Compliance with the annual obligation of submitting financial statements to the Superintendence of Companies

In Ecuador, all companies under the supervision of the Superintendence of Companies, Securities, and Insurance must to submit their financial information annually within the first four months of each year, i.e., by April 30th. This obligation is established under Articles 20 and 23 of the Companies Law, which governs both domestic companies and foreign companies operating in the country.

The information to be submitted not only includes the financial statements but also other relevant documents that must be reviewed and approved by the general meeting before being submitted to the Superintendence. The approval and compliance with this process are crucial to avoid potential legal sanctions.

Requirements for Submission of Information

For Domestic Companies:

• Financial Statements
• Report or statement from the legal representative
• Report from the commissioner(s), supervisory board, or other auditing body
• External audit report
• List of administrators and/or legal representatives
• List of shareholders or partners
• Legible copy of the in force Taxpayer Identification Number (RUC)
• Certified copy of the minutes from the meeting that approved the financial statements
  
  

For Branches or Foreign Companies:

• Financial Statements
• External audit report
• List of authorized representatives or legal representatives
• Legible copy of the in force Taxpayer Identification Number (RUC)
• Authorized copy of the annex regarding the Financial Movement of Goods and Services
  
  

If the documentation is ready for filing but it has not been approved by the board before the deadline, the legal representative must submit it online to the Superintendence. This submission must be accompanied by a statement in which the legal representative assumes full responsibility, indicating that the board has not met or issued its decision regarding the documentation.

The non – accomplishment this obligation can result in significant legal consequences. Sanctions for not submitting the documentation on time may include fines of up to 12 minimum general wages. This measure is crucial to ensure the transparency and the proper functioning of the country’s economic system.

At Quevedo & Ponce, we understand the importance of complying with legal deadlines and avoiding unnecessary sanctions. We offer comprehensive legal advice to both domestic and foreign companies in preparing and submitting their financial information to the Superintendence of Companies. Our team of attorney’s specialization corporate law will guide you in the entire process, ensuring that you meet all legal requirements on time efficiently.