The ISO code of Ecuador is EC according to the ISO 3166 standard. The local name of the country is the same as its English name. Ecuador capital city is Quito. People in Ecuador speak the Spanish language. On 24 May 1822, Ecuador emerged as a sovereign political entity. In the year 05/24/1822, Ecuador emerged as a sovereign political entity. The largest cities in Ecuador are Quito, Guayaquil.
Ecuador has different time zones. They are UTC -05:00 (ECT - Ecuador Time), UTC -06:00 (GALT - Galapagos Time).The internet country code top-level domain (ccTLD) for Ecuador is .ec. Other domains assigned to Ecuador are .lat. The International dialing code for Ecuador is 593. People in Ecuador drive on the right side of the road. Total land area of Ecuador is 263,089 km² (approx. 101,579 mi²). Ecuador is not a landlocked country. It means that is is bordered by at least one major body of water.
Ecuador is located in South America. Ecuador is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Ecuador faces various issues, including deforestation, soil erosion, desertification, water pollution, pollution from oil production wastes in ecologically sensitive areas of the Amazon Basin and Galapagos Islands.
Doing business in Ecuador
We offer various corporate services in Ecuador jurisdiction. These services can serve both, people coming from Ecuador and foreigners. If you plan on doing business in Ecuador you might be interested in contacting us.
To find out about starting your business in Ecuador click on company formation in Ecuador.
To find out how to open a bank account in Ecuador and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Ecuador.
Choose preferred service below or continue reading to find out more about Ecuador.
Demographics of Ecuador
The total population of Ecuador is 16,863,425 people. In Ecuador, the population density is 63 people per square kilometer (164 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Ecuador is 0.655. Ecuador has approximately 359315 foreign immigrants. The median age is approximately 26.7 years. In Ecuador, 35.13 in every 100 people use internet. Ecuador has a Human Development Index (HDI) of 0.711.
The majority religion of Ecuador is Christianity, Ecuador is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Ecuador.
Culture of Ecuador
People in Ecuador speak the Spanish language. According to data on inbound tourists in Ecuador, 1,364,000 tourists arrive in the country each year. The first McDonalds in Ecuador was opened on 9 October 1997, and it was located in 6 de Diciembre Avenue, Quito. One of the most popular national dishes of Ecuador is encebollado. To read more click on culture of Ecuador.
Geography of Ecuador
Ecuador is considered to be a large nation because of its total area. Its total land area is 263,089 km² (approx. 101,579 mi²). Ecuador is located in South America. Its capital city is Quito. Ecuador has 2 neighbouring countries. Its neighbours include Colombia, and Peru. Total length of land borders of Ecuador is 2237 kilometers (~864 miles).
The highest point of Ecuador is Chimborazo, with its official height being 6267 m (20,562 ft). Including land mass and EEZ, the total area of Ecuador is approximately 1,340,320 km² (~517,498 mi²). The most notable natural resources found in Ecuador are petroleum, fish, timber, hydropower.To read more click on geography of Ecuador.
Economy of Ecuador
The currency of the country is United States dollar. The symbol used for this currency is $, and it is abbreviated as USD. 4.1% of population in the country are unemployed. The total number of unemployed people in Ecuador is 691,400. Each year, Ecuador exports around $25.48 billion and imports roughly $26.22 billion. The Gini Index of the country is 48.5. Ecuador has a Human Development Index (HDI) of 0.711.The Global Peace Index (GPI) for Ecuador is 1.997. Ecuador has a government debt of 27.3% of the country's Gross Domestic Product (GDP), as assessed in 2012. Ecuador is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are petroleum, food processing, textiles, wood products, chemicals.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Ecuador is $181,153 billion. Each year, consumers spend around $36,774 million. The ratio of consumer spending to GDP in Ecuador is 0%, and the ratio of consumer spending to the world consumer market is 0.106. The corporate tax in Ecuador is set at 22%. Personal income tax ranges from 5% to 35%, depending on your specific situation and income level. VAT in Ecuador is 12%. In 2013, Ecuador received 149.4 million USD in foreign aid.In 2014, the foreign aid amounted to 158.8 USD.To read more click on economy of Ecuador.
Infrastructure of Ecuador
Infrastructure quality in Ecuador is rated to be at 2.5. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Ecuador, 97.2% of the population has access to electricity. There are 170,538 internet hosts in Ecuador. Ecuador has 432 airports nationwide.
The logistics performance index of Ecuador is 2.71. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.67. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Ecuador is 94. To read more click on infrastructure of Ecuador.
Politics of Ecuador
Ecuador, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Ecuador is 2. Citizens in Ecuador experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Ecuador, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Lenín Moreno.
According to the World Bank Group, the government effectiveness index of Ecuador is -0.5. This indicates that the government of Ecuador is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Ecuador before considering any business maneuvers.In Ecuador, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Ecuador is 1.997. The strength of legal rights index for Ecuador is 1. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Ecuador received 149.4 million USD in foreign aid. In 2014, the foreign aid amounted to 158.8 USD. Ecuador is a member of the United Nations (UN). On 21 December 1945, it joined the UN at it inception date as a full member state. Ecuador is one of the original UN member states who founded the organization. Ecuador is a member of the World Bank. To read more click on politics of Ecuador.
Environment of Ecuador
Ecuador emits 2.4 metric tons per capita of CO2. 115510 km² of Ecuador's territory is covered in forests. and forest land comprises 44% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Ecuador is 94. To read more click on environment of Ecuador.
Company formation in Ecuador
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Ecuador.
When establishing a company in Ecuador, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Ecuador that will affect the establishment and growth of one's business. Contact us or click on company formation in Ecuador to read additional information when setting up a business.
Bank account opening in Ecuador
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Ecuador. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Ecuador, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Ecuador or contact us.