SpA Shareholders Pact — Chile

SpA Shareholders Pact in Chile (Pacto de Accionistas SpA) is a private agreement between two or more shareholders of a Chilean Sociedad por Acciones (SpA) governed by Código de Comercio Article 425, establishing the terms and conditions under which shareholders exercise their rights with respect to their SpA shares beyond the rights set out in the company's bylaws (estatutos sociales). The SpA structure, introduced by Ley N° 20.190 of 5 June 2007 and governed by Código de Comercio Articles 424–446, is the dominant corporate vehicle for Chilean startups, joint ventures, and investment holding structures because of its single-shareholder viability, flexible share series under Article 434, and streamlined electronic incorporation through the Registro de Empresas y Sociedades (RES).

Article 425 of the Código de Comercio establishes that the SpA's bylaws and shareholder arrangements (pactos de accionistas) can be freely designed by the shareholders to govern the company's internal affairs — a flexibility that distinguishes the SpA from the more rigid Sociedad Anónima (S.A.) governed by Ley N° 18.046. Unlike the S.A., where shareholders agreements are binding only between the parties and inoponible to the company under Ley N° 18.046 Article 14, SpA shareholders can incorporate the terms of their pact directly into the company's bylaws (estatutos), making the pact enforceable against the company itself and against all future shareholders who acquire shares with notice of the pact's existence.

The SpA shareholders pact is the standard instrument used by Chilean startup founders receiving investment from CORFO-backed venture capital funds through programs such as Startup Chile (now in its fourteenth generation with over 1,800 alumni companies), the CORFO Fondo de Fondos (FdF) program that commits institutional capital to Chilean VCs, and direct CORFO grant programs like SSAF (Subsidio Semilla de Asignación Flexible). Participating in these programs requires demonstration of a structured corporate governance framework — including a shareholders pact governing equity allocation, vesting, and investor rights — reviewed by CORFO's evaluation panels.

The Comisión para el Mercado Financiero (CMF) does not regulate SpA companies unless they reach the thresholds that trigger classification as a Sociedad Anónima Abierta under Ley N° 18.046 Articles 2 and 3 — specifically, 500 or more shareholders, or publicly offered securities. SpA companies that receive investment from CMF-regulated investment funds (fondos de inversión under Ley N° 20.712 on Fondos de Inversión, supervised by the CMF) may be required by their fund investors to comply with enhanced governance and reporting standards aligned with CMF requirements, even though the SpA itself is not directly supervised by the CMF.

The Servicio de Impuestos Internos (SII) treats shares (acciones) in an SpA as capital assets (bienes de capital) for tax purposes under the Ley sobre Impuesto a la Renta (LIR — Decreto Ley N° 824). Transfers of SpA shares trigger capital gains tax (impuesto al mayor valor) under LIR Article 17 N° 8, and the shareholders pact's provisions on share valuation, transfer pricing, and anti-dilution adjustments have direct SII tax implications that parties should model with a contador auditor before executing the pact. Related-party SpA share transfers are subject to SII transfer pricing scrutiny under LIR Article 41 E and Circular N° 29 of 2013.

A SpA Shareholders Pact is required whenever two or more shareholders of a Chilean SpA need to govern their ownership rights, transfer conditions, and governance arrangements beyond the standard provisions of the company's bylaws.

Founder teams launching technology startups through Startup Chile or seeking CORFO SSAF grants execute a shareholders pact at the time of incorporation or at first external investment to address: equity splits between co-founders; vesting schedules — typically four-year vesting with a one-year cliff, adapted from Silicon Valley norms for Chilean law — protecting the company and investors against a founder departing with unvested equity; non-compete obligations (obligaciones de no competencia) during and after the founder's involvement; and provisions for founder share redemption (recompra de acciones) at nominal value if a founder leaves before vesting.

Angel investors (inversionistas ángel) making seed-stage investments in Chilean startups through networks such as ACAFI (Asociación Chilena de Administradoras de Fondos de Inversión), Platanus Ventures, or Fundación Chile's innovation programs require a shareholders pact governing: the anti-dilution protection applicable to their Series A preferred shares; information rights — quarterly management accounts and annual audited financials; board observer rights (derecho de asistir al directorio sin voto); and pro-rata rights (derecho de seguir en rondas futuras) to maintain their ownership percentage in future funding rounds.

Joint venture (empresa de riesgo compartido) partners constituting an SpA for a specific project — a real estate development project subject to DFL N° 2 tax benefits, an agri-technology venture in Chile's central valley, or a lithium processing project in the Atacama region under Código de Minería concessions — use a shareholders pact to define the management structure, financial contribution obligations, profit distribution mechanism, and exit provisions for each partner.

Chilean subsidiaries of multinational corporations structured as SpA entities use shareholders pacts to govern the relationship between the foreign parent company and any local co-investors, reflecting the requirements of Chilean foreign investment law under Ley N° 20.848 and the Banco Central de Chile's Chapter XIV reporting obligations for foreign direct investment inflows.

A valid SpA Shareholders Pact in Chile under Código de Comercio Article 425 must contain the following essential elements to provide effective governance, protect shareholder rights, and ensure enforceability under Chilean law:

Parties and Share Ownership (Partes y Propiedad Accionaria): Full identification of all shareholder parties — name, RUT (Rol Único Tributario), address, number of shares held in each series, and percentage of total issued capital. Reference to the SpA's share registry (registro de accionistas) maintained by the administrator under Código de Comercio Article 446.

Vesting Provisions (Disposiciones de Vesting): For founder shares and employee equity grants, vesting schedules specifying: the total number of shares subject to vesting; the vesting period (typically forty-eight months); the cliff period (typically twelve months — no shares vest until the cliff date); the vesting schedule post-cliff (monthly or quarterly acceleration); acceleration provisions for change of control (cambio de control) and termination events; and the company's right to repurchase unvested shares (derecho de recompra de acciones no devengadas) at nominal value (valor nominal) if a shareholder departs before full vesting. These provisions are governed by Código Civil Articles 1545–1550 on conditional obligations (obligaciones bajo condición).

Share Transfer Conditions (Condiciones de Transferencia de Acciones): Under Código de Comercio Article 437, SpA share transfers can be restricted in the bylaws or pact. The pact should specify: right of first offer (derecho de primera oferta); right of first refusal (derecho de tanteo) — existing shareholders can match third-party offers within thirty days; lock-up periods (períodos de restricción) from initial investment; permitted transfers (transferencias permitidas) — transfers to affiliates, family trusts, or estate planning vehicles without triggering consent requirements; and tag-along rights (derechos de acompañamiento) — any shareholder proposing to sell shares must offer other shareholders the right to sell on the same terms.

Drag-Along Rights (Derechos de Arrastre): Provisions allowing a defined majority — typically shareholders holding more than 70% of total issued shares — to compel all other shareholders to sell their shares to a third-party acquirer approved by the majority at the same price per share. The drag-along power of attorney must be constituted by notarial deed (escritura pública) under Código Civil Article 2123 to be legally effective for mandatory share transfers.

Anti-Dilution Protection (Protección Antidilución): For preferred shareholders (accionistas preferentes) holding Series A or higher shares, anti-dilution adjustments triggered when new shares are issued at a lower price per share (precio por acción) than paid by the protected shareholder. Common anti-dilution formulas under Chilean practice include: (a) full ratchet — the conversion ratio is adjusted to the new lower price, providing maximum protection; and (b) broad-based weighted average — the conversion ratio is adjusted proportionally to the dilutive effect, standard in Chilean VC transactions backed by CORFO's Fondo de Fondos.

Board Governance (Gobierno del Directorio o Administrador): For SpA companies using a sole administrator (administrador único) under Código de Comercio Article 425, provisions for investor approval of the administrator appointment and replacement. For SpA companies converting to a board of directors (directorio) governance model, provisions specifying board composition — number of directors, appointment rights of significant shareholders, quorum and voting requirements for board resolutions, and consent requirements for strategic decisions (decisiones estratégicas) such as incurring debt above a threshold, selling material assets, or approving annual budgets.

Information and Inspection Rights (Derechos de Información e Inspección): Enhanced information rights beyond the statutory right of shareholders to inspect books at the company's domicile: monthly management accounts (estados de gestión mensuales), quarterly financial statements, annual audited financial statements prepared by a contador auditor registered with the Colegio de Contadores de Chile, annual operating plans and budgets, and prompt notice of material events (hechos relevantes) affecting the company's operations or financial position.

Pre-Emptive Rights (Derechos de Suscripción Preferente): Rights of existing shareholders to subscribe new shares in proportion to their current ownership in any capital increase (aumento de capital) approved under the SpA's bylaws, protecting shareholders from dilution. Under Código de Comercio Article 436, the SpA's bylaws may establish pre-emptive subscription rights as a statutory right; the pact reinforces these rights contractually with additional terms and notice periods.

Exit Provisions (Disposiciones de Salida): Mechanisms for shareholders to realize value from their investment — including: IPO registration rights (derechos de registro para OPV — oferta pública de venta) requiring the company to take the steps necessary for an initial public offering on the Bolsa de Comercio de Santiago (BCS) or a foreign exchange; co-sale rights (derechos de co-venta) in a trade sale; and compulsory buyout provisions (compra forzada) triggered by deadlock, material breach, or change of control events.

Dispute Resolution (Resolución de Controversias): Mandatory mediation followed by arbitration (arbitraje) under the rules of the Centro de Arbitraje y Mediación de Santiago (CAM Santiago), applying Chilean law, in the Spanish language, conducted in Santiago.

Forms-legal.com provides this SpA Shareholders Pact Chile template as a reference for founders, investors, and corporate counsel establishing governance frameworks for Chilean SpA companies. Startup equity arrangements, venture capital investment terms, and CORFO program compliance should be reviewed by an abogado specializing in derecho societario and by CORFO's legal advisors before executing the pact. 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.