How to Know if a Company is Legal: Steps, List and MORE

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If you want to clarify the doubt about how to know if a company is legal in BoliviaWe invite you to stay in this article, since we have compiled all the information you will need to become an expert on the subject.

Knowing if a company is legal or not, allows you to know who works under good terms and who does not, in addition to having a trusted security guarantee. Likewise, you can also have the necessary concepts to start your own business legally.

How to know if a company is legal in Bolivia?

The first aspect to take into account, when creating a company, are the aspects that will legalize your idea; since, this will allow you to work with more peace of mind and have access to several benefits. Find out what you need to make your company legal!

A very important point that helps us differentiate between a legal company and another that is not, is the quality of services offered to their clients: accounting reliability, financial production, negotiation position, among others. If a company behaves in a legalized manner, it will surely be a company that complies with all legal factors.

Now, for a company to be within a legal framework, it must be updated regarding the laws and regulations of Bolivia. In addition to this, the objectives in all legal areas, which the laws of the country require, must also be highlighted.

It should be noted that we mention these basic aspects, so that you can recognize the legality of a company at a glance; In addition, you should also take note of it, so that you take it into account with your own project and can lead you to the path of success.

On the other hand, apart from these general aspects, there is also an administrative process to know if a company is legal or not. If you want to know how to access this query method, pay attention below.

How to Know if a Company is Legal: Steps to Follow

Before talking about the steps to follow, you should know that there are two types of companies in Bolivia, according to the administrative laws of the country.

So, if you want to form a legal company in the country, you must choose what type of company you want to be, since each one has different characteristics and benefits. In addition, they also have different processes to follow.

Therefore, returning to the issue of the steps to follow, the procedure to know the legality of a company changes depending on the type.

But do not worry, below you can know how to determine the legality of a company in both cases:

Natural Individual or Sole proprietorship

  1. This type of company can be created with a single citizen for the business. It is used with the need to work on your own and not have to associate with someone else.
  2. In these cases, it is not necessary to make a large financial contribution to start the operations of the company.

Legal Company

  1. If you want to create a company as a legal individual, the figure of the company (company) and the individual as a person.
  2. All responsibilities and actions of the company are the responsibility of the company. Power does not rest with one person.
  3. Now, these types of companies are also subdivided into the following nomenclatures: Limited Liability Company (Srl); Sociedad Anónima (SA); and Limited Partnership (SC).

Once you have chosen the type of company you want, you only have to apply and develop the legal framework established in Bolivia: You must register and establish a logo in FUNDEMPRESA.

How to Know if a Company is Legal: List of Companies

To help you a bit with your question, we will present a list with the companies registered in Bolivia:

  • Cervecería Boliviana Nacional SA
  • Kimberly-Clark Professional Bolivia
  • Sofia Food
  • My Tigo Bolivia
  • Embol Sa Coca Cola
  • Pil Andina Sa
  • Fino Industrias De Aceite Sa
  • YPFB Corporation
  • Inti Drugstore Laboratories
  • Arcor Bolivia
  • Private University Santa Cruz UPSA
  • Petrobras
  • Nestlé Bolivia
  • Soboce Sa
  • Copacabana chickens
  • Eastern Railway Fo
  • Imba SA
  • Alianza Compañía de Seguros Y Reaseguros Sa
  • Fancesa
  • Hypermaxi
  • Beatriz Canedo Patiño
  • Gladymar
  • La Cascada SA, IND
  • Manaco
  • Madepa
  • Chriss chickens
  • Fridosa
  • San Cristóbal Mine
  • Coboce
  • Iol Sa
  • Ciagro
  • Monopol
  • Central Bank of Bolivia
  • Red Pat
  • Dillmann Industrial Corporation
  • Procter & Gamble P&G
  • Total E&P Bolivia
  • Caisy Ltda

How to Know if a Company is Legal: Trade Registry in Bolivia

The trade registry in Bolivia is responsibility of Business Legal Security.

This institution is in charge of provide and facilitate the legal and natural processes to form a commercial company. On the other hand, the registration of businesses must also be carried out before FUDEMPRESA.

This process, once the documentation has been delivered, has a period of ten (10) days to execute the reservation of title or business name and send it to the commercial registry and formalize the registration of the commercial company.

To do this, the following must be submitted:

  • Establishment and authorization of the legal representative (original and copy).
  • The document format that was executed at the time of making the reservation of the company name or title, together with its respective signature and legalization by the representative.
  • Publish, in the electronic gazette the publication of the country’s trade registry, the following data:
  1. The notarial entry of the public deed where the instrument number, place, date, notary of public faith and the judicial district is validated.
  2. The documents (official and a copy) of the pre-established parameters between paragraphs one (1) to seven (7) of article number one hundred twenty-seven (127) of the commercial code.
  3. The final agreement of the intervention in the authority of the public faith.
  4. The national tax registry.

On the other hand, national tax issues are under the command of an organization that fulfills the task of collecting taxes or levies from all people (legal or natural) registered in the National Registry of the country.

How to Know if a Company is Legal: Trade Registration Update

One aspect that we cannot miss if we talk about the legal issues of companies is the updating of the Trade Registration.

This process is very simple to do, but somewhat long to do; So, pay close attention so that you are not going to make a mistake that could affect your company.

The first thing you should know is that to comply with this update, you must proast for four (4) phases. Here we go:

Phase 1
  1. Access the Web Portal of the Bolivian Trade Registry.
  2. Find and click the option «Update your registration.»
  3. Provide all the requested registration details, and then certify them via email.
  4. Read carefully and accept the «Terms and Conditions» of service and use.
  5. Finally, if you agree with the established terms, click on «To accept».
Phase 2
  1. Enter in your email.
  2. Check your inbox, looking for the message sent by FUNDEMPRESA -Don’t forget to check the «Spam» tab –.
  3. Open the mail sent and click the button «Update registration».
Phase 3
  1. You must finish completing the virtual form with the information that will be requested in a «Test of Production Units».
  2. Said format refers to a sworn account of the legal owner or representative.
  3. This form must be completed with the following information: general, identity, activity and main product, address of the establishment, minutes of the fiscal closing and the calculation of the employed personnel.
  4. Likewise, you must also attach, in PDF format, the following documents: NIT, Bank Account Statements, Economic Unit Surveys, among others.
Phase 4
  1. You must pay the cost of the management process virtually or in person, depending on your comfort.
  2. Finally, you will receive your update certificate to your personal email.

How to Create your Company Legally?

We have talked a lot about how to recognize if a company is legal, about how to update the data or trade license plates, but we have not mentioned anything so that you can create your company.

So if you want start your own company in Bolivia, pay attention to the steps you should follow:

  1. First you must define the type of company you are going to be (Natural Person or Legal Person).
  2. Then, you must proceed to register in FUNDEMPRESA.
  3. Next, you will have to make a Minute of Constitution.
  4. Make the Commercial register.
  5. Afterwards, you have to make the Publication in the Electronic Gazette of the Commercial Registry in Bolivia.
  6. Make the registration in the National Taxes.
  7. You have to manage the Operating license for the company.
  8. Register in the National Health Fund.
  9. Enroll in the Administrators of Pension Funds-AFP.
  10. Finally, you must register your company in the Ministry of Labor.

What is FUNDEMPRESA?

We have mentioned the name of FUNDEMPRESA, but we have not delved into what this institution is. Therefore, we will make a brief definition to end this article.

FUNDEMPRESA is an institution that operates the Bolivian Trade Registry, to provide an efficient service to entrepreneurs and the State, supporting business development in Bolivia.

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