IESS and RUC

What is RUC?

• a voluntary registration regime for those whose income is not greater than USD 60 thousand in the year

• identification number assigned to natural people and / or companies, who develop an economic activity and must pay taxes

Who are natural people?

• national or foreign persons who carry out legal economic activities and may or may not be required to keep accounts.

• any entity that, whether or not it has legal personality, constitutes an economic unit or an independent patrimony of its members

What is a Balance sheet?

• An analysis of the ledger and the taxes to be paid that are related to most transactions such as IVA.

• the financial statement of a company which includes assets, liabilities, equity capital, total debt, etc. at a point in time.

What is the "Superintendencia de Compañias, Valores y Seguros"

• The governmental institution that approves the crreation of the company

• The governmental institution that gives the municipal license

What are PYMES?

• medium and large companies with a limited number of workers and that do not have the large resources of bigger companies.

• small and medium enterprises with no more than 250 workers in total and that do not have the large resources of larger companies.

What are the social benefits that affiliated employees must receive?

• -13th salary

  -14th salary

  -Vacations

  -Reserve funds

• -13th salary

  -14th salary

  -Individual contribution

  -Reserve funds

• -13th salary

  -14th salary

  -Individual contribution

  -Vacations

What is a salary?

• A particular amount of money that is paid, usually every week.

• The monthly stipend paid by the employer to the worker under the contract.

The __________ salary corresponds to an extra salary received on December

The __________ ____________ is the 9.45% of the salary that is discounted to the employee monthly.

Every employee who has been working for one (1) year in the company, has the right of having paid _________ for a period of 15 days, including non-working days.