Ecuador Geography, Culture, and Economy

Located in northwestern South America, Ecuador borders Peru and Colombia and includes the Galápagos Islands in the Pacific. Originally home to several Amerindian groups, it was colonized by Spain in the 16th century and gained independence in 1820 as a sovereign nation. Most of its population of 16.4 million citizens are considered mestizos, followed by people of European, native American and African descent. Spanish is the official language spoken by the majority of its people.

Ecuador has a biodiversity that is reflected in its native plants and animals, including those that reside on the Galápagos Islands, a popular destination for both tourists and researchers alike. The Andes mountain range as well as the Amazon river, both play a critical role in Ecuador’s climate and ecology. As its name indicates, Ecuador’s location at the equator also means there is very little variation in daytime and nighttime hours during the year.

Ecuador’s economy is primarily dependent on petroleum and agricultural products and is currently considered a developing, although upper-middle-income, economy.

2021
April 2Good Friday
April 30Day off for Labor Day / May Day
May 1Labor Day / May Day
May 24The Battle of Pichincha
August 9Day off for Independence Day
October 8Day off for Independence of Guayaquil
October 9Independence of Guayaquil
November 1Independence of Cuenca
November 2All Souls’ Day
December 24Day off for Christmas Day
December 25Christmas Day
December 31Day off for New Year’s Day
  • S.A. (Sociedad Anónima)
  • C.A. (Compañía Anónima)
  • Cía. Ltda. (Compañía Limitada)
  • EP (Empresa Pública)
  • Corporate Tax: 25%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 35%
  • VAT/GST/Sales Tax: 12% (standard rate), 15% (luxury goods), 0% (exports)
  • Banco Amazonas (Private Bank)
  • Banco Bolivariano (Private Bank)
  • Banco Cofiec (Private Bank)
  • Banco Comercial de Manabí (Private Bank)
  • Banco de Guayaquil (Private Bank)
  • Banco de Loja (Private Bank)
  • Banco de Machala (Private Bank)
  • Banco del Austro (Private Bank)
  • Banco del Litoral (Private Bank)
  • Banco del Pacífico (Private Bank)
  • Banco Pichincha (Private Bank)
  • Banco Delbank (Private Bank)
  • Banco General Rumiñahui (Private Bank)
  • Banco Internacional (Private Bank)
  • Banco Finca (Private Bank)
  • ProCredit Bank (Private Bank)
  • Produbanco (Private Bank)
  • Banco Solidario (Private Bank)
  • Banco Sudamericano (Private Bank)
  • Citibank Ecuador (Private Bank)
  • Banco Promérica (Private Bank)
  • Banco Coopnacional (Private Bank)
  • Banco D-Miro (Private Bank)
  • Banco Capital (Private Bank)

Aadmi can support you with your expansion to Ecuador. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

September 10, 2022
What Is Corporate Maintenance? Corporate maintenance is the practice of complying with the record-keeping requirements a country or a regional government imposes on a corpo...
August 26, 2022
When you are expanding into global markets, one of the first things you need to look into is the tax system. From withholding tax laws for payroll to service taxes, there a...
July 28, 2022
Aadmi Aadmi is a full-service HR consultancy firm and a global expansion/retraction partner that companies can rely upon when expanding into or moving out of another countr...
June 21, 2022
Whether you have already expanded into another country and are hiring local resources or simply wish to draw from a foreign talent pool, there are a few things you need to ...
Not found