Requirements to Create a Company: Steps, VUI and MORE

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Here we leave you the Requirements to Create a Company. These are necessary to formalize and give legality to the business you wish to establish. Do you want to undertake and do not know where to start? Keep reading this article.

It is important that you also know, about the steps to follow, the services provided by the Ventanilla Única de Inversiones. The certificate for Foreign Investors. As well as some recommendations to create a company and the best alternatives to invest in Nicaragua.

What are the Requirements to Create a Company?

The integration and registration protocol of a company in Nicaragua can be managed using the VUI (Single Window of Investments). This is where the Requirements to Create a Company, which are:

  • The charter of the company, which must be granted and approved by a Nicaraguan notary public.
  • Acquire the Corporate and Accounting Books.
  • Consign the documentation for the Mercantile Registry. It is delivered in the VUI and processed by the Commercial Registry. 1% of the capital of the company must be paid and up to a limit of 30,000 cordobas.
  • Register as a merchant and register the Accounting Books in the Commercial Registry.
  • Process the DUR (Unique Registration Documents). This process can be carried out in conjunction with the previous procedure. The documentation is completed in the VUI and with it, the INSS (Nicaraguan Social Security Institute) License is acquired. RUC (Unique Taxpayer Registry) and the Municipal License. For the DUR, 1% of the capital of the company must be paid.
  • If you are a foreign investor and make an investment of more than $ 30,000. To acquire the certification as such, they must enroll in the MIFIC (Ministry of Development, Industry and Commerce). The foreign investment certificate is favorable for the application for residence in Nicaragua.
  • It is suggested to find a legal advisor prior to the procedure of integration and registration of a company in the country. This benefits the preparation of the documents and prevents possible delays in the process.

Steps to Create a Company

Establishing a company in Nicaragua is simple, you only have to comply with the Requirements to Create a Company and follow a few steps. These are necessary to carry out the process in an organized manner. The steps are the following:

  1. Check if the company name is available.
  2. Manage the Deed of Incorporation and regulations through a Notary Public.
  3. Make registration registration. The following is requested here:
    1. Company registration, where some documents must be presented. These are: Deed of Incorporation, the original legal regulations and an authenticated copy. Also the passport or identity card, and the bank deposit receipt.
    2. Book stamp and registration as a merchant, and must provide some documentation. This is: The seal of the Books and the inscription as a merchant on stamped paper, the commercial books (ledger and daily foliated).
  4. Request the inscription of Power of Attorney. For this, the following must be presented: The power of attorney in original and a certified copy, the passport and the identity card.
  5. Make the tax records, in this management you must do what is mentioned below:
    1. Ask the General Directorate of Income for registration as a taxpayer and the Book stamp. The documentation to present is: Full format, home address certificate of the legal representative and of the company. Likewise, the daily and major books, the original of the Deed of Constitution and regulations with a certified copy. Also the passport or identity card. Also a simple copy of a proof of telephone, electricity or water.
    2. Manage the proof of the Municipal Registration at the Mayor’s Office where the company is located. The required documents are: RUC in plain copy, general power of attorney in plain copy. The passport or identity card, and the Deed of Constitution and regulations.

Single Window of Investments (VUI)

The VUI is made up of the main government agencies. These intervene in the procedure and provide a totally free and optimal service for people who wish to invest. Notably, reduce the time from plus or minus to 13 days. The services it offers are named below:

  • Advice on the procedure to formalize a company.
  • Registry of General Power of Administration.
  • Issuance of documentation: RUC and DUR.
  • Request for registration as a merchant, the sealing of Books and registration of the Deed of Incorporation.
  • Certificate of Foreign Investment Registration (greater than $ 30,000 dollars).
  • Municipal Registration Certificate, the Pre-registration Employer Number in front of the Mayor’s Office.

Certificate for Foreign Investors

For foreign investors, Nicaragua offers them a benefit to opt for a permanent or temporary visa. Visas can be requested at the General Directorate of Migration and Foreigners. In the event that the foreign person is in the country.

If the foreign citizen is not in Nicaragua, the procedure must be carried out in front of the Nicaraguan Foreign Service official. You can do it through the consular or diplomatic offices. The required documentation must be consigned in the Spanish language. This is the following:

  1. The passport in original, with a validity of no less than six (6) months.
  2. Certification of birth or naturalization.
  3. The health certificate.
  4. Marriage certification (if the spouse applies for residence in Nicaragua).
  5. 2 valid passport size photos.
  6. The Criminal Record Certificate.
  7. Guarantee in a deposit, equivalent to a return air ticket to the country of origin.

Recommendations to Create a Company

To undertake it is necessary to have disposition and determination. Be aware that this requires sacrifices and perform a job responsibly. With the conviction that it will be successful if everything is planned and organized from the beginning. For this we leave you some recommendations:

  • Have a Business Plan: It must be a conscious project, which from the beginning serves to know if the company will be productive.
  • Product Analysis: What it means for the client, qualities and its use.
  • Market research: Sales, costs, supply and demand.
  • Technical-Administrative Analysis: Proportion, location, among others.
  • Economic and Financial Research: The definition of prices, investments, devaluation, financial significance, etc.
  • Be realistic: Be clear about what you want to achieve, through work and effort, which takes time, do not decline when encountering obstacles.
  • Have Commitment: Undertaking synonymous with working hard, you cannot leave the responsibilities to the employees. It is important to be present in the company, it means work 7 days a week, The 24 hours of the day.
  • Actuate: Put the plan into practice, start well to end welln, otherwise the results will be disastrous and the losses as well.

Best Options to Create a Business in Nicaragua

Nicaragua offers a large number of companies in which you can start. This will depend on the investment and preferences that each person has at a certain time. Among the alternatives are the following:

  1. Nightly Entertainment Venue: It is a good option, since it can have qualities of a bar. In turn have musical performances and shows, parties with specific themes, among others.
  2. Souvenir Bazaar: Keep in mind tourists who want to bring family and friends some detail to remember, even for home. They can be typical items, key rings, regional sweets, hats, t-shirts alluding to Nicaragua, etc.
  3. Restaurant: It can be a typical Nicaraguan food restaurant. Taking into account that both natives and visitors like to try it (old Indian and Baho, gallo pinto which is the national dish). As well as its exquisite desserts, this is an excellent alternative.
  4. Computer Equipment Repair: The demand for this type of service is high. When these devices get damaged, the cheapest option is to repair them. This service is aimed at children, adolescents, professionals, students, housewives, etc., which is profitable.
  5. A cafe: This is a meeting place for many people, to talk, have a good coffee, even to deal with business. The coffee can be accompanied by a rich dessert, which increases the possibility of higher profits. This alternative is attractive and interesting.
  6. Swimwear Store: The beaches of Nicaragua are very famous, so it is always full of visitors. Which means that in these places having such a store would be great. Here it can be offered: Hats, sunglasses, shorts, caps and obviously bathing suits for everyone.
  7. Photography Service: If you are a professional photographer, you can rent an establishment to have it as a studio. Invest in good equipment and provide this service to baptisms, graduations, photo shoots, weddings, etc..
  8. Of all: This is an excellent option, for example this service can be offered at transport stops. There are always people who need to buy last minute things like: threads, candles, pencils, napkins, even making photocopies, among other.

To learn more entrepreneurship alternatives, you can enter this link, where there are many more economic activities in which you can invest in Nicaragua, in order to benefit as an entrepreneur, create jobs and also contribute to the development of the country.

The first step to materialize your business idea is to know the Requirements to Create a Company. This will allow you to know if the investment you want to make is possible, according to the money you have available.

The important thing about all this is to take action, to move towards that goal that is so longed for. To achieve the economic independence you want, through work and effort. Focus on gathering the Requirements to Create a Company and from there the other procedures.

Visit GESTIONALO.NET Nicaragua

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