montreal, december 3, 2015. today’s agenda 1.about pro ecuador 2.legal framework for investment...
TRANSCRIPT
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WELCOME / BIENVENUE
MONTREAL, DECEMBER 3, 2015
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Today’s agenda
1. About PRO ECUADOR
2. Legal framework for investment
3. Examples of projects
4. Questions
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1.- ABOUT PROECUADOR
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ABOUT PRO ECUADOR
PRO ECUADOR is the Ecuadorian Agency of Trade and
Investment Promotion. Created in 2012 with the main goal
of giving the country a stronger presence in foreign
markets. A
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ABOUT PRO ECUADOR
PRO ECUADOR has a wide network of
6 local offices and 30 international
offices located around the world.
In Canada we are present in Toronto
and in MontrealA
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OUR SERVICES
1. Link your company with top-notch Ecuadorian exporters
2. Organize trade and investment missions (from and to Ecuador)
3. Provide logistic support in visits to Ecuador (organize agenda, support of local team in transportation, translation, etc.)
4. Organize events (match-making, visit to facilities, etc.)AABOUT PRO ECUADOR
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2.- LEGAL FRAMEWORK
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2.- LEGAL FRAMEWORK
In Ecuador, the Foreign Direct Investment is primarilyregulated by:
1. Ecuadorian Constitution 2. Organic Code or Production, Commerce and
Investment (COPCI)3. Tax Regimen4. Public-Private Partnership RegimenB
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2.1.- CONSTITUTION
ART. 285 of the Constitution:
" ... The fiscal policy objectives, among others, are the creation of incentives for investment in different sectors of the economy and the encouragement for the production of goods and services socially desirable and environmentally responsible”
LEGAL FRAMEWORK
B
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2.2.- The Organic Code of Production, Commerce and Investment (COPCI)THE LEGAL FRAMEWORK TO PROMOTE NEW INVESTMENT WITH TAX INCENTIVES
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2.2.1.- General Incentives
• 3% reduction of Income Tax for all types of companies (Income Tax rate 22%);
• Exemption of the Currency Outflow Tax for loan payments (capital & interests) granted by financial institutions located abroad;
• Exemption of the prepaid income tax for 5 years, applied only for new companies;
• New investments that aims to increase employment, improve wages, acquire assets, improve productivity and innovate are exempt from prepaid Income Tax
COPCI
B
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2.2.1.- General incentives
REINVESTMENT IN PRODUCTIVE ASSETS
Reduction of 10% in the rate of Income Tax on the amount reinvested in Productive Assets
Main conditions:
• Purchase of new machinery and equipment• Acquisition of infrastructure for agricultural production,
forestry, livestock and floriculture• Investment on research and technology to improve
productivity• Investment that generates employment
COPCI
B
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2.2.2.- Prioritized sectors
Metalworking
Petrochemicals Tourism
Pharmaceuticals Renewable EnergyBiotechnology and applied software
Fresh, frozen and processed foods
Forestry value chain and its processed goods
Logistics services for international trade
COPCI
B
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2.2.2.- Prioritized sectors for substitution of imports
Basic chemicals
Pesticides and products for agricultural use
Soaps , detergents, perfumes and toilet preparations
Radio, TVs and cell phones
Chemicals products
Ceramic products
Textiles
Leather and footwear
Domestic Appliances Cement production
COPCI
B
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2.2.3.- Incentives for prioritized sectors
For new companies, located outside the urban areas of Quito and Guayaquil:
Exemption of Income Tax for 5 years from the moment first income is generated.
For new companies that are located inside the urban areas of Quito and Guayaquil, and for companies established prior to December 2010:
An additional 100% deduction of depreciation costs for fixed and productive assets for a period of 5 years, beginning at first productive use of asset.
1 2
COPCI
B
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2.2.3.- Incentives for prioritized sectors
• Taxpayers whose economic activity is exclusively related to the development of software or technology projects, and with a stage of development longer than one year.
• Taxpayers whose economic activity is exclusively related to agricultural production, projects in forestry and agroforestry with a growing stage of over one year (will be exempt during the tax periods where no taxable income is generated).
WHO IS EXEMPT FROM PAYING THE PREPAID INCOME TAX?
COPCI
B
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2.2.3.- Incentives for prioritized sectors
BASIC INDUSTRIES
• Exemption from Income Tax for 10 years, beginning on the first year that income attributable to new investment is generated.
• If the investment is made in towns, townships located in the Ecuadorian border (with Colombia or Peru), exemption from income tax will be for a period of 12 years.
Copper AluminumSteel Industry
Shipyards Cellulose
Petrochemical
COPCI
B
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2.2.4.- Specific incentives for development of new economic zones
• Known as Special Economic Development Zones (ZEDES)
• Authorized by the National Government, as a customs destination in especially determined spaces within the national territory, for setting up new investment.
• ZEDES’ destination takes into account conditions such as environmental preservation, potential of each site, road infrastructure, basic services, etc.
• The purposes can be for transfer of technology and innovation, execution of industrial diversification and develop of logistical services.
COPCI
BConditions of a ZEDE
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2.2.4.- Specific incentives within Special Economic Development Zones
1. Income Tax of 17%
2. Exemption from customs tariffs on foreign goods entering these areas
3. 0% VAT on imported goods, to be used exclusively within the authorized zone
4. Tax credit for VAT paid on local purchases.
5. No payment of Currency Outflow Tax (5%), for imports of productive goods.
ZEDE Eloy AlfaroLocation: ManabíPetrochemical, Industry and Logistics
ZEDE YachayLocation: ImbaburaTechnology, Logistics and Industry
ZEDE ELOY ALFARO
COPCIB
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TRAININGIMPROVED PRODUCTIVITY
AND BUSINESS DEVELOPMENT
PROMOTION
• Travel expenses, lodging and commercial promotion for access to international markets, such as business conferences, participation in international fairs.
2.2.5.- Incentives for small and medium enterprises (SMEs)100% of expenses related to the following items may be deducted from Income
Tax:
• Technical training for research, development and technological innovation.
• Technical assistance and market analysis of competitiveness; assistive technology process design, product, adaptation and implementation of processes, packaging design, development of specialized software.
.
COPCI
B
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2.2.6.- Environmental incentives
There are tax incentives for:
Acquisition of machinery, equipment and technologies for the implementation of cleaner production mechanisms, power generation from renewable sources (solar, wind, etc.) or systems that reduce the negative environmental impact of production activity and emission of greenhouse gases.
COPCI
B
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2.2.7.- Incentives for depressed areasINCENTIVE FOR COMPANIES
INVESTING IN DEPRESSED AREAS
Income Tax payment in depressed areas will receive an additional 5 year - 100% deduction for the cost of wages, salaries, social benefits and for costs related to the generation of new employment.
Methodology to determine a depressed area:
• Economic variables • Social Variables• Capacities of the areas
COPCI
B
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2.2.8.- Investment contract
• Upon the investor’s initiative, investment contracts may be signed. The investment contract shall not be interpreted as authorization for development of activities in strategic sectors, in which other specific habilitating titles defined by sector laws, are required, such as contacts, permits, authorizations, concessions, etc.
• The existing of an investment contract shall not limit regulation and control from the State through its appropriate entities. given to investment, under the scope of this Code and its Regulation.
COPCI
B
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2.2.8.- Investment contract
1. It is Optional: To gain access to tax incentives, it is not necessary to sign the Investment Agreement or contract.
2. Sector: All companies that develop productive activities.
3. Terms: up to 15 years, renewable for the initial period approved.
4. Dispute Resolution: International Arbitration in case of foreign investors.
5. New investment: minimum USD 250,000 the first year. 1 million for the entire project.
COPCI
B
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2.2.8.- Types of Investment Contract
CHARACTERISTICS PRODUCTIVE SECTORSLARGE-SCALE MINING
AND BASIC INDUSTRIES
OTHER SECTORS
STABILITYApplicable only on tax
incentives established on the COPCI
Includes Income Tax, Currency Outflow Tax, VAT and other direct
national taxes
Includes Income Tax, Currency Outflow Tax, VAT and other direct
national taxes
INCOME TAX 22% 22% 25%
MINIMUM INVESTMENT
AMOUNTUS$1.000.000 US$100.000.000 US$100.000.000
REQUIREMENTSSubmit request, to be approved by a Council
Submit request, to be approved by a Council
Must have Sectorial Ministry report
and approval from Tax Policy Committee
1 2 3COPCI
B
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2.2.8.- Process for signing the investment contract
First contact with the investor – Presentation of the project
Sending the Investment KitDelivering requested
documentation regarding the investment project
Validating the delivered documentation
Preparing the technical report for the Sectorial
Production Council
Approval of the project by the Sectorial Production Council
Signing the Contract
Drafting the contract Investor’s approval Signing the contract
30days
1 3
4
56
760
days
2
30days
COPCI
B
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2.2.8.- Signed investment contracts
44 investment contracts had been signed, for a total of USD 4.5 billions
COPCI
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2.3.- Public - Private Partnership
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Scope of application
• The Regulations of the Public-Private Partnerships Regimen, extend the possibility for the private sector to finance public projects.
• Private initiatives can refer to any project: 1. Strategic sectors (energy, telecommunications, logistics,
mining, oil, etc.)2. Public services (hospitals, schools, etc.) or any other service.3. Public infrastructure: Low cost social housing, urban
development (ports, airports, etc.)4. Productive activities in Research and Development5. Projects that are a priority to the Government
PUBLIC-PRIVATE PARTNERSHIP
B
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Art. 5: The Public-Private Regimen guarantees independence within Ecuador’s legal system.
Therefore, the content of the regimecannot be affected by changes in other laws.
Legal stability
BPUBLIC-PRIVATE PARTNERSHIP
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Art. 8: If the situation warrants, the Executive branch of government may issue a decree to
facilitates processes in order for an investment to be realized in a reduced period
of time
Process facilitation
BPUBLIC-PRIVATE PARTNERSHIP
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Objectives
Attract domestic and foreign investment for the
implementation of public projects.
Facilitate internal financing through the stock market
Public-private Partnership = Promotion of Productive Financing +
Foreign Investment BPUBLIC-PRIVATE PARTNERSHIP
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Incentives to investors
Stability on tax regime.
Project to be exempt from income tax for 10 years.
Payments of dividends and interests due to external financing (period > 1 year and % < from Central Bank of Ecuador) are exempt from
Currency Outflow Tax
VAT compensation for cost reduction (not applicable in natural resources i.e. oil)
Exemption from customs tariff and other taxes, such as the transfer of ownership.
PUBLIC-PRIVATE PARTNERSHIP
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ECUADORIAN GOVERNMENT
• Guarantees legal framework stability
• Develops adequate policies and infrastructure
• Invests when necessary
LOCAL PRIVATE COMPANY
• Possible joint ventures
• Facilitates relationships within the local market
• Invest when necessary
FOREIGN PRIVATE COMPANY
• Provides know how, technology and best practices
• Brings experience for new commercial agreements
• Attracts foreign investment
Foreign partners/investors will benefit from the involvement of the Ecuadorian Government and other local players
TRIPARTITE MODEL FOR PARTNERSHIP
Ecuador is currently searching for foreign partners to actively participate in the development of its basic industries
The management model is negotiable and may vary depending on stakeholder’s participation.
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3.- INVESTMENT PROJECTS
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Oil Refinery of the Pacific RDP´s project Project Details
• The project site covers an area of approximately 700ha, and the Pacific refinery will have an ultimate crude processing capacity of 300,000bpd.
• The refinery is intended to cut domestic fuel costs for Ecuador.
Investment:USD $12 BILLION
INVESTMENT PROJECTS
C
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Road Networks Logistic and Transportation infrastructure
Guayaquil
Quito
Machala
TulcánEsmeraldas
Santo Domingo
Latacunga
Ambato
Riobamba
Cuenca
Loja
Manta
Portoviejo
Nueva Loja
Ibarra
Babahoyo
Huaquillas
COLOMBIA
PERÚ
Corredores logísticos consolidados
Corredores logísticos con potencial de consolidación
Eje Estructurante nacional
Guayaquil
Quito
Machala
Tulcán
Esmeraldas
Santo Domingo
Latacunga
Ambato
Riobamba
Cuenca
Loja
Manta
Portoviejo
Nueva Loja
Quevedo
Ibarra
Babahoyo
Huaquillas
Providencia
Puerto Morona
LMacará
Routes DistanceKm.
InvestmentUSD. MM
Highway road Puerto Bolívar -Puerto Morona 600 364Manta – Manaos
Norte Via Manta –Latacunga – Quito - Tarapoa 1.000 1.700
Manta Manaos Sur Vía Manta – Latacunga –Ambato – Baños - Puyo-Tena - Tarapoa 1.055 1.752
TOTAL 2.655 3.516
According to the Ministry of Transport and Public Works, Ecuador has a transportation infrastructure of 43,197 km of roads, this being the main means of communication in the country.
INVESTMENT PROJECTS
C
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Financing
On November 26th, the Ministry of Productionand the Vice-President of Ecuador, held a presentation called “Ecuador, a Republic of Opportunities”. Some Important points:
• There are line of credits already approved with the World Bank (500M), for private sector looking for projects in Ecuador• 200M available from the Inter-American Development Bank
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THANK YOU
4.- QUESTIONS
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CONTACT US
PRO ECUADOR CANADA
Address: 130 Adelaide St. West, Suite 2101, Toronto ON M5H 3P5
Phone: 647-352-5511
Fax: 647-352-5512
E-mail: [email protected]