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7 Tips to Understand Business Etiquette in Colombia

7 Tips to Understand Business Etiquette in Colombia

by Accounting Team Colombia | Oct 14, 2020

Understanding business etiquette in Colombia is crucial to your commercial activities running smoothly in one of the most dynamic and promising economies in Latin America. Local laws, corporate procedures, language conventions, and cultural differences can pose a challenge for foreign executives looking to enter the Colombian market, so it pays to get clued up on local business customs. So if you are considering starting a business in Colombia or expanding into Latin America's fourth-largest economy by GDP, the following seven tips on business etiquette in Colombia should come in handy. 1. Business etiquette in Colombia requires you to comply with local regulations Dress according to business etiquette in Colombia Without exception, all multinational companies and foreign businesses must comply with Colombian regulations. This is essential to avoid fines and penalties from local authorities that can compromise civil and criminal liability. Understanding corporate laws and business etiquette in Colombia provides you with the necessary tools to face any legal problem or inconvenience that may arise. Certain aspects of the Colombian judicial system can be tricky to navigate, such as when and how you can appeal decisions, or sudden changes in legislation that are approved by the Congress or municipal authorities. For those unfamiliar with Colombian laws and regulations, it is highly recommended that you partner up with a locally based expert to guide you along your commercial journey. 2. Dress accordingly While this might seem obvious, keep in mind that weather affects...

Embrace Guatemala’s Business Etiquette when Expanding in Central America

Embrace Guatemala’s Business Etiquette when Expanding in Central America

by Legal Team Guatemala | Jul 30, 2020

Understanding Guatemala's business etiquette could increase the possibilities of success when doing business in the country. Business etiquette creates an overall picture of a company, which radiates onto the market and thus has a significant impact on entrepreneurial success. Learn about the most important aspects foreign executives should consider in regard to Guatemala’s business etiquette.  Guatemala's business etiquette by Hofstede Business etiquette includes the norms and values that shape human behaviour in corporate environments. It involves internal and external communication, social engagement, employee motivation, and, last but not least, economic goals.The Dutch social psychologist and anthropologist Geert Hofstede is one of the best-known representatives in the field of business etiquette. He created a model of four cultural dimensions - power distance, collectivism vs individualism, masculinity vs femininity, and avoidance of uncertainty - commonly used in the analysis of business culture. To understand Guatemala’s business etiquette, we will analyze each Hofstede's cultural dimension and the scores given to Guatemala based on this .  Guatemala’s business etiquette has the second-highest power distance worldwide. Power distribution in Guatemala   Power distance defines how the less powerful members of organizations expect and accept unequally distributed power. Scoring 95, Guatemala’s business etiquette has the second-highest power distance worldwide. This means that decision-making processes run from “top to bottom” and...

5 Tips for Following Business Etiquette in Ecuador

5 Tips for Following Business Etiquette in Ecuador

by Legal Team Ecuador | Mar 2, 2020

Gain key insight into business etiquette in Ecuador to integrate smoothly into the country’s commercial culture and make crucial inroads with clients and partners. When expanding your company to a foreign country, it is essential to understand local business etiquette and culture. According to the Hofstede analysis, Ecuador is very similar to other Latin American countries in terms of etiquette. However, there are some unique traits in Ecuador to keep in mind when conducting business. Understanding the values of your Ecuadorian partners builds a solid foundation for lasting work relationships. What influences business etiquette in Ecuador? Ecuador has a rich culture, history, and vast biodiversity. Ecuador is made of 4 geographical regions: the jungle, highlands, coast, and islands. Oil is the most important industry in Ecuador, experiencing a significant economic boost during 2007-2014 due to its production in this sector. The economy is growing to some level but it is a country that has experienced social, political, and economic challenges that impact the country's business environment.The majority of the population in Ecuador lives in the central regions of the country such as the Andes mountains or on the coast of the Pacific Ocean. In terms of demographics in Ecuador, it has 17,554,304 inhabitants, with the majority living in the center regions such as the coast or the Andes mountains. There are also about 100,000 American and 30,000 European expatriates living in Ecuador, many of whom moved to the country for business opportunities. The Labor Force Participation...

Business Culture and Etiquette in Costa Rica

Business Culture and Etiquette in Costa Rica

by Legal Team Costa Rica | Jan 24, 2019

Starting a business in Costa Rica can be a great opportunity to explore exciting markets in one of the most attractive commercial jurisdictions in Latin America. With strong sectors, including the service industry, electronic components, and tourism, Costa Rica has a range of diverse markets that are of significant interest to smart foreign investors. However, as in any new country, it is necessary to have at least a sound knowledge about how the business culture works before entering the local marketplace. Business Etiquette in Costa Rica and the Central American region. While Costa Rica is a part of the Central American region and shares a lot of its culture and customs due to geographical proximity and shared history, there are points of differentiation that are important to each of the countries in the region. Despite similarities, it is important to treat every Central American country as unique. 'Tico' business culture in Costa Rica Ticos (Costa Ricans) are globally known for being friendly, peaceful and generally relaxed; such characteristics are also prevalent in the business culture. There is nothing Ticos appreciate more than modesty. Humility is one of the most important values when dealing with Costa Ricans and it directly translates into the business culture. While this doesn´t mean you can´t be proud of and talk up your business, it does mean that this should be done moderately. Do not exaggerate and try not to talk directly about how much you are making unless it is directly related and relevant to the business meeting. Doing business in Costa Rica - Be...

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