Quevedo & Ponce - Noticias Legales
Compliance with the annual obligation of submitting financial statements to the Superintendence of Companies
- April 3, 2025
- Quevedo & Ponce
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.
Más Artículos
Lease Agreements in Ecuador: Legal Requirements for Formalization and Registration
In Ecuador, lease agreements can be verbal or written, but the law requires a formal contract before a notary if the monthly rent exceeds the unified basic salary. Knowing these legal conditions is essential to protect both landlords and tenants and avoid legal risks.
Ecuador and the New Law on Intelligence: Toward a Safer or More Surveilled State?
Ecuador has taken a decisive step by enacting the new Organic Law on Intelligence, which aims to strengthen the State’s capacity to combat organized crime and threats to national sovereignty. However, the legal framework adopted raises serious concerns from a constitutional and human rights perspective.
Has your company remedied the grounds for dissolution? you may request its exclusion from the massive resolution and to continue operating legally.
The Companies Act allows to request the exclusion of a company from a massive dissolution resolution if the grounds for dissolution have been remedied and the resolution has not been registered before the Mercantile Registry. This alternative avoids to initiate a reactivation process and enables the company to maintain its legal standing. This article explains the circumstances under which this option may be exercised and the requirements that must be complied.
Traditional Specialties Guaranteed (ETG) in Ecuador: Protecting Tradition with Legal Recognition
Within the framework of Ecuador’s intellectual property system, Traditional Specialties Guaranteed (TSG) represents a strategic legal mechanism for the protection of agri-food products with proven cultural value and traditional heritage. This tool provides official recognition of the authenticity of traditional production methods, without requiring a specific territorial link.
Arbitration in Ecuador: An Effective Alternative for Dispute Resolution
Arbitration in Ecuador is an effective alternative for resolving disputes, highlighting benefits such as celerity, confidentiality, and the ability to choose expert arbitrators, making the process more efficient and specialized than ordinary courts.
