SA Incorporation Deed Chile (Escritura de Constitución de Sociedad Anónima)

An SA Incorporation Deed Chile (Escritura de Constitución de Sociedad Anónima) is the founding public deed of a Sociedad Anónima — Chile's most formal and regulated corporate vehicle, governed by Ley 18.046 of 22 October 1981 (Ley sobre Sociedades Anónimas) and its implementing Reglamento (Decreto Supremo 702 of 2012), applicable to public companies (sociedades anónimas abiertas — SAA) and private companies (sociedades anónimas cerradas — SAC) conducting any lawful commercial, industrial, mining, agricultural, or civil activity in Chile.

The Sociedad Anónima (SA) is the oldest and most regulated form of corporate organization in Chile, predating the SpA (introduced in 2007) and the SRL (formally codified in 1923). The SA framework under Ley 18.046 was enacted to modernize the previously fragmented Chilean corporation law and bring it into alignment with international capital markets standards — it was substantially reformed by Ley 20.382 of 2009 (Ley sobre Gobiernos Corporativos) to strengthen corporate governance, minority shareholder protections, and transparency requirements for publicly traded companies.

Ley 18.046 Article 1 defines the SA as an entity in which capital is divided into shares (acciones) and administered exclusively by a board of directors (directorio) on behalf of shareholders (accionistas) who have no personal liability beyond their capital contributions. Article 2 divides SAs into two categories: SAA (Sociedad Anónima Abierta) — companies with 500 or more shareholders, companies that have made a public offering of shares under Ley 18.045 del Mercado de Valores, or companies that the CMF has declared subject to its oversight — and SAC (Sociedad Anónima Cerrada) — all other SAs with fewer requirements. SAAs are subject to mandatory CMF (Comisión para el Mercado Financiero) supervision, including ongoing disclosure obligations, annual audit requirements by a firm registered in the CMF's Registro de Auditores, quarterly financial reporting, and materiality event reporting under CMF Norma de Carácter General 30.

The incorporation deed (escritura de constitución) under Ley 18.046 Article 3 must be executed as a public deed (escritura pública) before a Notario Público. An extract (extracto) of the deed must be inscribed in the Registro de Comercio maintained by the Conservador de Bienes Raíces (CBR) of the company's domicile and published in the Diario Oficial within 60 days of the deed date. For SAAs, the deed must also be filed with and registered by the CMF. The founding shareholders (accionistas fundadores) are listed in the deed and receive their shares upon payment of the initial subscribed capital.

The Reglamento de Sociedades Anónimas (Decreto Supremo 702 of 11 January 2012, published in the Diario Oficial on 6 February 2012) implements Ley 18.046 and establishes detailed rules on directorio composition and operation, shareholders meetings, financial reporting, dividend distribution, share registries, and related-party transaction procedures. The CMF also issues Normas de Carácter General (NCG) — regulatory circulars — establishing specific requirements for SAAs on matters including foreign exchange transactions, financial instrument valuation, and officer compensation disclosure.

The SII (Servicio de Impuestos Internos) requires SAs to complete Iniciación de Actividades within two months of incorporation, register for Impuesto de Primera Categoría at the rate of 27% under the régimen semi-integrado of DL 824 Article 14 A, and comply with IVA obligations under DL 825. SAAs must also register with the CMF's registry and comply with the Ley 18.045 del Mercado de Valores reporting framework if they conduct public offerings of securities.

An SA Incorporation Deed Chile is needed whenever one or more founders wish to establish a Sociedad Anónima under Ley 18.046 of 1981 — Chile's most formally regulated corporate vehicle — typically for large businesses, publicly listed companies, or enterprises requiring access to the Chilean capital markets under the framework regulated by the CMF (Comisión para el Mercado Financiero).

The SA Incorporation Deed is required when founders wish to establish a company capable of listing on the Bolsa de Comercio de Santiago (BCS) or the Bolsa Electrónica de Chile (BEC). Only SAs may conduct public offerings of shares under Ley 18.045 on the Mercado de Valores — and only SAAs registered with the CMF Registro de Valores are permitted to offer shares to the general public through the stock exchange. SpAs and SRLs cannot access public capital markets in Chile.

The deed is required when establishing a company that will hold an operating license (concesión) for a regulated industry where the SA form is mandated or strongly preferred by Chilean law or regulatory practice. Banking institutions (bancos) must be organized as SAs under the Ley General de Bancos (DFL 3 of 1997) and are regulated by the CMF and the Banco Central de Chile. Insurance companies (aseguradoras) must be SAs under DL 251 of 1931 (Ley de Compañías de Seguros), regulated by the CMF. Pension fund administrators (AFPs — Administradoras de Fondos de Pensiones) must be SAs under Decreto Ley 3.500 of 1980 (Sistema de AFP). Open-end mutual funds (fondos mutuos) are managed by SA fund managers under Ley 20.712.

The SA Deed is needed when structuring a joint venture (empresa en conjunto) between large corporations or between Chilean and foreign investors that requires the SA's formal governance structure including a mandatory directorio, annual shareholders meeting (junta ordinaria de accionistas), and audited financial statements under IFRS (Normas Internacionales de Información Financiera, adopted in Chile through CMF Circular 457 and related instruments).

The deed is also required when a business reaches the scale at which an SpA or SRL would become cumbersome — specifically when shareholder numbers approach 50 (the SRL maximum) or when the company's size warrants professional directorio governance, independent auditors, and structured minority shareholder protections. The SA's mandatory distribution of at least 30% of distributable profits as dividends under Ley 18.046 Article 79 makes it attractive for passive investors seeking regular returns.

A valid SA Incorporation Deed Chile under Ley 18.046 Article 3 must contain the following essential elements as expressly required by the statute and Reglamento DS 702/2012.

Company Name (Razón Social): The chosen name of the SA, which must include the words 'Sociedad Anónima' or the abbreviation 'S.A.' per Ley 18.046 Article 8. For SAAs, the name must include 'Sociedad Anónima Abierta' or 'S.A.A.' For companies in regulated sectors, the CMF or relevant regulator may impose additional naming requirements — for example, banks must include 'Banco' or 'Banco de Chile' in accordance with the Ley General de Bancos.

Corporate Purpose (Objeto Social): The specific business activities of the SA. Ley 18.046 Article 3 N°2 requires the escritura to state the corporate purpose — unlike the SRL or SpA where a broad general purpose is common, SA incorporation practice typically involves a reasonably specific purpose clause because the CMF reviews the stated purpose for regulated activities and the Bolsa de Comercio de Santiago classifies listed companies by industry sector for investor disclosure purposes.

Registered Domicile (Domicilio): The specific municipality (comuna) in Chile where the SA maintains its legal seat. For SAAs, changes of domicile require CBR inscription, CMF notification, and Diario Oficial publication. The domicilio determines which CBR Registro de Comercio maintains the SA's file, the competent Juzgados de Letras for commercial disputes, and the applicable SII Dirección Regional.

Initial Capital and Shares (Capital Inicial y Acciones): The total authorized capital divided into a specified number of shares. Under Ley 18.046 Article 10, the capital must be fixed in the estatutos and may only be modified through a shareholder meeting resolution with a 2/3 qualified majority under Article 67. Capital may be expressed in Chilean Pesos (CLP) or in any other currency, though SII treatment requires conversion to CLP for tax purposes. The escritura must specify the number of shares subscribed by founders and the payment terms — Ley 18.046 Article 11 requires that all subscribed capital be paid within three years of constitution.

Directorio (Board of Directors): The mandatory governing body of all SAs under Ley 18.046 Article 31. The escritura must specify the number of directors (directores) — a minimum of three for SACs and five for SAAs under Article 31 — and the term of office (one to three years, renewable). The estatutos must establish director election procedures, director qualifications, and conflict of interest rules in compliance with Ley 18.046 Articles 36 through 44. For SAAs, at least one-third of directors must be independent (directores independientes) under Article 50 bis (introduced by Ley 20.382 of 2009) and must serve on the Comité de Directores (audit committee).

Gerente General: Most SAs appoint a Gerente General (Chief Executive Officer) as the chief executive officer of day-to-day operations, distinct from the directorio. The escritura may identify the initial Gerente General and specify their scope of authority — though the Gerente General's full authority scope is typically established in a separate appointment resolution (acuerdo del directorio). Under Ley 18.046 Article 49, the Gerente General is jointly and severally liable with the directorio for acts performed in violation of the company's estatutos or applicable law.

First Shareholders (Accionistas Fundadores): Identity of all founding shareholders including full name, RUT, and domicile, together with the number of shares subscribed and the paid-in amount at incorporation. For SAAs, the Registro de Accionistas (shareholder register) maintained by the SA or a registered transfer agent (DCV — Depósito Central de Valores for listed SAAs) constitutes the authoritative ownership record.

Share Transfer Rules: For SACs, the estatutos may impose restrictions on share transfers including rights of first refusal and directorio approval requirements — these must comply with Ley 18.046 Article 14 which limits the types of transfer restrictions permissible for SAs. For SAAs, share transfer restrictions are largely prohibited to maintain liquidity in the public market.

Dividend Policy: The escritura must address dividend distribution. Ley 18.046 Article 79 requires SAAs to distribute at least 30% of net distributable profits (utilidades líquidas) as dividends (dividendo mínimo obligatorio) in each fiscal year — a statutory minimum not applicable to SpAs or SRLs. SACs may reduce this minimum in their estatutos to a lower percentage or zero if all shareholders agree.

CBR and CMF Registration: The extraction and inscription at the CBR Registro de Comercio must be completed within 60 days of the escritura. SAAs must additionally register with the CMF's Registro de Valores within the applicable period and comply with the ongoing reporting obligations of CMF Norma de Carácter General 30 (material event disclosures) and Ley 18.045 Article 9 (prospectus requirements for public offerings).

Forms-legal.com provides this SA Incorporation Deed Chile template as a reference for structuring the foundational documents of a Sociedad Anónima under Ley 18.046. Every SA incorporation — particularly for SAAs or regulated industry companies — must be prepared and reviewed by a licensed Abogado with corporate law expertise, an auditor registered with the CMF, and a tax advisor to ensure full compliance with Ley 18.046, the Reglamento DS 702/2012, applicable CMF Normas de Carácter General, and SII enrollment requirements. Los usuarios de forms-legal.com pueden descargar este documento de forma gratuita en formato PDF o DOCX, completar los campos del formulario guiado y obtener un documento listo para firma.