Ecuador: Nuevo sistema de recepción de estados financieros

The Superintendency of Companies, Securities and Insurance (SCVS) has implemented a new system for the reception of financial statements for the 2022 fiscal year for companies subject to its control and surveillance, except for those in the insurance, reinsurance, and prepaid health sectors. Such companies must comply with all requirements established in Article 20 of the Companies Law, including financial, corporate, and information statements previously received through Form 101 (annual income tax declaration). This form must be submitted to the Internal Revenue Service (SRI) as its information is independent of that required by the SCVS.

The information that must be provided on the SCVS website by April 30th includes:

  • Report presented by the legal representative to the general meeting of shareholders or partners who approved the resolutions on the financial statements.
  • Commissioner’s report presented to the general meeting of shareholders or partners who approved the resolutions on the financial statements. Limited liability companies will only present this report in cases where it is established in their bylaws.
  • External audit report if the company is required to hire one.
  • List of managers or legal representatives.
  • List of shareholders or partners registered in the book of shares and shareholders on the date of the financial statements’ closing.
  • Legible copy of the valid Unique Taxpayer Registry (RUC).
  • Certified copy of the meeting minutes that approved the full set of financial statements.

Additionally, detailed information must be provided on the number of employees, classified as follows:

  • Executive
  • Administrative
  • Production
  • Others

A company will be deemed to have fulfilled its obligation to the SCVS when it has provided all of the information detailed above. Failure to comply with this obligation may result in an economic sanction ranging from one (1) to twelve (12) basic unified salaries (SBU).

The SCVS has implemented a manual to guide users on how to correctly operate the new system, including the TXT formats in which financial statements must be uploaded.

For more information, please visit BP-ONE‘s website

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