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Ecuador Proposes Bill to Attract New Investments, Enhance Transparency

Quito, Ecuador - In a move aimed at attracting new investments and promoting transparency, Ecuador’s President has proposed a bill that would introduce significant reforms in the country’s public-private association contracts, tax laws, and beneficial ownership disclosure requirements.

Key Provisions of the Bill

• Creates an Interinstitutional Committee for Public-Private Association and Delegated Management to oversee planning, establish regulations, provide authorizations for public projects, and promote private investment.
• Introduces public-private associations, allowing private entities to finance part or all of the investment necessary for the execution of public projects.
• Requires transfers of shares or securities that represent a change of control of the private manager entity to be reported to and authorized by a governmental delegating entity.

Tax Reforms

• Duty-free zones and special economic development zones (ZEDEs) will be established to attract foreign investors.
• Private investors will be exempt from paying income tax for the first 10 years, and then entitled to a 10-percentage point reduction in the corporate income tax rate.
• Imports of goods and raw materials made by administrators and operators of duty-free zones or ZEDEs will be subject to a 0% value-added tax rate.

Beneficial Ownership Disclosure

• Ecuadorian companies listed on local stock exchanges will be required to disclose their chain of ownership all the way through the ultimate beneficial owner.
• This provision will only apply to corporations incorporated in Ecuador, and shareholders holding more than 10% of the capital of the company will be required to disclose the chain of ownership.

Next Steps

If approved, the bill will be sent to the President for his signature, and once published in the Official Gazette, it will come into effect.