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The Bolivian Corporation

• Is a juridical person, in which the holders have a participation of the social capital by means of shares that bestow that right.
• The partners have a limited liability to the contributed amount.
• In order to create a Corporation, it is required:
– Three or more shareholders that can be foreigners, natural persons and/or companies.
– A directory.
– A trustee holder and a substitute that must be domiciled in Bolivia.
– And a legal representative designated by the directory.
• This type of company requires the organization deed and the organic statute.
• Unlike a limit liability company, in the corporation shareholders may transfer his shares by endorsement without making amendments to the statutes.
• This kind of partnership can be incorporated in a lapse of 15 computable days from the gathering of all the documentation that must be presented.
• It is important to clarify that the legal representative of the company must be a Bolivian citizen. However, if this person is a foreigner, he or she must acquire a Bolivian Identification for Foreign Aliens. This document is acquire by having a temporary residence in Bolivia.
• As for the shareholders, they can be foreigners and do not have to hold an specific type of visa, or a residency in order to be part of the company.
• Finally, it is important to mention that even thought the Bolivian law does not establish a minimum amount of capital to constitute this kind of company; there must be considered that in a corporation, the capital must be subscribed in its totally at the time of its constitution and cannot be less of the 50% authorized capital. In the same way, every subscribed share must be paid at least on a 25% of its value at the moment of celebrating the constitution contract.
• For more information, contacts us at: abogados@rigobertoparedes.com or call us on Skype.

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