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How to Open a Corporate Bank Account in Uruguay

by Legal Team Uruguay | Jun 25, 2020

To open a corporate bank account in Uruguay, a country whose financial market is in a moment of high growth, liquidity, and profitability, should be one of the first steps when incorporating a company or expanding your business. The main financial entities operating in Uruguay have investment grade at a national and international level, which reflects the strength of the Uruguayan financial system, constantly supervised by the Central Bank of Uruguay. Furthermore, governmental and non-governmental institutions are constantly promoting foreign investment in the country, now considered as one of the best places to do business in Latin America. In this article, we explain how to open a corporate bank account in Uruguay to support your business transactions. Requirements to open a corporate bank account in Uruguay Financial system in Uruguay is made up of public, private and non-banking entities. The Uruguayan financial system is made up of 2 public banks, 9 private banks, and a wide variety of non-banking institutions that have consolidated in the country. Each entity will request the documentation it deems relevant for opening a corporate bank account. However, the required documentation is usually the same. When opening a corporate bank account in Uruguay, most banks will request the following documents: Articles of Incorporation or association of the companyProof of registration in the Commercial RegistryOfficial Journal publicationsFinal beneficiaries communication for the Central Bank of Uruguay Proof of registration of the company before the tax and social security...

How to Open a Corporate Bank Account in Paraguay

by Legal Team Paraguay | Jun 20, 2020

Opening a corporate bank account in Paraguay is vital when incorporating a company in one of the most attractive economies for doing business in Latin America. Paraguay has a fast-growing economy with a continuous growth percentage of 4.5% reported in the last decades. The country has experienced important changes in regard to fiscal and debt adjustments that have favored its economy and led to years of prosperity and a strong GDP. Find out about how to open a corporate bank account in Paraguay while expanding your company in the region. Why open a corporate bank account in Paraguay Those who open a corporate bank account in Paraguay will benefit from certain advantages offered by Mercosur. Although Paraguay is of the most stable economies in the region, opening a corporate bank account in the country is the best way to prevent the devaluation of your economic resources in a foreign currency. Likewise, it is the fastest and safest way of managing your business financial records before the local authorities. Furthermore, those who open a corporate bank account in Paraguay will benefit from the advantages offered by Mercosur for Micro, Small and Medium Enterprises (MSME), or foreign entrepreneurs that decide to invest in the region. Lastly, banks in Paraguay are recognized for the efficiency and reliability of their services. Requirements to open a corporate bank account in Paraguay Each financial entity has the autonomy to establish its own customer admission policies. However, there are some standard requirements that both natural and legal persons...

How to Open a Corporate Bank Account in Bolivia

by Legal Team Bolivia | Jun 18, 2020

Opening a corporate bank account in Bolivia is an essential step once a new company is incorporated in the Andean country. It can be useful to register all the business transactions of your expanding company and eventually inform the local authorities about your financial information. Entities such as the Tax Office and the Registry of Commerce (Registro de Comercio) can ask for a company's financial records – including bank accounts data – to ensure company invoicing is reported correctly. We outline the necessary steps you must carry out to open a corporate bank account in Bolivia. Process to open a corporate bank account in Bolivia 1. Register the company at local offices Companies must be registered at the Registry of Commerce before opening a corporate bank account in Bolivia. Companies must be registered at the Bolivian Registry of Commerce and at the Bolivian Tax Office. Make sure you also obtain a municipal operating license for your company. Once a company meets the requirements required for registry, it will be eligible to open a corporate bank account in Bolivia at any financial local entity. 2. Designate a person to manage the corporate bank account in Bolivia Local and foreign companies should designate a person to manage the corporate account in Bolivia. This person must meet the following requirements: Locals: Must have a power of attorney (POA) with a banking authorization, granted by the company shareholders. Notice that legal representatives can be designated to manage a corporate bank account in...

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. 5 Challenges for US Companies Doing Business in Chile and How to Overcome them 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 business in Chile will find to their surprise that aside from most lawyers, fully fluent...

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...