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Why Outsource Corporate Secretarial Services in Paraguay?

by Legal Team Paraguay | Jul 31, 2020

Corporate secretarial services in Paraguay help clients to manage and alleviate risks of their business’ compliance. Paraguay is one of the most attractive countries for doing business in South America. The World Bank states that the country has a fast-growing economy with a continuous growth percentage of 4.5% over the last years. In the last two decades, Paraguay has experienced important changes in its economy, overcoming financial challenges in the 1990s and the beginning of the new millennium, and making fiscal and debt adjustments in the middle of the last decade. The country has been favored by positive external factors that added to macroeconomic stability, leading to years of notable growth in GDP and GDP per capita. We outline crucial competencies to look for in a provider of corporate secretarial services in Paraguay, and the importance of these services when expanding your business. Importance of corporate secretarial services in Paraguay The right corporate secretarial services provider supports a company’s risk management activities by enabling businesses to fulfill their corporate obligations. Setting up operations in a new country such as Paraguay is a challenge in regards to understanding and complying with new tax regulations, adapting to a new business culture and hiring the right staff. It can be time-consuming and complicated, especially when considering language and cultural barriers. For this reason, it is vital to work with a trusted local partner to ensure that your company meets all local and international requirements. Hiring a local provider...

Outsource Your HR and Payroll in Mexico with a Local Provider

by Legal Team Mexico | Jun 24, 2020

Outsourcing your HR and payroll in Mexico with a local provider is very common among companies expanding their business in the country, especially during a period where international travel is restricted. It is the best way of delegating recruitment and payroll management activities through a third party, also known as a Professional Employer Organization (PEO) or Employer of Record in Mexico. This process allows business owners to reduce costs, streamline incorporation processes, decrease the administrative burden, as well as increase profitability. In this article, we will describe the main advantages and compliance requirements when outsourcing your HR and Payroll in Mexico. What are the benefits of outsourcing HR and payroll in Mexico? The process of outsourcing HR and payroll in Mexico is regulated by the Federal Labor Law. The process of outsourcing HR and payroll in Mexico is regulated by the Federal Labor Law. This practice, usually conducted by a Professional Employer Organization (PEO), offers a specialized service, for which a commercial relationship is established between the expanding company and the PEO, through a formal contract. Some of the benefits of outsourcing HR and payroll in Mexico are: The expanding company reduces costs and time for hiring its employees through a PEOThe payroll service is 100% deductible for the local taxes calculation, as well as 100% of the value-added tax (VAT)The process of outsourcing is carried out by professionals who have an in-depth knowledge of local recruitment processes and employees’ expectationsPEOs can recruit...

Manage Employee Payroll in Colombia Through an External Provider

by Accounting Team Colombia | Jun 12, 2020

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...

Hire Staff Through an Employer of Record in Paraguay

by Legal Team Paraguay | Jun 1, 2020

When expanding into Latin America, consider hiring staff through an Employer of Record in Paraguay. In the age of information, the focus of the global economy has shifted from industry-oriented to service-oriented. The emerging markets of Latin America are no exception to this transition process and Paraguay is undoubtedly one of these emerging economies, with the highest growth rate in the last decade. Paraguay’s government is working to open up the market with new incentives to do business. Companies should consider engaging with an Employer of Record in Paraguay to hire staff from abroad. Employer of Record in Paraguay: hire staff without a local company Work with a local EOR in Paraguay to outsource some or all of your human resources needs, so you can fully concentrate on your core business. Entering a new market brings many opportunities, but also has risks. As a foreign business owner, you have various opportunities to enter a new market. You can decide to incorporate a legal entity in a foreign country, or hire staff in Paraguay without a local company. The latter requires employers to engage with an Employer of Record (EOR) in Paraguay You can work with a local EOR in Paraguay to outsource some or all of your human resources needs, meaning that you can fully concentrate on your core business. A qualified workforce and efficient human resources management are indispensable to guaranteeing strong business development. What is an Employer of Record in Paraguay? An Employer of Record in Paraguay offers a partnership of co-employment between a foreign entity...

5 Challenges for US Companies Doing Business in Chile and How to Overcome them

by Legal Team Chile | May 20, 2020

Over the last decades, numerous US companies have successfully undertaken the challenge of doing business in Chile, a country that is known for having the best business expansion opportunities in Latin America. Last year, direct investment in Chile increased by US$11.928 million, and for the first half of 2020 the country registered a record figure of US$4.779 million. This encouraging panorama has historically and currently attracted investors from all over the US, expanding their business in the industry of mining, technology, and Venture Capital. 5 Challenges for US Companies Doing Business in Chile and How to Overcome them A paradigmatic example of recent US investment in Chile came in 2019 when Jeff Bezos - founder and CEO of the e-commerce company Amazon - invested millions of dollars in the Chilean start-up NOTCo, which successfully mimics the flavor and texture of certain foods using only vegetable-based ingredients. Although Chile’s dynamic and developed market has been in the scope for multiple US companies, executives should be aware of the challenges they may face to prosper in the country. In this article, we review the principal challenges for US companies doing business in Chile and how to overcome them. 5 Challenges for US companies doing business in Chile 1. Language US executives must not assume that everybody in Chile speaks English. Even though English is increasingly common and is taught in most schools to a large percentage of the population, US companies doing business in Chile will find to their surprise that aside from most lawyers, fully fluent...

Meet Sandra Vargas, Manager of Accounting and Payroll Services in Colombia

by Corporate Team | Mar 20, 2020

"Working with foreign clients interested in investing in our country allows us the experience of being able to contribute our expertise on the accounting and financial aspects of Colombian law, and provide quality services to make it happen." Sandra Vargas, our Accounting Manager in Colombia, oversees all the operations and service delivery of Biz Latin Hub's largest accounting team. In our Corporate Office in Bogotá, Sandra is responsible for ensuring the delivery of the highest quality accounting, tax and payroll services in Colombia, which is our largest client base. Sandra has been a member of our team since 2018. Previously, she was the Senior Accountant for Japanese company Nidec, based in the US. There, she was responsible for consolidating and reporting the company's financial statements for the parent company in Japan, and had the opportunity to learn about the US Generally Accepted Accounting Principles. Sandra graduated as a Food Technologist at SENA. She also studied as a Public Accountant at Universidad del Valle, Financial Management Specialization at Jorge Tadeo Lozano University, and an IFRS Diploma at Sergio Arboleda University. Sandra also undertook a number of courses with the Bogotá Chamber of Commerce to diversify her experience and expertise, including in: Logistics and International TransportationInternational Market Research Marketing for InternationalizationFinancial Viability for Internationalization. What do you enjoy most about your role? When asked about what she enjoys in her role, Sandra enjoys the opportunity to work with international...

We’re Expanding: Market Entry and Back-Office Services in Bolivia

by Legal Team Bolivia | Mar 3, 2020

Biz Latin Hub is expanding its reach in the region; we’re now providing our suite of market entry and back-office services in Bolivia. As a regional legal and accounting services provider in Latin America, we’re already operating in the five other countries surrounding Bolivia: Brazil, Paraguay, Argentina, Chile, and Peru. Bolivia will be the sixteenth country where Biz Latin Hub has expanded its operations. As neighbouring economies are gaining traction from foreign business-owners, Bolivia’s largely unsaturated sectors offer viable opportunities for multinational companies. “2019 was a big year for Biz Latin Hub in Latin America,” says Craig Dempsey “2019 was a big year for Biz Latin Hub in Latin America,” says Craig Dempsey, Managing Director of Biz Latin Hub. “The consistent growth demonstrated by many Latin American economies has drawn a lot of international attention. The reputations of countries like Brazil, Chile and Peru have attracted unprecedented numbers of foreign commercial actors. “Many are now beginning to explore their options in some of the smaller, more frequently overlooked countries. Bolivia is one of these countries.” Notably, Bolivia has demonstrated positive consecutive GDP growth since 1999, reaching highs of 6.148% growth in 2008, and 6.796% in 2013. It’s set to continue this growth streak in the coming years, and like many others in the region, is experiencing significant technological development that is catching the attention of innovators worldwide. Its involvement in key regional trade blocs such as Mercosur and the Andean Community also...