Outsourcing back office services in Chile is a great way to streamline in-house operations if you are doing business in Latin America’s fifth-largest economy.
Back office services cover almost any aspect of a business that does not involve making sales or interacting with customers, including the likes of legal and accounting work, administrative and operational support, and recruitment and hiring.
If you have very specific back office outsourcing needs, such as only requiring legal services in Chile, you may find that contracting a dedicated corporate law firm will cover your needs. However, should you be seeking an integrated package of support covering a range of business functions, a back officer services provider could be your best option.
Because when you have your back office services in Chile covered under a single services agreement, you enjoy the convenience of only having to liaise with one provider, who can easily expand, reduce, or modify the services they are providing.
A back office services provider will also often have offices in other countries, or will have trusted partners in those markets where it does not have a presence, meaning that you will also be able to receive support from the same provider when you expand beyond Chile.
Below, some information on the Chilean market as an investment destination is provided, while four back office services in Chile that are ideal for outsourcing are also considered.
Contact us today to find out more about how we can support you with back office services in Chile, or any of the other 15 markets around Latin America and the Caribbean where we have teams in place.
Chile popular among foreign investors
Chile is one of the most popular destinations for foriegn direct investment (FDI) in Latin America, thanks to a stable economy, limited political unrest in recent decades, low levels of corruption, and high levels of prosperity.
The country is also known for being pro-business and having low levels of red tape compared to other countries, however the regulatory regime still has its own particularities, meaning that seeking expert assistance or outsourcing back office services in Chile can be a wise option.
While the global pandemic brought considerable economic disruption and increased hardship for many people in Chile, in 2021 it bounced back to growth, with GDP increasing by an impressive 12%.
Chile is famed for promoting free trade, and the country maintains an extensive portfolio of free trade agreements (FTAs) with countries around the world.
Some of those are established through the Pacific Alliance — a ten-year-old economic integration initiative that includes Chile, Colombia, Mexico, and Peru, and to which Ecuador recently formally applied to become a member.
The Pacific Alliance also recently demonstrated its desire to expand beyond the region, with particular focus on the Asia-Pacific region, when Singapore was inaugurated as an associate member, with the likes of Australia, Canada, New Zealand, and South Korea prospective future associate members.
Within the international investment community, Chile is particularly known for its mining sector, with major reserves of copper, precious gems, and metals. Beyond that, it also has a significant agricultural sector, with fruits and nuts and seafood among its key exports.
Chile also has a well developed manufacturing base, with the industrial sector responsible for generating over 30% of GDP, and the country a major producer of chemicals.
Regardless of which sector you are entering or type of business you do, seeking out support with the following back office services in Chile can be a great way to streamline your in-house operations.
4 back office services in Chile to outsource
1. Recruitment & hiring
Identifying top talent in a new market can be challenging, given that you will be unfamiliar with the best educational institutions and may not know some of the most highly regarded companies operating, from which candidates may come.
That is why assistance with recruitment and hiring can be one of the best back office services in Chile to outsource, as it will allow you to call on the expertise and understanding of the provider, while tapping into their established network.
A back office services firm that offers recruitment and hiring will often provide professional employer organization (PEO) services in Chile, meaning that they can actually hire staff on your behalf, too.
That is a popular choice among companies that only need a limited number of local staff, or among investors who simply wish to get to know the market better before making a deeper commitment via company formation.
2. Company formation
If PEO services are not something that will meet your needs, you will need to register a company in Chile and that is another back office service you can outsource.
As previously mentioned, while Chile operates a low-red tape regime in terms of establishing and running a business, there will still be administrative hurdles to overcome through any process, and an experienced provider will help you navigate them with the minimum fuss.
That means, when you outsource company formation, you are able to complete the process in the shortest time possible, with the guarantee of being in full compliance with all norms and regulations.
3. Legal services
While company formation is essentially a legal process undertaken by a law firm or lawyer in Chile, it is only one standalone legal procedure among many that can be outsourced.
If you choose to outsource legal services as part of a package of back office services in Chile, that will cover a great many aspects of your ongoing operations, and come with a similar guarantee of compliance, which will help you maintain the good standing of your company in the eyes of local authorities.
You provider of legal services will also be able to offer ongoing advice and support, including valuable insight into good partners, suppliers, and other stakeholders to work with.
4. Accounting & taxation
Beyond legal matters, accounting and taxation is another key source of compliance issues, which you can deal with effectively through outsourcing.
Whether you seek a dedicated accounting firm in Chile, or general back office services provider, acquiring support when it comes to periodic or annual reporting, end of year tax declarations, or overseeing payroll can lift a considerable weight from your in-house operations.
Moreover, if you are operating in multiple markets and your provider is active in more than one of them, they will be able to provide guidance on the likes of cross-border tax planning.
Biz Latin Hub offers back office services in Chile
At Biz Latin Hub, we help investors bridge the cultural and linguistic barriers they encounter when launching and doing business in Latin America and the Caribbean, where we have offices in 16 different markets.
Contact us today to find out more about how we can help you reach your commercial goals.
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