What Has The Region to Offer?
Are you looking for new markets to do business? Are you looking to expand your business into Latin America? Are you looking for a lower operating cost environment? If so, starting or expanding your business to Latin America could be a great option. With an emerging and growing middle class, a young and well educated population, good infrastructure and low costs of doing business, the region presents many business opportunities, and has a lot to offer both start-ups and large businesses looking to expand into new markets.
Despite the exciting prospects of doing business in Latin America, you should remember that the region is not without its flaws. For this reason, contracting a company to provide professional services such as company formation, visa processing and financial reporting can help to add value to your Latin America investment.
What Are The Complications When Forming a Company?
The opportunities within the region are enormous, however the business operating environment is somewhat complicated; the markets are inefficient and it can be difficult to navigate the local legal and regulatory environments, especially when operating in a foreign language. Some day-to-day examples of the complexities include:
- When forming a company in most local jurisdictions, a legal representative needs to be appointed for the new entity. This individual has to be a foreign national or a local national. A company looking to setup up a business must first find a third-party to act as the legal representative, and then once the company is formed and operating, the company can then change the legal representative.
- When money is sent to and/or from many of the local jurisdictions, it is often required to be legalized at the national bank (i.e. justification is needed regarding the origin of the fund, which requires additional documentation and often tends to cause delay if not managed correctly).
- Most countries require all original English documents (i.e. for a visa application) to be translated in-country and certified by an approved government translator.
How to Do Business in Latin America?
Having launched multiple companies within the region, I saw first-hand the difficulties faced by foreign individuals and companies entering the Latin American market. As such, myself with a business partner launched a group called Biz Latin Hub. Our company provides a complete and comprehensive package of bi-lingual market entry and back office services to help foreign companies do business in Latin America.
The prospects of doing business in Latin America are more promising than ever and the team at Biz Latin Hub is ready to help you take advantage of the business opportunities available in the region. Get in touch with our Market Entry Director, Andrew Wright here.