The Legal 500

Ecuador

Editorial

Legal market overview

Following President Rafael Correa’s election to a third term, Ecuador’s economy has remained strong – growing at an annual rate of 4.9% (one of the highest rates in the region). Inequality has also decreased to a Gini coefficient of 48.5% in 2013, compared 54% in 2006. These conditions may be the result of the implementation of a new model of development derived from the “Good Life” National Plan 2009-2013. The main goal of which has been the reinforcement of the role of the State in steering the economy and strengthening the provision of public goods and services, mainly in the areas of infrastructure, health, and education.

In spite of some ever present difficulties, Ecuador is generally considered to offer a relatively stable and flexible legal framework. Prospects of more attractive scenario for foreign investment and business is also highlighted by the resumption of FTA negotiations with the EU earlier this year; previous talks were suspended in 2009.

Legal novelties include an amendment to the 2009 Mining Law which it is hoped will stimulate the mining sector by simplifying investment conditions. On the telecommunications front, a new media law was passed in June 2013; highly controversial, it creates a state-controlled regulator that will oversee newspaper and television content, and as such, increase the government’s direct involvement in the media sector.

After the enactment of the Organic Law for the Regulation and Control of Market Power in 2011, the activity for law firms in the area of competition and antitrust has increased. The country witnessed the effects of such legislation when a court in Guayaquil suspended a multimillion-dollar fine issued by the newly established antitrust authority in the telecommunications sector.

The market remains dominated by full-service firms such as Pérez Bustamante & Ponce and Bustamante & Bustamante, which are usually involved in the largest transactions and preferred by international clients. A second group of slightly smaller firms are also very active; Corral Rosales Carmigniani Pérez with presence in both Quito and Guayaquil; and Paz Horowitz Robalino Garcés, Abogados, increasingly expanding its market presence in several areas.

There is also demand for boutique firms specialising in IP, labour and tax where Bermeo & Bermeo Law Firm, Jaramillo Dávila Abogados and Tax & Legal Advisors respectively, are at the top of the market.

Regional alliances have also made headlines. Central American firm Aguilar Castillo Love has formed an alliance with Pólit & Pólit Abogados, marking its first step into the South American market, and continuing an integrationist trend that began with Noboa, Peña, Larrea & Torres Abogados, the Ecuadorian arm of Peru’s largest firm Muñiz, Ramírez, Pérez-Taiman & Olaya Abogados and the more recent association between Corral Rosales Carmigniani Pérez and Colombian firm Mauricio Velandia Abogados in the competition and antitrust area. Also in the offing is the opening of an Ecuadorian office by Uruguayan firm Ferrere, which has previously established itself firmly in both the Paraguayan and Bolivian markets.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The Czech civil code: From effectiveness to amendment in 17 months?

    1. Recodification of the Czech civil law With effect from 1 January 2014, the entire Czech civil law has been re-enacted by Act No. 89/2012 Coll., the civil code (the “ Civil Code ”), along with Act No. 90/2012 Coll., the business corporation act (the “ Business Corporation Act ”), and other legislation. read more...
  • Mauritius – New Requirements reinforces its position as a Jurisdiction of Substance

    Strategically located in the Indian Ocean perched on the axis of investments from Europe, Africa, the Middle East and Asia, Mauritius has throughout the last two decades forged a strong reputation as a premier international financial centre. The combination of fiscal and non-fiscal advantages together the diverse product-base have been the key ingredients of the Mauritius success story. Since the inception of the International Financial Centre in 1989, Mauritius has demarcated itself from other IFCs by focusing on the development of its network of Double Taxation Treaties and Investment Protection Agreements to be a regional financial centre and natural conduit for trade and investment into emerging economies in the region. The introduction of new substance requirements for Global Business Companies operating from Mauritius which will become effective on 1 st January 2015    are part and parcel of the strategy to continue to deepen the financial services and increase its input to the country’s GDP.
  • Turkey’s Unlicensed Solar Energy, Investment Opportunities and the Application Procedures

    By means of its geographical location, Turkey appears to be one of the sunniest countries in Europe, with the calculated solar radiation level quite similar to Portugal and Spain. In order to reduce the natural gas dependency from northern countries, Turkey has taken very big steps for energy market privatization and renewable energy investments. Thus, in last 10 years, energy politics and incentives aim to direct investors to invest on renewable energy generation with high potential of profits. 
  • Nuclear Power Plants (NPPs) And Turkey

    In terms of the power generation, using the natural gas takes first and the coal takes second place in Turkey. The production of electricity from renewable resources is approximately %3,7 in the world and this rate is %3,1 in Turkey. The world supplies %13,7 percentage of the electricity need with the nuclear power and yet Turkey has no facility to produce electricity with nuclear plants. Furthermore, the installed capacity of nuclear-generated electricity production is anticipated to increase by 58 % all around the world in 2035. For instance; even with today's state, the share of nuclear energy in electricity generation in France is 78%.
  • PL: Will EAA and Swiss Investors be able to Freely Acquire Agricultural and Forest Real Properties?

    On 2 May 2016, restrictions on acquiring agricultural and forest real properties located in Poland by foreigners from the European Economic Area (EEA) and Switzerland will cease to be binding. Does this mean that trade in agricultural real properties will be entirely free and not subject to any restrictions as of that time?  read more...
  • Reforms for improved environmental legislation required

    By Pia Pehrson, partner, and Pelle Stubelius, associate; Foyen Advokatfirma
  • Capital Increases under the Microscope

    Published:   24 Feb 2015   at 06.00  
  • The International Comparative Guide to: Telecoms, Media and Internet Laws Regulations 2015

    Download a free copy of the  Philippine section of The International Comparative Legal Guide to: Telecoms, Media and Internet Laws and Regulations 2014 , which was contributed by SyCipLaw partner  Rose Marie M. King-Dominguez  and senior associate  Ruben P. Acebedo II . 
  • Getting the Deal Through: Life Sciences 2015

    Download a free copy of the  Philippine section of Getting the Deal Through: Life Sciences 2015 , which was contributed by SyCipLaw partners  Rose Marie M. King-Dominguez  and  Carlos Roberto Z. Lopez  with senior associate  John Paul V. de Leon  and associate  Mark Xavier D. Oyales .
  • Purchasing Immovable Property in Cyprus

    Cyprus is an  attractive destination for foreign investors, retirees and individuals or families looking for a holiday home or a new working environment. Cyprus' accession to the European Union has made the island an even more attractive candidate for the purchase of immovable property.  ESME PALAS, an advocate of MICHAEL KYPRIANOU & CO. LLC, outlines the two most important legal issues the purchaser needs to be aware of when acquiring immovable property in Cyprus.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to