Chile- Tag Archives - Business News and Updates


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5 Reasons to get an Entity Health Check in Chile

5 Reasons to get an Entity Health Check in Chile

Find out why and when it is a good idea to get an entity health check in Chile. Manage your business risks and protect yourself from potential non-compliance issues by understanding your company’s corporate ‘health’ in the eyes of the government. Chile has well-established and solid legal and compliance frameworks designed to encourage and protect business people in the country.  To foreign executives, corporate compliance in Chile can be difficult to navigate - especially if there is a language barrier with local institutions.  It is a key instrument to ensure your company and the companies you are perhaps interested in acquiring/investing, are fully compliant with local regulations. As with other countries, an entity health check in Chile - also known as a corporate health or corporate compliance check - is one or more audits or due diligence reviews carried out on a legal entity. What is an entity health check in Chile? As with other countries, an entity health check in Chile - also known as a corporate health or corporate compliance check - is one or more audits or due diligence reviews carried out on a legal entity. These reviews aim to understand if that entity is and has been fully compliant with local corporate regulations. These reviews cover various aspects of a company’s activities, including the legal, accountancy, tax, human resources, licenses (administrative or others) operations. What things are covered in an entity health check? Entity health checks in Chile can vary quite a lot in terms of the extension, depth and aspects being audited. In most...

What are the Labor Laws in Chile?

What are the Labor Laws in Chile?

Understand the labor laws in Chile in order to make hires and manage employees in full compliance with local regulations. Chile is a long and narrow country caught between the Andes Mountains and the Pacific Ocean. It is characterized by its strong, transparent and stable economy with good growth prospects for the future. Labor laws in Chile, alongside the country's entire legal framework, provides important guarantees for foreign investors looking to enter the diverseand liquid domestic markets. In addition, Chile has a mature financial market which is quite receptive and dynamic. We outline the most significant aspect of labor laws in Chile for businesses to be aware of when hiring staff. Legislation outlining labor laws in Chile Labor laws in Chile come primordially and originally from the Chilean Labor Codex or Código del Trabajo (DFL 1). Labor laws in Chile are outlined in the framework that regulates labor relationships and bonds between employers and employees. In most common law jurisdictions, labor law is a term which usually finds its application in regard to the rights and duties/responsibilities of unionized employees within a company. Labor laws in Chile come primordially and originally from the Chilean Labor Codex or Código del Trabajo (DFL 1). This codex states on its preliminary articles that it will regulate labor and work relationships between employers and employees. Each of the 5 books in the Codex regulates a specific topic: The individual labor or employment contract and trainingProtection for employeesUnionsCollective negotiationsLabor jurisdiction....

CEO and Seed Award Winner Amr Elghandour Discusses Entrepreneurship in Chile

CEO and Seed Award Winner Amr Elghandour Discusses Entrepreneurship in Chile

Biz Latin Hub’s Maja Gaukstern had the privilege of connecting with Amr Elghandour, CEO and CTO of VoxEra. Amr speaks with Biz Latin Hub about his experience expanding into Chile, and offers insights on the entrepreneurial nature of the South American country. Amr’s tech company VoxEra was nominated one of the best 3 start-ups in Egypt, and received the award from the Egyptian Minister of Communication and Information Technology in 2018.  Amr's tech company VoxEra was nominated one of the best 3 in Egypt. He received the award from the minister of Minister of Communication and Information Technology in person. Soon after Amr won the Seed Award from Start-up Chile, a public startup accelerator created by the Chilean government for high-potential entrepreneurs, such as Amr. Now Amr lives in the heart of the city and continues to grow his business, while enjoying the life as an entrepreneur in the vibrant city of Santiago de Chile.  Congratulations on winning the Seed award in 2019! What does your company do?         We make a device for travelers. It allows them to use their sim card when they travel abroad to send and receive calls and texts without paying international roaming fees. How did you find out about Start-up Chile, and what motivated you to enter?  We met David from Startup Chile in Oman during the MIT Enterprise Forum Arab Startup Competition as our entry shortlisted. David was giving a presentation about Start-up Chile. We had a chat with him later and he advised us to apply. After that we did our research about the...

Build Your Commercial Market Entry Strategy in Chile

Build Your Commercial Market Entry Strategy in Chile

Building your commercial market entry strategy in Chile can be challenging, but rewarding for businesses when carried out correctly. Many businesses may struggle with the sudden decrease of revenue as current economic uncertainty, also in Chile. Travel restrictions imposed as a measure to counter the spread of COVID-19 make it difficult to manage businesses right now. In such times, it is important to ensure that the business continues, and that business owners have clear goals for their market entry.  Now it is more important than ever to seek support from a local expert to build your commercial market entry. By seeking third-party support, you get access to expert guidance without having to leave your own country. A local market entry strategist in Chile will help you build and execute a successful market entry strategy, including providing commercial representation support if needed. How to create a market entry strategy Once a foreign entity has chosen to enter Chile in any specific market, the next step consists in having a strong and clear market entry strategy. Once a foreign entity has chosen to enter Chile in any specific market, the next step consists in having a strong and clear market entry strategy. Simply put, a market entry strategy is the plan outlining how you are going to enter the Chilean market and successfully develop a commercial presence there.  In other words, it is a pre-planned course of action stating how your goods and/or services will be delivered in a new foreign country. In order to form a successful market entry strategy in Chile,...

5 Tips for Business Success for US Companies in Chile

5 Tips for Business Success for US Companies in Chile

As one of the world’s most entrepreneurial nations, there are ample business opportunities for US companies in Chile. Chile and the US have maintained a strong commercial relationship dating back to 1918. In 2019, both countries celebrated their 100th anniversary of the Chilean-American Chamber of Commerce. This longstanding and mutually beneficial commercial relationship has fostered strong connections between the 2 countries. For decades, Chile has modeled its economy and institutional foundations on those of North America. The philosophy, principles and guidelines that shape the country’s public policies are similar in both jurisdictions. This includes Chile’s economic, commercial, banking, and trade policies, among others. Succeed in business as a US company in Chile So what’s it like to do business between these two powers? Our Senior legal professionals in Chile have put together 5 key pieces of advice for US companies to succeed in the country’s commercial environment. 1. Engage with local specialists Though it’s true that the Chilean economy and markets share important similarities with those found in the US, there are a number of differences that US companies in Chile must adapt to. Though it’s true that the Chilean economy and markets share important similarities with those found in the US, there are a number of differences that US companies in Chile must adapt to. It’s crucial to understand differences in corporate compliance requirements in Chile in order to ensure you operate in accordance with the law, and secure your commercial success. The US is home to a...

Digital Trade Agreement Supports E-commerce in New Zealand, Chile, Singapore

Digital Trade Agreement Supports E-commerce in New Zealand, Chile, Singapore

New Zealand e-commerce companies stand to benefit from a new digital trade agreement with Chile and Singapore. In January 2020, the 3 countries concluded negotiations on a ‘Digital Economy Partnership Agreement’ (DEPA). This agreement aims to support digital trade channels and digital economy growth between the countries, and identify new opportunities for international e-commerce businesses. New Zealand online-based companies are empowered to secure new international trade channels with two key partners in Asia and Latin America through increasingly popular digital platforms. We explore what this digital trade agreement means for e-commerce opportunities in the Asia-Pacific region. What’s in the New Zealand-Chile-Singapore digital trade agreement? The DEPA aims to support digital trade channels and digital economy growth between the countries, and identify new opportunities for international e-commerce businesses. The Digital Economy Partnership Agreement (DEPA) between New Zealand, Chile and Singapore specifically targets the promotion and growth of e-commerce opportunities between these Asia-Pacific countries. The scope covers opportunities for cooperation, challenges and areas to consider for a future of increased trade in the digital era. E-commerce companies in the signing countries will receive greater support to expand internationally, and provide their products and services to new markets. According to the New Zealand Ministry of Foreign Affairs and Trade (MFAT), the DEPA digital trade agreement outlines a number of key areas for digital economy development,...

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