As stated, this option doesn’t create an independent company in Chile, but stablishes a subsidiary of a main, foreign entity. Therefore the first step of this procedure is to elaborate a public deed containing legal and financial information about the company, document that must be legalized according to Chilean laws and procedures. If the original language of those files is not Spanish, they must be translated by a consul-certified professional, and verified by the Ministry of Foreign Affairs.
The public deed must contain: Power of attorney directed to the agent responsible for the branch, by-laws of the main foreign entity, certificate of good-standing (also called certificate of existence) name, domicile, capital information and corporate purpose of the Chilean branch and Declaration of the foreign entity in which it recognizes to be governed by the Chilean legislation in every aspect, and a specific declaration regarding its consent to maintain enough assets to meet future obligations in Chile.
It’s important to add that regarding profits, there is no maximum or minimum percentage to be remitted abroad. Our legal system only requires that there is no tax obligation unpaid and that the agency has complied with foreign investment regulations.