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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...

Key Business Opportunities in Uruguay

by Legal Team Uruguay | Aug 31, 2020

Due to Uruguay's social and political stability, the country is positioned as a safe and friendly economy to do business in. Likewise, Uruguay's inhabitants enjoy a high level of equality and it's Per Capita Income (PCI) is relatively high compared to other Latin American nations. The country has also made important progress in tax regulations that have stimulated foreign investment over the last decade. Learn about the business opportunities in Uruguay and why the fastest-growing economy in Latin America can be your next business destination. Trade agreements stimulate Uruguay's business opportunities Uruguay is an official member of Mercosur and The Andean Community of Nations Foreign executives expanding in Latin America must take advantage of business opportunities in Uruguay driven by trade agreements with other major economies in the region. Trade agreements are essential to foreign companies as they stimulate favourable trading conditions, businesses expansion and decrease unemployment rates. Likewise, members have a greater incentive to do business and invest in new markets. Uruguay is an official member of multiple trade agreements, including Mercosur and The Andean Community of Nations. Mercosur Uruguay is considered as a regional hub with a strategic location to access other economies in South America, supported by its membership to Mercosur. The Southern common market known as Mercosur was founded in 1991 by Argentina, Brazil, Paraguay, Uruguay and Venezuela. This trade bloc seeks to create a free trade environment, stimulate investments and the fluid...

Foreign Direct Investment Trends in Guatemala

by Legal Team Guatemala | Jul 12, 2020

As Market observers recognize foreign investment trends in Guatemala, the Central American country emerges as a top contender for foreign business.The Guatemalan government has made great efforts to improve the country's business environment, stimulating investor confidence, and spurring Foreign Direct Investment (FDI) inflows. According to the 2019 UNCTAD World Investment Report, Guatemala received US$1,06 billion for FDI inflows in 2018. This represents a 4.23% increase from the previous year. In this article, we outline the most important foreign direct investment trends in Guatemala and why this country should be regarded as a growing hotspot for commercial activity. FDI in Guatemala fuelled by historical developments Foreign currency inflows from foreign direct investment (FDI) reached US$671.4 million during the third quarter of 2019, an increase of 6% compared to the same period in 2018. This was reported by the Bank of Guatemala (Banguat). Foreign currency inflows from FDI reached US$671.4 million during 2019. Despite neighboring economies such as Panama and Costa Rica are considered to be the most attractive business destinations in Central America, Guatemala has the highest GDP out of the region’s seven countries. In 2018, the country sported a GDP of US$78.46 billion, compared to Panama’s US$65.055 billion, and has consistently shown greater GDP growth than Panama for decades. Peace agreements reached between 1994-96 ended the Guatemalan Civil War, an internal conflict lasting 36 years. This was a major development in stabilizing the country’s economy, boosting...

CEO Luis Santiago Discusses DigiHealth, Entrepreneurship in Chile and the Dominican Republic

by Team Latin America | Jun 9, 2020

Tune in to our latest interview with industry expert Luis Santiago, who discusses digital health and entrepreneurship in Chile and the Dominican Republic. Biz Latin Hub’s Maja Gaukstern had the great pleasure of connecting with Luis Santiago, CEO of PEGASI, a company specialized in digital health and the smart management of healthcare information. With a solid base in Venezuela, PEGASI is currently expanding into Chile and the Dominican Republic. “Leading a start-up is based on technical knowledge, sure, but it's more about interpersonal abilities, leadership and clear communications to assure synergy between founders, employees, clients and investors.” Luis spoke with us about the developments of DigiHealth in the region, the advantages of doing business in Chile and the Dominican Republic, and shares tips about being a successful entrepreneur in Latin America. How does PEGASI change the health sector in Chile, Venezuela and the Dominican Republic? We help patients, physicians and service providers manage their information in a smart manner, making it accessible, clear and secure for everyone. While doing that, data is aggregated and anonymized for real-time population health monitoring (e.g. endemic and epidemic disease tracking). With the COVID-19 onset, it finally shows how important it is to have information readily available to report, but in a way that insures patient privacy. Currently PEGASI is expanding into Chile and the Dominican Republic. What characteristics of those economies did you see as advantageous for PEGASI? For us, Chile is a great...

5 Tips for US Companies Doing Business in Guatemala

by Team Central America | May 15, 2020

Find out benefits and opportunities for US Companies Doing Business in Guatemala. Guatemala's size and economic potential offers one of the best options for business expansion into Central America. Guatemala is the third-largest country in Central America, with just over 17 million inhabitants. Its main location for commercial activity is Guatemala City. The official currency of Guatemala is the Quetzal, and its strength offers a significant advantage when expanding into the country from abroad. It is important to have the option of diversifying investments and sources of income, and Guatemala offers key advantages to business. As a US company doing business in Guatemala, use these 5 tips to optimize your experience and achieve long term success. Around 70% of the population in the country is under 30 years old and in the last decades, the number of English speakers has increased significantly. 1. Find talented staff Guatemala is rich in cultural history and custom. The country's workforce is well-educated and open to new opportunities. The government holds a positive predisposition to collaborate with foreign businesses. In addition, it is important to take into account that a large proportion of Guatemalan nationals manage a fluent level of English. Around 70% of the population in the country is under 30 years old and in the last decades, the level of people speaking English has increased significantly. When hiring in Guatemala, rest assured in the availability of enthusiastic, qualified staff. Foreign employers who are not familiar with the local employment regulations...

Meet Julián Arrayago, Corporate Accountant in Chile

by Accounting Team Chile | May 15, 2020

Meet Julián Arrayago, Biz Latin Hub’s Senior Corporate Accountant in Chile. In this role, he works to professionally support our clients with the delivery of the highest quality accounting services in Chile, one of our largest and dynamic offices in Latin America. Julián Arrayago, Biz Latin Hub’s Corporate Accountant in Chile. About Julían, our Senior Corporate Accountant in Chile Before joining Biz Latin Hub as a Corporate Accountant in Chile, Julián Arrayago worked in accountancy roles for multiple and distinguished companies across Latin America. With more than 10 years of experience, Julián has cultivated an outstanding ability to identify the needs of his clients and provide competent advice to implement effective solutions for the good maintenance of companies. Julián graduated as an Accountant from the José Antonio Páez University and holds a Diploma in Business Logistics Management and Supply Chain from the same institution. He was born in Venezuela but has also lived in the United States where he learned to speak English fluently, and Chile, where he met his wife. He always felt he wanted to dedicate his life to the business sector, where he could take advantage of his innate skills with numbers. At Biz Latin Hub “What I like the most about working in Biz Latin Hub, is that we are an unlimited source of business and job opportunities everywhere we have a presence. This is a great contribution to any country’s growth”. Julián has been a member of Biz Latin Hub team since 2017. Julián’s role demands his expertise to focus on growing his client's core...

Why Conduct an Entity Health Check for your Company in Argentina?

by Legal Team Argentina | May 11, 2020

Learn about the importance of a entity health check in Argentina in order to keep your company structured and compliant against the requirements of government authorities. Entity health checks in Argentina are increasingly important due to the set of local regulations that describe fiscal responsibilities and corporate compliance in the country, which are constantly changing and updated.When you decide to incorporate a company in Argentina, you should bear in mind that at least once a year you must carry out an entity health check for your company or branch in Argentina. This process is also known as “corporate status verification”. Depending on the activity that the company carries out, it is recommended to carry out these reviews regularly. The hiring of external partners to review the status of your company in terms of corporate compliance in Argentina will protect you from sanctions and allow you to manage the risk of default. What is an entity health check in Argentina? An entity health check is an evaluation of the company where the legal, fiscal and corporate status is evaluated. In general terms, an entity health check is an evaluation of the company where the legal, fiscal and corporate status is evaluated. In order to ensure that the corporate due diligence of your company in Argentina complies with the local laws. Sometimes the directors of a company cannot accurately assess the overall status of compliance or do not have the legal or financial knowledge to understand what the corporate compliance requirements are in Argentina. For this reason, they decide to...