of two partners and can have a maximum of 20

Corporation or Sociedad Anónima (S.A.)

The ‘Sociedad Anónima’ or Corporation is Guatemala’s most common type of company. It is the favorite of business owners and entrepreneurs, but also for big companies because the information about the shareholders and their contributions can stay anonymous.

• In Corporations, the capital is divided into ‘Shares’ or ‘Acciones’ in Spanish

• The minimum initial capital has to be Q5,000.00 or around USD 640

• The Shares can be transferred freely, but following the rules written in the Articles of Incorporation

• It requires a minimum of 2 shareholders for the incorporation and there is no maximum

Foreign Branch Company

If you wish to open a Branch in Guatemala, you can also do it! All you need to do is prove the existence of the main company, and have a legal representative and registered office address in the country.

• Foreign corporations must issue a bond of at least USD$ 50,000 as a guarantee

• The Branch must have a registered office address in Guatemala

• There must be a permanent Legal Representative that acts on behalf of the main company

How to register a company in Guatemala?

These are some of the steps you need to follow to register a company in Guatemala. Remember that these steps may be different depending on the type of legal structure you choose, the number of partners or shareholders, and more:

1. Decide which type of company that best suits your business needs

2. Appoint a Legal Representative

3. Choose the name of the company depending on the type

4. Prepare and notarize the Articles of Incorporation

5. Pay the incorporation fees at the Banrural

6. Register the company at the Mercantile Registry

7. Obtain a Tax Identification Number or RTU

8. Open a corporate bank account

Get Assistance from Easyco Experts!

Guatemala is a good location to start your business! At Easyco, we make company formation in Guatemala easy; our team of corporate experts has vast experience helping companies and individuals register their business in Guatemala, 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 Guatemala today!

• 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 Most Popular Types of Companies in Guatemala appeared first on Easyco.

Guatemala is also one of the most successful economies in Central America. It has a GDP of $319 billion, which represents the 35% of the GDP (Gross Domestic Product) of the region. Furthermore, its currency, the Guatemalan Quetzal (Q), has been stable against the American dollar for over 15 years. This makes it a very attractive country for investors and entrepreneurs from around the world.

Are you interested in starting a business in Guatemala? Do you want to know how to successfully register your company? How to register a company in Guatemala? At Easyco we teach you how with a step-by-step guide on the company registration process in Guatemala!

1. Decide which is the right type of company for your business in Guatemala

   The first step in the incorporation process of a company in Guatemala is to decide on which type of company best suits your needs. It is important to have into consideration what the business activity is going to be, the size of the company, the number of partners, and the initial capital contribution each of them are going to make to start operations.

   These are the 2 most common types of companies in Guatemala:

   • Limited Liability Company (SRL): An SRL in Guatemala needs a minimum of 2 partners and a maximum of 20 at the moment of incorporation. This type of company can either have a board of directors or be managed by a single director, who has to be chosen by all the members.

   • A Corporation or Sociedad Anónima (SA): An SA needs a minimum of 2 shareholders at the moment of incorporation. There is no limit on the number of partners a Corporation can have in Guatemala, and the capital contribution of each partner is divided into shares.

2. Appoint a legal representative

   If your shareholders are not present in Guatemala, a Power of Attorney 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 Guatemala. 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 Guatemala. Nevertheless, there is another way in which you can incorporate Guatemala without completing this step first. Send us a message to learn more.

3. Choose the name of the company

   In Guatemala, it is important to consider that the name of the company has to reflect the nature of the business and the commercial objective. It is also necessary to have at least 3 possible names chosen in case one of them is unavailable or similar to other companies names.

4. Prepare and notarize the Articles of Incorporation of your company

   Once you’ve chosen the name of your company, it is time to prepare the Articles of Incorporation of your company in Guatemala. This document must include all the information about the business, legal representative, capital, etc.

   The Articles of Incorporation must include the following information:

   • Name of the company

   • Legal representative information

   • Share capital information

   • Registered office address

   • Management structure

   • Extinction and liquidation detail plan

   It is recommended that the Articles of Incorporation are reviewed by a local lawyer to make sure the information is complete and ready to be submitted to a Public Notary.

5. Pay the incorporation fees at the Banrural

   Once the Articles of Incorporation are notarized, they must be submitted to the Mercantile Registry for the incorporation of the company. Before submitting them, the incorporation fees must be paid at the Banrural (Banco de Desarrollo Rural de Guatemala).

6. Submit the registration form and documents to the Mercantile Registry

   The Mercantile Registry of Guatemala is the government’s office in charge of regulating all commercial activities in the country. They are responsible for the creation of new companies. At their offices, you will need to submit a file with the documentation required to register the company.

   This is the list of documents required by the Mercantile Registry to begin the incorporation process of your company in Guatemala:

   • Application Form

   • Receipt of payment of the incorporation fees

   • Articles of Incoporation

   • Power of Attorney and legal representative information

   • Registered Office Address

   • Copy of the identification of the members, partners, or shareholders

   If all the documentation is correct and the company is registered, the Mercantile Registry will assign the company an identification number, known as Commercial Patent or ‘ Patent of Commerce’. This is the document that allows the company to pursue commercial activities in Guatemala.

7. Obtain a tax identification number or RTU

   Once the company is officially registered at the Mercantile Registry, you can submit an application to the Superintendencia de Administración Tributaria (SAT ), to obtain a tax identification number, called Registro Tributario Único (RTU), in Spanish. This is the final step of the company registration process and will finally allow the company to operate in Guatemala.

8. Open a Corporate Bank Account in Guatemala

   To start operations in Guatemala, companies need to open a corporate bank account. Each bank offers different types of accounts with many benefits depending on the agreement and goals of the company. The bank should offer good pricing structures for international transactions.

   These are some of the documents banks in Guatemala need to open a corporate bank account. Keep in consideration that this may differ depending on the type of bank account you choose and also the bank.

   • Articles of Incoporation

   • Power of Attorney of the Legal Representative

   • Commercial Patent

   • Utility bill

   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.

Get Assistance from Easyco Experts!

Guatemala is in constant growth and always looking to simplify its processes. 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 the registration of your company in Guatemala is done successfully and in the least amount of time possible.

At Easyco, we make company formation in Guatemala easy; our team of corporate experts has vast experience helping companies and individuals register their business in Guatemala, 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 Guatemala today!

Additionally, Easyco also provides 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 Guatemala appeared first on Easyco.