Guides · Published August 20, 2026
S.A., Cía. Ltda. or S.A.S.: how Ecuadorian company types differ
Ecuador’s three most used corporate forms compared: minimum capital, partners, how each is incorporated and when each one makes sense. With the legal citations.
Nearly every Ecuadorian company uses one of three figures: the stock corporation (S.A.), the limited liability company (Cía. Ltda.) and, since 2020, the simplified stock company (S.A.S.). All three limit the owners' liability to what they contributed; they differ in how much it costs to open them, who can join and how ownership is transferred.
The comparison, at a glance
| Feature | S.A. | Cía. Ltda. | S.A.S. |
|---|---|---|---|
| Minimum capital | $800 | $400 | No minimum |
| Partners | From 1 (2023 reform) | From 1 (2023 reform), up to 15 | From 1, no cap |
| Ownership transfers by | Freely tradable shares | Only with the capital's unanimous consent | Whatever the bylaws agree |
| Incorporated by | Traditional corporate filing | Traditional corporate filing | Private document, online |
Where each rule comes from
The S.A. and the Cía. Ltda. live in the Ley de Compañías, whose text in force is the official consolidation published in Registro Oficial 312 of November 5, 1999, much amended since. The minimum capitals, $800 for the stock corporation and $400 for the limited company, are not in the law at those figures: the law itself delegates setting them to a general resolution of the Superintendencia de Compañías (arts. 160 and 102, respectively), and those are the amounts in force. The rule that transferring a limited company's ownership interests requires the unanimous consent of the share capital is in article 113. And the 15-partner cap, in article 95.
Single ownership, that is, incorporating an S.A. or a Cía. Ltda. with just one owner, arrived with the reform to the Ley de Compañías (Registro Oficial supplement 269, March 15, 2023), which also allowed more filings without a notarized deed and ordered the SRI (the tax authority) to issue a new company's RUC, the taxpayer number, within 24 hours.
The S.A.S. was born with the Ley Orgánica de Emprendimiento e Innovación (Registro Oficial supplement 151, February 28, 2020): no minimum capital, a single shareholder possible and incorporation by private document. The Superintendencia enabled the online filing in May 2020. Its effect was immediate: today it is the figure under which the vast majority of new companies are born.
What the three share
More than the comparison suggests. All three are legal persons distinct from their owners, with their own estate; all three limit each owner's liability to what they contributed; and all three carry the same obligations before the State: keeping accounts, filing financial statements within the first four months (Ley de Compañías, art. 20), filing taxes and invoicing electronically. Choosing the simplest figure does not reduce the later workload: the annual calendar is practically the same.
Other figures in the registry
The directory also records less common forms. The foreign branch is not an Ecuadorian company, but the domiciled establishment of a company from abroad, with an assigned capital of at least $2,000 (Ley de Compañías, arts. 415 and following). The mixed-economy company has State participation in its capital. And in the partnership limited by shares, partners who answer unlimitedly for the debts coexist with shareholders who only risk their contribution. They are all in the company types index, with the count of each.
Which one to choose
There is no single answer and this is not legal advice, but the registry's pattern is clear. To start from scratch, the S.A.S. removed the two barriers that made incorporation slow: the minimum capital and the notarized deed. The limited company still makes sense when the owners want the law itself, not just their internal pact, to keep third parties out. And the stock corporation is the figure designed for capital that changes hands, including an eventual move into the securities market. For a real decision, consult a lawyer.
With the figure chosen, the incorporation path (company name, electronic signature, articles, registration and RUC) lives in how a company is incorporated in Ecuador.
Frequently asked questions
- What is the minimum capital for each company type?
- The stock corporation (S.A.) requires 800 dollars and the limited liability company (Cía. Ltda.), 400. The S.A.S. has no minimum capital. A branch of a foreign company must assign at least 2,000 dollars.
- How many partners can a limited liability company have?
- Up to 15. Since the March 2023 reform it can also be incorporated with just one, same as the stock corporation.
- Why are almost all new companies S.A.S.?
- Because the S.A.S. removed the two entry barriers of the classic forms: the minimum capital and the notarized deed. It is incorporated by private document, online, and admits a single shareholder.
- Can the company type be changed later?
- The Ley de Compañías allows transforming one corporate form into another, with the procedure and approvals the law itself sets. It is not a trivial filing: it pays to choose well from the start.
Keep reading
- The S.A.S.: the legal form that redrew Ecuador’s corporate map Since 2020, the simplified stock company went from not existing to being the form behind 95 of every 100 new companies. What it is, what it allows and where it came from.
- How to incorporate a company in Ecuador The full path, in order: company name, electronic signature, articles of incorporation, registration and the RUC. What changed with the 2020 S.A.S. and the 2023 reform.
- What the RUC is and how to read it What the thirteen digits mean, who issues the number, the statuses it can have with the SRI, and the common myths, like the final 001 identifying a head office: it does not, every company carries it.