DID YOU KNOW?  Companies are subject to different regulations, and depending on their line of business, some sectors are more regulated than others. As a reference I mention some: Telecommunications, Free Trade Zones, Mining, Tourism, Banks. However, all companies have common and basic requirements to meet. You want to know about these, keep reading, we will tell you here.

What should I take into account before DOING BUSINESS?

Every society must comply with basic obligations common to all such as:

1. Sole proprietorships do not exist in Nicaragua. All partnerships are formed with two or more partners. 
2. Designate a legal representative legally domiciled in the country, a national or foreigner. If he/she is a foreigner, he/she must have a residence card issued by Migración y Extranjería as a resident.  
3. Directors may be legal entities or natural persons, all of them must be partners. They can be foreigners or nationals. They do not need to be residents.  
4. The capital stock of a corporation is not required to be deposited in a bank account at the time of incorporation. Nor is there a legally established minimum capital.
5. Once the company has been registered in the commercial registry, it must register as a merchant, its accounting and corporate books, register the general power of attorney of its legal representative and complete the registration of the beneficial owner.
6. In the order mentioned here, then proceed to process your RUC number (Registro Único del Contribuyente) as a registered taxpayer and your tax documents before the Tax Administration according to the domicile of the company. For this purpose, you will be required a copy of passports or identity cards of its partners and directors, and its legal representative, in addition to other applicable requirements. They do not need to be apostilled in case they are foreigners.  
7. Once the above is completed, you must register and manage your municipal registration in the municipality that corresponds to your business address. 
8. The affiliation of the company with the Social Security will be done as soon as the company hires its first employee. 
9. If your company is a highly regulated business, it is likely to require specific licenses from the regulator (telecommunications, health sector, free trade zone, banks, mining, etc.). 
10. Do not forget to consult with your accountant or support staff about the obligations that arise from the moment your company obtains its RUC and municipal registration. Avoid omissions and inconveniences due to delays or omissions.