Paraguay Company Registration Services by Venture Overseas
Paraguay is a country in South America and is one of the leading exporters of energy in South America. So, Paraguay company registration would be just the start of business opportunities here.
Business Potential
The country has great access to surrounding trading partners and has an economy worth close to US$30 billion. The favourable economic conditions in Paraguay thus hold excellent business potential especially as the country is predicted to grow further.
Paraguay Company Registration Procedures
Paraguay company registration procedures take up to a month and involve a number of pre and post-registration steps.
1. Verify the availability of the company name
Applicants can do this through an online database, but it is more commonly done at the Treasury Attorney Office.
2. Visit an attorney to draft the company deeds
Applicants will need to acquire the services of a legal attorney either as the founders’ agent or counsel for the drafting the company deeds, Paraguay company registration and filing of applicants. The organization of companies by attorneys acting through powers of attorney is also a common practice and the fee for this formality is about 1% to 3% of the company’s paid-in capital stock.
3. Notarize the company deeds
Applicants need to notarize their Company deeds with a licensed public notary. In addition, the public notary’s fee can check in the Notary’s Fees Law. It should be noted that attorneys are not legally authorized to notarize or certify documents.
4. Obtain the Judicial Authorization for Certification of the company’s books
Applicants are required by law to obtain authorization from the Judicial Authority for certification of the company’s books. Since June 2017, it is possible to use digital books for keeping the accounting records. In order to obtain judicial authorization, the company must file paperwork with the Commercial Registry.
The judicial authority will require 45 days to issue the authorization, but meanwhile, the company can start formally to operate.
5. Register the company at one-stop-shop SUACE
Paraguay company registration is done at SUACE (Sistema Unificado deApertura y Cierre de Empresas), the one-stop-shop established by the Ministry of Industry and Commerce.
Applicants will need to comply with the following procedures to complete company registration in Paraguay:
- Submit all documentation at the Single Window at SUACE for revision and approval, an identification number will be assigned that allows users to monitor the registration process
- The bylaws and other company formation documents are submitted to the Treasury Attorney Office (Abogacía del Tesoro) which reviews them and issues a registration and publication order
- An application for tax registration is submitted to a delegate of the Ministry of Finance (Ministeriode Hacienda)
- Then, an application for the taxpayer’s registry number (Registro Único de Contribuyentes, RUC) is required
- An application for the relevant Municipal licenses and permits is submitted to the Municipality of Asunción for fee verification and assessment
- Also, an application for registration with the Social Security Institute (Instituto de Previsión Social) is required
- An application for registration with the Ministry of Justice and Labor (Ministerio de Justicia yTrabajo) to start hiring employees is required
6. Publication of an extract of the bylaws
This is published in the Official Gazette and another newspaper of wide circulation in the market in which the company is located for 3 consecutive business days.
7. Receive a site inspection from the Municipality to obtain a Business License
Municipal inspectors will perform an on-site inspection of the applicant’s main office to verify compliance with municipal ordinances.
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