Doing Business- Tag Archives - Business News and Updates

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Manage Your Business Risks with Due Diligence in Paraguay

by Legal Team Paraguay | Aug 10, 2020

Understand how to manage your business risks with due diligence in Paraguay. Managing your business risks with due diligence in Paraguay is vital to reduce risks, as it analyzes the operations of a company and verifies compliance with local legislation and authorities. Due diligence in Paraguay as in other Latin American countries, offers certainty about operational aspects of the company you’re managing, buying, or merging with. Undertaking due diligence activities will guarantee the good standing and reputation of your business. The importance of due diligence in Paraguay Due diligence offers certainty about operational aspects of the company you’re managing, buying, or merging with. Due to the financial scandals of the 1990s in Paraguay, and also the discredit suffered by large audit firms after the famous Enron case, many adjustments have been made to Paraguayan law. The Paraguayan government has strengthened its financial laws to avoid money laundering and prevent different types of transactional crimes. In this way, sanctions that were previously symbolic have become quite severe. Currently, no one can escape the fact that the management of business risks through due diligence in Paraguay is essential. The most important aspects to be reviewed during a process of due diligence in Paraguay include: Corporate: Stock ownership. Statutes, partner agreements, and records of the company in question.Contractual: Verification of compliance with current legislation.Financial: Review of loans granted with and/or without real guarantees.Insurance: Coverage of insurance...

Why Should US Companies Do Business in Costa Rica?

by Legal Team Costa Rica | Jul 20, 2020

There are multiple benefits for US companies doing business in Costa Rica. The country offers to foreign investors a politically stable environment, closeness to major cities in the world, and an international reputation that precedes it in education, tourism, technological, manufacturing and service matters. Plus, businesses have a number of options when expanding into the country. These attributes undoubtedly generate a powerhouse for US companies doing business in Costa Rica. In this article, we outline 5 reasons why US companies should be doing business in Costa Rica. 1. Educational system strengthened as a competitive advantage Costa Rican students have access to high quality educational institutions. Costa Rica has one of the strongest educational systems in the region. A free and compulsory system guarantees access to basic education for the entire population. This allows all people to have better academic preparation and to become a skilled workforce for several areas of job development. Costa Rican students also have access to technical studies and diplomas from the best educational institutions. Some examples are the National Institute of Apprenticeship, the Technical Universities and Higher Study Centers. In these institutions, Costa Ricans can become professionals and qualified labour for the various industries. This is why the strengthened Educational System of Costa Rica is a competitive advantage for US companies doing business in Costa Rica. 2. Excellent geographic location and excellent connectivity The excellent geographical location of Costa Rica...

How to Get an Argentina Business Visa as a UK Citizen

by Legal Team Argentina | Jul 19, 2020

Did you know that individuals from the United Kingdom (UK) have preferential requirements to obtain an Argentina business visa compared to other nations? There are two main types of visas to do business in Argentina: a business visa and professional visa. Latin America is a region growing in popularity and perceived opportunity for UK businesses, and it's a crucial time to act on the advantages offered by countries such as Argentina to make your move to expand commercially. We outline the differences between the visas and how the process to obtain it may differ as a UK citizen. Argentina's business visa A business visa for Argentina is intended for foreigners engaged in business or commercial activities. A business visa for Argentina is temporary and intended for foreigners engaged in business or commercial and economic management. This applies to people carrying out their own business in Argentina or in participation with legal entities that carry out the business activity (which may be on their behalf). The authorized term of stay is up to 2 months (90 days). However, member countries of the Organization for Economic Cooperation and Development (OECD), including the United Kingdom, do not need a visa to enter Argentina to hold business meetings for up to 90 days. If travelling from the UK to Argentina, must state the reasons for the trip to the Immigration Officer upon entering the country. Professional visa Professional visas are intended for applicants who enter Argentina for the purpose of performing paid or unpaid tasks in the scientific, professional, technical,...

Claudio Ramirez, Canadian Trade Commissioner for Colombia, Discusses Trade Relations and Business Opportunities

by Team Latin America | Jul 1, 2020

Claudio Ramirez shares his perspective on the nature of the Canada-Colombia relationship and his team's success in promoting Canada as an important partner for Colombia. Find out about the current trade relationship and business potential between Canada and Colombia from Canada's Trade Commissioner to Colombia, Claudio Ramirez. Biz Latin Hub’s Chelsea Heywood had the pleasure of connecting with Claudio to gain his insights on the bilateral trade relationship, and what Colombia can offer Canadian businesses expanding into Latin America. Claudio also shares his perspectives on the future of the relationship between these two countries and the Trade Commission's success in promoting Canada as an important partner for Colombia. 1. Could you tell us about your background with Global Affairs Canada, and what led you to take up the role as the Canadian Trade Commissioner in Colombia? I joined the Canadian Foreign Service in 2001, mere weeks after 9/11, which plunged the world into a major crisis: that of global terrorism. At that time, just like in today’s crisis (the Covid-19 pandemic), political leaders were quick to recognize that an economic recovery would require more trade between nations, not less. Back then, some 160 members of the World Trade Organization came to an agreement to launch of the Doha Round, which aimed to lower trade barriers and to reform to trade rules in order to promote economic development. Thus, from the outset of my career in the Canadian diplomatic corps, I have always been attracted by the profound impact that doing business across borders...

Teleworking Regulations to Continue Business in Ecuador

by Legal Team Ecuador | Jun 27, 2020

Teleworking has become a reality for Ecuadorians during the Covid-19 outbreak. However, it is also part of the regulatory framework supervised by the Ministry of Labour of Ecuador, defining teleworking as "the provision of legal and personal services, in a dependent relationship, of a non-present nature, during ordinary or special working days, outside the facilities of the place where the worker works". We describe Ecuador's new teleworking regulations established by the government to continue doing business in the country. Teleworking in Ecuador Teleworking is one of the measures implented during Covid-19 outbreak. It is important to consider that, in a country like Ecuador, many people still live from the profits obtained from informal jobs such as street sales or stalls in the food market. For this reason, the reactivation of the economy is a priority for Ecuador's government. While ensuring the implementation of all precautionary measures to stop the spread of Coronavirus - including teleworking - the country began with the reactivation of its economy since mid-May. However, many people living in the urban areas of Ecuador are still working from home. Reactivation of labour activities in Ecuador Since June 2020, Quito, the capital of Ecuador and the city where all main national and international companies operate, took the next step in the reactivation of its economic activities as a city. The government authorized citizens to stay out of their homes until 9pm, allowing companies to resume their work activities. Likewise, the local government emphasizes the...

Perceptions of Doing Business in Latin America: Cautious Optimism For Future Growth and Opportunities

by Team Latin America | Jun 26, 2020

In June 2020, the Biz Latin Hub team launched a survey asking for information about individuals’ perceptions about doing business in Latin America. In June 2020, the Biz Latin Hub team launched a survey asking for information about individuals’ perceptions about doing business in Latin America. We received a range of responses from 75 business owners, executives, government officials and other specialists operating in over 40 countries worldwide. 57.3% of respondents are considering expanding into the region in the future, with many expressing cautious optimism at economies' abilities to bounce back after the COVID-19 pandemic. Find out what the key takeaways from our survey indicate about people’s perceptions on doing business in Latin America. Perceptions on doing business in Latin America: who took part? 75 people responded to the Doing Business in Latin America survey. Of our respondents, nearly half (48%) were business owners, operating in Latin America and across other regions of the world, including the United States, Europe, Asia, the South Pacific, and the Middle East. 29 respondents (38.6% overall) were business owners operating in Latin America. Many survey participants were operating across more than one country. Of all respondents, 66 people (88%) noted they were working or operating their business within Latin America, and 39 respondents (52%) were operating outside of the region. A third of all respondents were running or working in a company that operates in 5 or more countries, and 16% of all respondents claimed to be operating across 10 or more...

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...