Transfer of SpA Shares Agreement Chile (Cesión de Acciones SpA)

Transfer of SpA Shares Agreement Chile (Contrato de Cesión de Acciones de SpA) is the legal instrument governing the transfer of shares (acciones) in a Sociedad por Acciones (SpA) from one shareholder (cedente or vendedor) to another person or entity (cesionario or comprador), regulated by Código de Comercio Article 434 and supplementarily by Ley N° 18.046 Article 14 on share transfer procedures for Sociedades Anónimas. The SpA — introduced into Chilean law by Ley N° 20.190 of 5 June 2007 — was specifically designed to offer freely transferable shares (acciones libremente cesibles) as a core advantage over the Sociedad de Responsabilidad Limitada (Limitada) governed by Ley N° 3.918, where ownership interests require unanimous partner consent and notarial formalities to transfer.

Código de Comercio Article 434 establishes the fundamental principle of free transferability of SpA shares — the transfer of shares does not require modification of the constitutive instrument (escritura de constitución), intervention of a Notario Público, publication in the Diario Oficial, or inscription at the Conservador de Bienes Raíces. Instead, the transfer is perfected (se perfecciona) through: (a) a written transfer agreement (contrato de cesión de acciones) signed by the cedente and cesionario; and (b) registration of the transfer in the company's Registro de Accionistas (share registry) — a mandatory corporate book under Código de Comercio Article 435 maintained by the company's administrator. The new shareholder (cesionario) becomes effective owner from the moment of registration in the Registro de Accionistas.

Ley N° 18.046 Article 14 governs share transfer procedures for Sociedades Anónimas and applies suppletorily to SpA share transfers by virtue of Código de Comercio Article 424 which incorporates S.A. law by reference for matters not specifically regulated in the SpA chapter. Article 14 establishes that share transfers take effect between the parties and against the company (efecto entre partes y frente a la sociedad) from inscription in the company's share registry, and against third parties (efecto frente a terceros) from the same registration date.

The Servicio de Impuestos Internos (SII) monitors SpA share transfers for capital gains tax purposes under Ley sobre Impuesto a la Renta (LIR — Decreto Ley N° 824). Article 17 N° 8 letter (a) of the LIR establishes that the gain on the sale of shares (mayor valor en la enajenación de acciones) is subject to income tax — either Impuesto de Primera Categoría (IPCA) for companies, or Impuesto Global Complementario (IGC) for natural persons — unless the specific exemptions under LIR Article 107 (for shares of publicly traded companies on the Bolsa de Valores) apply. SpA shares are not traded on a stock exchange and therefore do not qualify for the Article 107 exemption; all SpA share transfers are potentially subject to capital gains tax.

The Comisión para el Mercado Financiero (CMF) does not regulate ordinary SpA share transfers — SpAs are private companies not subject to CMF public company disclosure requirements. However, if the SpA owns or controls entities regulated by the CMF (such as insurance companies, securities brokers, or banks under Ley General de Bancos — DFL N° 3), the change in ultimate beneficial ownership (UBO) through the SpA share transfer may require prior CMF authorization under the applicable regulatory framework. The Unidad de Análisis Financiero (UAF) — Chile's financial intelligence unit — requires reporting of suspicious transactions in share transfers that may involve money laundering under Ley N° 19.913.

The Registro Civil e Identificación issues the Cédula de Identidad used to identify natural persons in share transfer agreements. For foreign shareholders, the apostille under the Hague Convention (Convenio de La Haya, ratified by Chile via Decreto N° 345 of 2016) authenticates foreign-issued identity documents presented in SpA share transfer transactions. The Conservador de Bienes Raíces plays no direct role in SpA share transfers — in contrast to real property sales (compraventas inmobiliarias) — but may be relevant if the SpA owns real property that changes ultimate ownership through the share transfer.

A Transfer of SpA Shares Agreement is needed in Chile whenever a shareholder in a Sociedad por Acciones wants to sell, gift, or otherwise transfer their shares to another person or entity, changing the ownership composition of the company.

Founder share sales: SpA founders who wish to exit the company — partially or fully — enter into a Transfer of SpA Shares Agreement with the acquiring party (buyer, co-founder, or new investor). Chilean startup ecosystems centered around CORFO's Startup Chile program, Fab Lab Chile, and accelerators in Santiago's Barrio Lastarria and Las Condes technology clusters generate frequent founder liquidity transactions. The agreement establishes the transfer price, the representations and warranties about the SpA's financial condition, and the closing mechanics.

Venture capital and angel investment: When a Chilean SpA raises investment from CORFO Fondo de Fondos-backed venture capital funds, angel investors (inversionistas ángel), or family offices, the investment may be structured as a purchase of existing shares (secondary) or new shares (primary). Secondary share purchases — acquisitions of shares from existing shareholders rather than new issuances — require a Transfer of SpA Shares Agreement documenting the share transfer from the selling shareholder to the investor.

Employee share schemes: Chilean companies that implement equity incentive programs — stock option plans (planes de opciones sobre acciones) or restricted share unit schemes — execute Transfer of SpA Shares Agreements when employees exercise options and receive shares, or when founders transfer shares to key employees as part of retention packages.

Corporate restructuring: Group companies (grupos empresariales) conduct intra-group share transfers as part of corporate restructuring (reorganización corporativa) — consolidating subsidiaries, creating holding structures (sociedades holding), or simplifying group structures. These transfers may qualify for tax-neutral treatment under LIR Article 64 bis reorganization rules if they meet the arm's length and continuity requirements.

Succession planning: SpA shareholders planning estate transfers — either during their lifetime (inter vivos) or as part of testamentary dispositions — execute Transfer of SpA Shares Agreements in combination with trust structures (fideicomisos) or family protocols (protocolos de familia) to organize the intergenerational transfer of business ownership while managing gift tax (impuesto a las herencias y donaciones) exposure under Ley N° 16.271.

Partner buyouts: When one SpA shareholder wishes to buy out another — a common scenario in business partnership disputes or shareholder disagreements — a Transfer of SpA Shares Agreement records the buyout price, payment terms (cash, earn-out, seller financing), and any restrictive covenants (non-compete, non-solicitation) post-closing.

A valid Transfer of SpA Shares Agreement in Chile under Código de Comercio Article 434 and Ley N° 18.046 Article 14 must contain the following essential elements to effect a legally valid share transfer:

Party Identification (Individualización de las Partes): Full legal identification of the cedente (transferor/seller) and cesionario (transferee/buyer). For natural persons: full legal name, RUT number, nationality, civil status, profession, and domicile. For legal entities: razón social, RUT, entity type, domicile, and the legal representative's full identification and authority. The cedente must hold legal title (dominio) to the shares being transferred — evidenced by the company's Registro de Accionistas entry or the original subscription agreement.

Description of Shares Being Transferred (Identificación de las Acciones): Precise identification of the shares subject to transfer: (a) the company's full name (razón social) and RUT; (b) the total number of shares being transferred; (c) the share series (serie) — ordinary shares (acciones ordinarias), preferred shares (acciones preferentes) with specific rights under Código de Comercio Article 434, or other series established in the bylaws; (d) the nominal value (valor nominal) per share; (e) the current Registro de Accionistas entry identifying the cedente's title; and (f) any encumbrances (gravámenes) or restrictions on the shares — pledges (prendas sobre acciones), liens, or bylaw-based transfer restrictions (restricciones estatutarias a la cesión).

Purchase Price and Payment Terms (Precio y Condiciones de Pago): The agreed transfer price (precio de la cesión) in Chilean Pesos (CLP) or another currency — clearly stating whether the price is at market value (valor de mercado), book value (valor libro), or a negotiated price. The payment structure: lump sum at closing (pago al contado al cierre), deferred payment (pago diferido), installment payments (pago en cuotas), earn-out provisions (pagos contingentes sujetos a resultados futuros), or seller financing (financiamiento del vendedor). For capital gains tax reporting purposes, the SII requires that the transfer price reflect the true economic consideration (contraprestación real) for the shares under LIR Article 17 N° 8.

Representations and Warranties (Declaraciones y Garantías): Standard representations by the cedente about the shares being transferred: (a) the cedente has full and unencumbered title (pleno dominio libre de gravámenes) to the shares; (b) the shares are fully paid (acciones íntegramente pagadas) and not subject to pending subscription payments; (c) no third party holds preemptive rights (derecho de preferencia) over the shares unless the bylaw transfer restriction procedures have been followed; (d) the cedente has no pending capital call obligations (obligaciones de aporte pendientes) related to the transferred shares; and (e) the shares are not subject to any court order (orden judicial), attachment (embargo), or pledge (prenda) that would affect the transfer.

Bylaw Transfer Restrictions (Restricciones Estatutarias): If the SpA bylaws include transfer restrictions under Código de Comercio Article 437 — right of first refusal (derecho de preferencia o primera opción), drag-along rights (derecho de arrastre), tag-along rights (derecho de acompañamiento), or lock-up periods (períodos de restricción) — the agreement must confirm that these restrictions have been complied with. The cedente must produce evidence of compliance — for example, a waiver letter (carta de renuncia) from other shareholders who have waived their right of first refusal, or an Acta de Junta de Accionistas consenting to the transfer.

Share Registry Registration (Inscripción en Registro de Accionistas): An express commitment by both parties to promptly register the transfer in the company's Registro de Accionistas under Código de Comercio Article 435. The registration is mandatory for the transfer to take legal effect against the company and third parties under Ley N° 18.046 Article 14. The company's administrator (administrador) must countersign the transfer and update the Registro de Accionistas within the agreed timeframe — typically three to five business days from the transfer agreement date.

Tax Provisions (Disposiciones Tributarias): Allocation of capital gains tax (impuesto al mayor valor en la enajenación de acciones) liability between the parties. The cedente (seller) is the taxpayer for capital gains purposes under LIR Article 17 N° 8 — the gain equals the transfer price minus the cedente's adjusted tax cost basis (costo tributario reajustado) of the shares. The agreement should specify whether the price is inclusive or exclusive of any applicable taxes, the cedente's obligation to file the capital gains declaration with the SII, and the buyer's potential withholding obligations if the cedente is a non-resident (no residente) under LIR Article 74 N° 4.

Forms-legal.com provides this Transfer of SpA Shares Agreement Chile template as a reference for shareholders and investors conducting share transfer transactions under Chilean commercial law. Share transfers involving significant values, cross-border transactions, regulated activities, or complex shareholder arrangements should be reviewed by an abogado specializing in derecho societario and a contador auditor before execution. 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.