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6 Tips for Doing Business in Argentina Under COVID-19 Restrictions

by Legal Team Argentina | Jun 2, 2020

Find out how to continue doing business in Argentina with 6 helpful tips from our senior executives in supporting companies in the country. The government of Argentina has issued multiple decrees to fight the negative consequences produced by COVID-19. These legislations seek to help small and medium-sized businesses (SMBs) that are currently doing business in Argentina. In this article, we offer 6 practical tips to continue doing business in Argentina during the challenging present conditions. 1. Hire staff through a PEO to do business in Argentina Even during quarantine, companies doing business in Argentina can open a bank account. Although working visas can only be issued before the Consular Representation of Argentina based on different countries, the closing of borders would prevent foreign investors to establish in the South American country. Therefore, companies doing businesses in Argentina might try to recruit and hire local personnel. Nevertheless, this can be difficult for those facing a language barrier, or with little knowledge of the workforce and salary expectations of local employees. Hiring solutions for companies in Argentina As the “Inspección General de Justicia” (IGJ) – the regulatory body that controls and allows the incorporation of companies in Argentina - is out of service, new businesses cannot be established in Argentina. One solution to continue doing business in Argentina is to hire local talent through a Professional Employer Organization (PEO) in Argentina. A PEO in Argentina can help companies hire locally, ease language barriers, and...

5 Challenges for US Companies Doing Business in Chile and How to Overcome them

by Legal Team Chile | May 20, 2020

Over the last decades, numerous US companies have successfully undertaken the challenge of doing business in Chile, a country that is known for having the best business expansion opportunities in Latin America. Last year, direct investment in Chile increased by US$11.928 million, and for the first half of 2020 the country registered a record figure of US$4.779 million. This encouraging panorama has historically and currently attracted investors from all over the US, expanding their business in the industry of mining, technology, and Venture Capital. Last year, direct investment in Chile increased by US$11.928 million, and for the first 2 months of 2020 the country registered a record figure of US$4.779 million. A paradigmatic example of recent US investment in Chile came in 2019 when Jeff Bezos - founder and CEO of the e-commerce company Amazon - invested millions of dollars in the Chilean start-up NOTCo, which successfully mimics the flavor and texture of certain foods using only vegetable-based ingredients. Although Chile’s dynamic and developed market has been in the scope for multiple US companies, executives should be aware of the challenges they may face to prosper in the country. In this article, we review the principal challenges for US companies doing business in Chile and how to overcome them. 5 Challenges for US companies doing business in Chile 1. Language US executives must not assume that everybody in Chile speaks English. Even though English is increasingly common and is taught in most schools to a large percentage of the population, US companies doing...

Why South African Citizens Choose Panama for Business and Residency

by Legal Team Panama | Jul 16, 2019

Panama is a great place to start business because of its facilities to establish a company, tax incentives and a growing economy that develops steadily each year. The country offers great migratory advantages for South African citizens, because other than the general advantages Panama offers, they also get migratory incentives. All South African Citizens can apply for the Friendly Nations visa. South African Citizens - Why Panama? Panama offers South African businesses and families competitive investment opportunities and favourable lifestyle conditions, with business-friendly laws to motivate company formation. Obtaining a Permanent Residence in Panama is well within reach, thanks to a government push to improve Panama’s market viability for keen business people. Streamlining residence and incorporation processes for entrepreneurs allows you to get started earlier than others in the region. In Panama, you can register your business within around 2 weeks, and complete the full incorporation process in 2 months. Working from Panama empowers trade for businesses operating from a prime geostrategic location, between key northern and southern partners. How to get a Panamanian Residence Visa as a South African Citizen The first step to get the Panamanian residence visa is to open a bank account in Panama with a minimum balance of US$5,000. The main requirements to get a bank account with a Panamanian bank are: Bank references (letter of confirmation from your bank in your country). Evidence of income (you can use a tax declaration from your country). a copy of your passport...

How to Set Up a Business Bank Account in Australia

by Accounting Team Australia | Jun 8, 2019

Expanding your business from Latin America to Australia has become very attractive. Australia is one of the most prosperous nations on the planet. It has a GDP of US$1.3 trillion and a GDP per capita of around US$55,926. Moreover, the country is one of the world’s most connected nations. It has free trade agreements with the Americas, Asia, the Gulf, and Europe. Trade between Australia and Latin America is on the rise thanks to a series of developing bilateral trade arrangements and negotiations. This offers entrepreneurs opportunities for sustained local and international success when engaging in business in Australia. However, doing business in Australia requires setting up a business bank account through a specific procedure. This article explores the options for entities and all other information you need to set up your Australian corporate bank account. Step 1: Prior to your Bank Account you need to Register Your Business in Australia To open a business bank account in Australia, you must first register your business with Australian authorities and hold an ABN/ACN registration number. Therefore, any business wanting to open a corporate bank account will have to form an Australian company. Australian law recognizes the following business entity structures: Sole trader Company Partnership Trust. Each business type is different and offers different benefits and tax requirements. It's not compulsory to have a specific business account if you operate as a sole trader. However, it's good practice to do so. If you have a company, partnership or trust, you must have...

How to: New Zealand Company Formation

by Legal Team New Zealand | May 24, 2019

New Zealand is consistently ranked as one of the best countries in the world to do business. Its pro-foreign business and foreign investment government actively advertises the country as a worthy choice for expanding foreign commercial operations. With long-standing positive economic growth, New Zealand offers a secure and supportive environment for foreign businesses. We outline the steps and information you need to form a New Zealand company. What’s involved in the company formation process? There are 5 key steps to carry out a New Zealand company incorporation: Decide on your business structure Grant Power of Attorney to your legal representative Establish your company’s constitution Register your business Open a corporate bank account. New Zealand offers a streamlined online process for company formation and tax requirements. 1. Decide on your business structure Decide what kind of business you want to start. There are several different types of legal entities to choose from: Limited Liability Company: This is a corporate structure whereby the owners are not personally liable for the company’s debts or liabilities. Public Limited Company: This is the legal designation of a limited liability company that has offered shares to the general public and has limited liability. Limited Partnership: This is a limited partnership in which some of the partners contribute only financially and are liable only to the extent of the amount of money that they have invested. Foreign Trust: This is a trust structure in which legal title to property is transferred from the owner to...

Incorporate in Panama and open a corporate bank account

by Legal Team Panama | Apr 24, 2019

Panama is the world’s second most popular country to incorporate a business. It is the registered domicile for over 500,000 corporations and foundations. Additionally, 41 of Panama’s banks are recognized among the top 100 banks in Central America. Panama also put itself on foreign investors’ radars with the introduction of the Friendly Nations Visa in 2012. Fast-tracked entrance processes and ease of incorporation provide an appealing option for foreign investors looking to establish a local business. Read on to find out how to get your commercial operations off the ground in Panama. Why Panama for Business Incorporation and Banking? Panama is famously dubbed the Hub of the Americas, thanks to its strategic geographical location. The Panama Canal connects Latin America to some of the largest markets in the world. On top of this, Panama enjoys a strong, stable economy. Its logistics and financial industries are highly competitive on the world stage Panama’s trading environment is perfectly pitched to foreign investors. Growing government responsiveness to foreign investment has resulted in a paring-back of bureaucratic processes around company formation. Panama advertises streamlined visa processing for 50 countries, and business registration that can take as little as two months. With the assistance of a legal firm in the country, you should be able to go from submitting articles of incorporation to trading in a matter of months. You don’t have to be in the country during or after the incorporation process. Incorporating a company – understanding business entities Get...

Panama Friendly Nations Visa: Reducing Barriers to Incorporation

by Legal Team Panama | Apr 9, 2019

The Panama Friendly Nations Visa was introduced by the government in May 2012. The purpose of the visa is to attract greater immigration and foreign business to Panama. Presidential Decree 343 declared citizens of 22 ‘friendly nations' eligible for a fast-tracked application process for permanent residency. Since 2012, additional Decrees declared another 28 countries eligible to apply for the Friendly Nations Visa. This streamlined entrance process for migrants to Panama makes the country an accessible, low-cost option for foreign investors looking to start a business in the region. What is the Panama Friendly Nations Visa? Panama's Friendly Nations Visa makes it easy for citizens of 50 countries to set up a business. Panama's Friendly Nations Visa is one of the most attractive methods available for people to obtain permanent residence in Panama. This is because it has an easy application process and minimal requirements for investors setting up their business locally. Citizens of specified countries, who have professional or economic ties with the Panamanian government, are eligible to apply. With this visa, people have the right to obtain Panamanian identification (cédula) and request a work permit indefinitely. The Friendly Nations Visa also offers applications for one main applicant and optional dependents (spouses, children). Each application type has specific requirements. Set up a business in Panama with the Friendly Nations Visa Panama is unique in that you can register a business in around two weeks. You also don’t have to physically be in the country...