Tips- Tag Archives - Business News and Updates

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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...

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...

5 Valuable Tips for Doing Business in Costa Rica

by Legal Team Costa Rica | Dec 31, 2018

Costa Rica is a great country to expand your business to. Not only is it one of the fastest growing economies in Latin America, but it is also home to a world of investment opportunities in a vast array of sectors ranging from the traditional coffee production to high-tech regional and international exportation. A statistic worth boasting is its sustained positive growth for the past 5 years, averaging above 3% annual GDP growth over the period. However, like any other country, it is necessary to be informed and have some prior knowledge about the market and its institutions in order to be able to navigate the early stages of operation as smoothly as possible. In this article, we give 5 essential tips to help you sail through starting a business in Costa Rica. Doing Business in Costa Rica - Prepare for bureaucracy. Costa Rica is a nation full of public institutions asking for a lot of documents before granting certificates or permits for specific activities. The number of requirements varies, sometimes a lot, according to the type of business you are conducting, as does the time needed to obtain them. Public employees are strict regarding certificate and permit qualifications, often rejecting applications not correctly filled out or lacking in some document or information they deem necessary - so is the bureaucracy of the country. One sure way to sidestep going back and forth between institutions and denials is to be previously informed. Government websites and phone lines can offer a lot of information on requirements for the necessary processes you may need. Collecting...

5 Valuable Tips to Successfully Do Business In Panama

by Legal Team Panama | Dec 16, 2018

Central America, cataloged since the beginning of time as an exciting upcoming market, has emerged as the new dream and jurisdiction of opportunities for potential investors and entrepreneurs. In the present case, Panama is the Central American 'Diamond', which has been refined over the years. The region has been receiving large inflows of FDI, is a strategic logistics hub, has the lowest tax rates in the region and has exceptional infrastructure. In summary, Panama, as the business hub of Central America, offers promises of opportunities for those seeking to expand their business operations. However, before jumping in and investing, it is important that you have a profound understanding of the local business environment in addition to the support of a local group to enable your operations and ensure your commercial success. Doing Business in Panama - Receive a Professional Assessment It’s important to keep in mind when investing in a new country, the local market must be understood in depth. You must consider that not receiving a local market assessment represents a disservice to your future operations. The worst mistake you can make is to try to save a couple of dollars, by not contracting local advisors to guide you. Not seeking competent advice will imminently cause negative results and will not allow you to remain competitive in the Panamanian marketplace. Professional local advice will place you in a privileged and advantageous position, with local advisors being able to foresee fortuitous circumstances that could put your project at risk. Evaluation of the...

10 Helpful Tips for Doing Business in Mexico

by Legal Team Mexico | Jul 7, 2018

Successfully doing business abroad comes with many challenges and complications. It’s important to learn about the new culture where you undertake business and to respect and adhere to local laws and customs. Read on to explore 10 cultural tips to use when you are doing business in Mexico! 1. Doing Business in Mexico - Develop Rapport Developing personal relationships are very important in Mexico as locals prefer to do business with those they know and trust. Building relationships will play a key role in the formation of strategic partnerships in the region. Mexicans strongly value personal relations, and rightly or wrongly, they will often not do business without them. 2. Do Business with the Right People Find out who are the key decision makers and be sure to connect with them. Knowing the right person will make things more simple when beginning business operations. 3. Send Experienced Team Members to Mexico when doing business If you choose to send team members to Mexico, make sure that they are of the proper seniority and experience level. Do not send new employees to do this; this may insult your potential Mexican business partners. 4. Be Aware of Language Barriers in Mexico Be aware that you may need to bring an interpreter or have contact with a bilingual business partner who can help you navigate the Spanish language. 5. Business Lunches in Mexico are common Lunch in Mexico, called 'la comida', is the most leisurely and largest meal of the day. It consists of about four courses that include soup or salad, an entree, a main dish and a dessert. Due to its casual...

Corporate Lawyer – 5 Essential Legal Tips When Incorporating a Company in Brazil

by Legal Team Brazil | Jun 12, 2018

In one of our former articles about Brazil, we explained everything about ''How to Incorporate a Company in Brazil''. In this article, we give you 5 tips that are essential to know when you want to incorporate a company in Brazil. 1. Incorporating a Company in Brazil - Branch or Subsidiary? It's important to think about whether you're going to incorporate a branch or subsidiary in Brazil, because the process of incorporation becomes a lot more complicated from the moment that you decide to incorporate a branch. We are referring to a subsidiary when a foreign company is a partner, investor or shareholder in a Brazilian-formed company. In this case, the entity is fully governed under Brazilian Law which means that the company will have the same rights and responsibilities as any other Brazilian company. When you want to open a branch of a foreign company in Brazil, it becomes a lot more complicated due to the specific authorisation that is necessary for the incorporation which will take a lot more time than the incorporation of a subsidiary. This authorisation will be given by the Ministry of Development, Industry and Foreign Trade. 2. In Which Sectors Can You and Can't You Operate? In Brazil there are certain sectors in which you can't operate when the company is owned by foreigners. These sectors are: Radio, television and publishing Cable television Road transportation Air transportation Health Care Security 3. Name of the Company Brazil has very strict rules about what can and cannot be the name of your company. Therefore, Brazil gives specific instructions about...

6 Tips For Australians Looking To Invest in Latin America

by Team Latin America | Aug 7, 2017

This article is the last article in our 4 part series which examines the economic ties between Australia and its neighbors on the other side of the world - Latin America. Our previous article ´5 Essential Back Offices Services: Australian Investment in Latin America´ highlighted the importance for Australian companies to outsource their back office services in order to improve efficiency. This article will provide readers with ´consejos´ (tips in Spanish) on how Australians can make the most of their Latin America investments. These tips include: Understand the Local Market Know the Business Culture and Customs Develop a Rigorous Business Plan Remain Flexible and Seek Guidance Recruit Professional and Competent Individuals Work with a Trusted Back Office Supplier There is no denying that there is a great range of opportunities in Latin America for Australians. The tips provided in this article can help to add to your existing knowledge in Latin America to ensure you make an informed decision with respect to your investment in the region. Doing Business in Latin America - Ensure you Understand the Local Market A thorough understanding of the local market is essential for all Australian investors thinking of entering and operating in Latin America; the future success of their investments will be based on the ability to analyse and respond to the behavior of the target market. There are vast cultural and language differences between Australia and the various countries that make up Latin America, for this reason, consumer trends between the two regions vary greatly in...