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Advantages of doing business in Guatemala

Advantages of doing business in Guatemala

Guatemala has experienced significant growth over recent years, turning it into one of the most competitive markets in Central America and a popular destination for investment in the sub-region. Find out about the advantages of doing business in Guatemala. Annual economic growth has only dropped below 2.5 percent on one occasion since 2000, according to the Bank of Guatemala (pdf), while the country's international commerce represents more than 30 percent of Central America's total imports and exports. The government has made great efforts to stimulate Guatemala's foreign direct investment (FDI) and trade with key regional players, and has reached free trade agreements with numerous other Latin American countries, including Colombia, Costa Rica, the Dominican Republic, Honduras, Panama, and El Salvador. Under such conditions, more and more investors are becoming aware of the advantages of doing business in Guatemala. Doing business in Guatemala: geographic location Location encourages doing businesses in Guatemala Guatemala is located in the northern part of Central America and borders Mexico and Belize to its north. As such it forms something of a gateway between North America and the rest of Central and South America. With coasts on the Pacific Ocean and Caribbean Sea, Guatemala also has five important maritime ports, as well as two international airports, providing attractive logistics to commerce. According to data from the Bank of Guatemala, in 2018 the Central American country and Mexico had a commercial exchange that amounted to $238 billion (USD). Meanwhile,...

Why Hire Staff Through an Employer of Record in Uruguay?

Why Hire Staff Through an Employer of Record in Uruguay?

More and more global commercial actors are seeing the value of hiring international employees through an Employer of Record in Uruguay to establish a footprint in this market. An Employer of Record in Uruguay is one of the best ways to ensure your company meets the legal employment standards to hire staff, enter the market, and operate efficiently. With a population of 3 million people, and sharing borders with major regional giants Argentina and Brazil, Uruguay is the ultimate place to expand into and have access to some of the world’s most rapidly developing markets. During an age of globalized information, the focal point of the global economy has changed from an industry-oriented one to a service-oriented one. The emerging markets of Latin America are no exception to this transition process and Uruguay is undoubtedly one of these emerging economies, with the highest growth rate in the last decade.  What is an Employer of Record in Uruguay? An Employer of Record (EOR) is an external partner of a business or company that hires staff locally on their behalf. EOR companies take legal responsibility for the formal employment tasks of your company and can manage payroll and other benefits for locally-employe staff. When expanding, a partnership with an EOR alleviates the administrative burden your company may face when navigating unfamiliar labor markets to hire staff. On behalf of your company, an Employer of Record in Uruguary will comply with all relevant labor requirements for your locally-employed staff (this includes immigration, benefits, social contributions and...

Manage Employee Payroll in Colombia Through an External Provider

Manage Employee Payroll in Colombia Through an External Provider

Current travel restrictions and business climate are incentivizing companies to consider alternative ways to manage employee payroll in Colombia. Company incorporation and establishing a representative branch or office may previously have been the preferred method to enter the Colombian market. Now, as foreign companies work to secure their cash flow and are unable to travel to the country, engaging with local providers to support their overseas staff is an increasingly viable option to continue business. Find out how multinationals can outsource their needs for payroll in Colombia through local payroll providers. Current challenges to HR and payroll activities in Colombia While COVID-19 remains a significant issue for governments in Latin America, measures to counter its spread have halted domestic and international travel. While the COVID-19 pandemic remains a significant issue for governments in Latin America, measures to counter its spread have halted domestic and international travel to countries such as Colombia. Institutional support continues to operate at a lower capacity in order to support efforts to reduce risk of transmission. Colombian President Iván Duque declared the country’s state of emergency to remain in place until 31 August. It is uncertain if further announcements will be made to extend this timeframe and other regulatory measures, as has happened a number of times already in the country. Foreign companies operating in Colombia may face challenges when undertaking a number of regulatory procedures, including company formation and compliance, visa...

Manage Employee Payroll in Colombia Through an External Provider

Why Expand with a PEO in Uruguay?

A Professional Employer Organisation or PEO in Uruguay can offer significant advantages when entering the Uruguayan market. Uruguay's tranquillity and security have led foreigners from different parts of the world to do business in the country. Additionally, its attractive business environment and lower costs of production compared to neighbouring countries, have stimulated foreign direct investment (FDI) in Uruguay. If you are looking to expand abroad, incorporating your business with a PEO in Uruguay can help with the process of hiring local staff without needing to formally consolidate a company. A PEO can support your business with multiple aspects of hiring employees in Uruguay, including employee payroll. How does a PEO in Uruguay support business expansion? A Professional Employer Organisation supports companies with all duties regarding human resources, from the early stages of recruitment to the payment of taxes and benefits. A PEO in Uruguay will hire local staff on behalf of the company, and manage its payroll and social security requirements. In this way, the expanding company can focus on developing its commercial activities. A PEO will hire local staff on behalf of your company. PEOs can achieve this through a 'co-employment' relationship with the hiring company. In hiring staff on behalf of your business, the PEO becomes the Employer of Record in the eyes of the government. Furthermore, a PEO in Uruguay can undertake essential and time-consuming tasks concerned with human resources needs and legal obligations, allowing companies to focus on the growth and...

Payroll Calculator: Calculate Costs of Hiring Staff in Latin America

Payroll Calculator: Calculate Costs of Hiring Staff in Latin America

We’ve launched our new Payroll Calculator, now available on our website, so you can better understand your hiring costs and requirements when expanding your business in Latin America. Keeping tabs on all the details of your corporate and human resources requirements and their associated costs is difficult. The added challenge of breaking through a language barrier can make this especially so for foreign companies in Latin America. We’re committed to continuous improvement and innovation. Find out about how our Payroll Calculator works, and how we make it easier for you to understand what you’ll need to hire staff in Latin America. What is the Payroll Calculator? Our clients often come to us with questions about their corporate and human resource compliance requirements when expanding their business into Latin America. Employment laws are often complex, and it’s essential companies can understand what their requirements are to their employee and to the State, and how to fulfill statutory employee rights and contributions. We’re making it easier for our clients to understand what their obligations are under local labor laws in Latin America. With the Payroll Calculator, you can find out what your company’s key obligations are when hiring staff, according to the country or countries you’re expanding into. The Calculator will also explain the cost of hiring the employees you need, taking into account social security, bonuses, and any other mandatory contributions to the government or employee in your chosen country. We’re making it easier for our clients to understand what...

Best Practice for Establishing a Company in Mexico

Best Practice for Establishing a Company in Mexico

Mexico is a key business destination in Latin America, thanks to its strategic location, strong trade relationships, and flourishing market made up of innovating industries. With an immense local population of around 126 million (second in the region behind Brazil) and increasing average household wealth, the consumer population is highly responsive to new products and services. This regional powerhouse poses a highly advantageous platform for entrepreneurs looking to do business locally and across Latin America. We explore the best way to establish your business and become an integral part of the economy’s bright future. Establishing a Company in Mexico - Seven corporation types There are many legal aspects to consider in order to establish your company in Mexico. First and foremost, you must choose the legal entity (business type) you want for your commercial activities. According to article 1° of the Mexican General Corporations Law, there are 7 classes of corporations.  Four of these can be established with variable capital: Sociedad en nombre colectivo (collective company) Sociedad en comandita simple (simple limited partnership) Sociedad de responsabilidad limitada (limited liability company or LLC) Sociedad por acciones simplificadas (simplified stock company) Sociedad anónima (public company). The other two options available to business owners are: Sociedad en comandita por acciones (limited shares partnership) Sociedad cooperativa (cooperative company). The most common choices for foreign businesses in Mexico are Sociedad anónima and Sociedad de responsabilidad...

Hire Senior Sales Staff in Latin America through PEO

Hire Senior Sales Staff in Latin America through PEO

Latin America may not always be a first choice for foreign investors considering their expansion options. Within the region as a whole, are countless differing regulations, customs, and bureaucratic systems to navigate. Hiring in Latin America is one area in particular where regulation can be particularly complex. Labor law tends to reflect the history, core values and culture of each individual nation and so varies a great deal. It was the early 2000s which saw most Latin American countries put in place some very employee-friendly labor laws. If not compliant, most Latin American nations impart strict penalties and harsh fines on business. However, the region is stepping into the global economic spotlight as one of the fastest-growing in the world - now, even more so than Asia. As Latin American economies stabilize and demonstrate consistent positive growth, foreign business is drawn to exciting opportunities in this developing continent. Making the leap into a new and largely unknown market can be risky. Thankfully, Professional Employment Organizations mitigate that risk by enabling businesses to employ key senior sales experts to explore and learn about a new market, before setting up a subsidiary or branch. Benefits of hiring senior staff in Latin America through a PEO Although a complicated initial process, once complete, there are comprehensive benefits to employing senior sales personnel in Latin America. As major players in the region develop open business environments, the relatively low market saturation in various new and emerging industries creates...

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