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7 Tips to Understand Business Etiquette in Colombia

7 Tips to Understand Business Etiquette in Colombia

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...

A Lawyer’s Guide to Business Opportunities in Bolivia

A Lawyer’s Guide to Business Opportunities in Bolivia

Take advantage of business opportunities in Bolivia when expanding your business in South America. During the last years, Bolivia has managed to maintain a prosperous economy that promotes trade and investment, with sustained growth and low inflation rates. The country, which shares borders with important regional players such as Argentina, Chile, Brazil and Peru, offers foreign investors the opportunity to enter an unsaturated market with a strategic location. Currently, Bolivia is considered one of the fastest-growing economies in Latin America. Nevertheless, incorporating a company in Bolivia might be a challenging experience for foreign businesses due to local regulations. Learn more about business opportunities in Bolivia, the essential information to know before starting a business, and the types of companies that can operate in the country. What to consider about business opportunities in Bolivia When expanding in Bolivia, you must decide what type of entity is the most suitable for you. Before entering the Bolivian market, every foreign investor thinking about taking advantage of business opportunities in Bolivia must know the following: Shareholders: The shareholders can be Bolivian or foreign, either companies or natural persons. Legal representative: The legal representative must be Bolivian. When a foreign person wants to be a legal representative, he or she must obtain legal residency and establish a domicile in Bolivia.Legal address: To develop commercial operations in Bolivia, a company must register a legal address in the country.Legal foreign...

The Importance of Seeking Directorship Services in Latin America

The Importance of Seeking Directorship Services in Latin America

Bussines owners planning to expand their company into a foreign country will encounter a variety of situations that require a careful decision-making process, plus time and money. The use of Directorship Services in Latin America from an external provider can help you meet all of the necessary requirements and needs to successfully expand your business into a new market. One of those needs is to appoint a Director or Manager who has the legal right to represent the company wherever it will be established. However, the details of this process may vary depending on the country you are expanding. Therefore, there are several reasons why a company entering Latin America might consider engaging directorship services. We discuss the importance of directorship services in Latin America. What are directorship services in Latin America? Directorship services involve all activities regarding the process of recruiting a Director or Manager, and defining the responsibilities of this person to execute the company’s front-office activities successfully and legally. Directorship services also include the replacement of this director, if necessary. A foreign company can either seek, interview, and hire a local manager or director on its own or retain a local back-office services provider who is able to take responsibility for this process. With the latter option, a back-office services provider can reduce the burden and challenges the company faces, as they have legal capacity to manage the company's business in the local market successfully. Directorship Services are growing rapidly and...

Why Seek Commercial Representation Services in Ecuador?

Why Seek Commercial Representation Services in Ecuador?

When expanding to Ecuador it is important to understand the local commercial and trade legislation. It is therefore crucial to seek commercial representation services in Ecuador. Businesses of various sizes see Latin America as an attractive continent to do business in, with huge opportunities for growth and expansion in many sectors such as tech, tourism, and mining. The key to penetrating emerging markets such as Ecuador is to have a competent strategic business plan. Utilize local knowledge and experience in order to give you and your business the best start in the country. What are commercial representation services in Ecuador? Commercial representation in Ecudaor will help your company to meet its business objectives. Taking advantage of commercial representation services in Ecuador will ensure that your company reaches its business objectives when entering the Ecuadorian market. Experienced commercial representatives can enable businesses to succeed in Ecuador, by: Understanding your business needs: This means understanding what market your company is aiming to break into and what are the business objectives and aims.Conducting market validation: In order to validate the market, a detailed analysis needs to be carried to see what factors can be implemented to achieve successful market penetration. Performing a route-to-market review: The commercial representative in Ecuador can help you and your company develop a tailored brand positioning strategy and identify a route-to-market.Conduct commercial engagement: A commercial representative in Ecuador can also support...

Manage your Business Risks with Due Diligence in Guatemala

Manage your Business Risks with Due Diligence in Guatemala

When doing business in Guatemala, managing your business’ risks with due diligence practices is essential to its success and longevity.Language and/or cultural barriers, understanding the market and the way of handling businesses are challenges that foreign business owners face when expanding abroad. Buying existing companies or partnering with locals are key ways to reduce these challenges and get support navigating an unfamiliar market. However, it’s imperative to protect yourself when undertaking either of these processes by conducting thorough due diligence checks in Guatemala of the companies and people you will surround yourself with.Find out more about due diligence in Guatemala and how to manage your business risks. What is due diligence in Guatemala?  Due diligence refers to the process of thoroughly reviewing and analyzing available information of a company. Due diligence refers to the process of thoroughly reviewing and analyzing available information of a company. The focus of this analysis is primarily set on economic, legal, tax and financial circumstances of a company.  What is the purpose of due diligence?  The general purpose of due diligence is to conduct a risk assessment as part of the process of buying a company, hiring new staff or partnering with other organizations. However, conducting due diligence in Guatemala brings more advantages.The main objectives of a due diligence analysis are:  Reduction of information asymmetries between buyer and sellerEstablishing a basis of trust between buyer and seller through transparencyAnalysis of...

Manage Your Business Risks with Due Diligence in Panama

Manage Your Business Risks with Due Diligence in Panama

Managing your business risk with due diligence in Panama while doing business is a key aspect for having an operational company.  Foreign executives face various challenges when entering in a new country. Language barriers, different legal frameworks and cultural expectations can be difficult to understand. Therefore, business owners choose to buy operational companies to start doing business immediately.  Due diligence in Panama as in other countries offers certainty about operational aspects of the company you’re managing, buying or merging. Undertaking due diligence activities will certify the health of the company and if is convenient for starting a business.  The main objective of carrying out due diligence in Panama is to reduce risks by analyzing the operations of the company and validating they comply with local legislation and institutional authorities. Executives need to consider that a sanction from an institutional authority affects the economic growth of the company and even bankrupt it. Why is due diligence important in Panama? Panama is an attractive country for foreign business due to its diversity, strategic location, and business opportunities. Panama is an attractive country for foreign business due to its diversity, strategic location, and business opportunities. According to the General Comptroller (Contraloría General de la República) in 2019 there were 26,000 registered companies, which represents a 4.6% increase in relation to 2018. Furthermore, there were 299 company merges.  Buying an operational company is a common practice...

5 Tips for Following Business Etiquette in Ecuador

5 Tips for Following Business Etiquette in Ecuador

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...

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