A PROACTIVE ROLE IN ASSISTING BUSINESS

FABIÁN ALBUJA CHAVES Superintendent of Companies

All forms of business enterprise in Ecuador are subject to the regulation of the Superintendence of Companies, the governmental institution that oversees their incorporation and operation.

Under the direction of Fabián Albuja Chaves, the Superintendent of Companies and President of the National Council of Securities, the institution has been reoriented to take a more proactive role in assisting business development. The operational system has been overhauled, red tape reduced, and the service provided to clients improved.

“Our aim is to provide a more agile and efficient service, advising, carrying out studies, and giving information, as well as being an important part of training processes,” says Mr. Albuja.

“We are working together with the various organizations that are attempting to develop business and promote exports. That is as far as we can go as a control body. The rest is up to other institutions and the business sectors themselves.”

Mr. Albuja insists that Ecuadorian companies must learn to compete, improve their productivity and the quality of their products, and find a niche. “They must start to play by international rules. They absolutely have to become more competitive, more aggressive in looking for external markets. We must also get over the old conflicts and achieve understanding and cooperation between the private and public sectors for that to work.”

The Superintendent says Ecuador is changing rapidly and real progress is being made. Creating a stock market culture and improving the culture for business people are still medium and long term processes, but are underway.
He hopes to attract Ecuadorian capital back into the country. “We believe that a large part of Ecuadorian resources that are currently out of the country will have returned by next year.”

Mr. Albuja says that foreign companies have an important part to play in Ecuador’s development, and urges them to invest in the country “with the full knowledge that we are doing things better.”