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5 Tips for Business Success for US Companies in Chile

5 Tips for Business Success for US Companies in Chile

As one of the world’s most entrepreneurial nations, there are ample business opportunities for US companies in Chile. Chile and the US have maintained a strong commercial relationship dating back to 1918. In 2019, both countries celebrated their 100th anniversary of the Chilean-American Chamber of Commerce. This longstanding and mutually beneficial commercial relationship has fostered strong connections between the 2 countries. For decades, Chile has modeled its economy and institutional foundations on those of North America. The philosophy, principles and guidelines that shape the country’s public policies are similar in both jurisdictions. This includes Chile’s economic, commercial, banking, and trade policies, among others. Succeed in business as a US company in Chile So what’s it like to do business between these two powers? Our Senior legal professionals in Chile have put together 5 key pieces of advice for US companies to succeed in the country’s commercial environment. 1. Engage with local specialists Though it’s true that the Chilean economy and markets share important similarities with those found in the US, there are a number of differences that US companies in Chile must adapt to. Though it’s true that the Chilean economy and markets share important similarities with those found in the US, there are a number of differences that US companies in Chile must adapt to. It’s crucial to understand differences in corporate compliance requirements in Chile in order to ensure you operate in accordance with the law, and secure your commercial success. The US is home to a...

Why US Companies are Doing Business in Panama

Why US Companies are Doing Business in Panama

Doing business in Panama can be a smart option for US companies due to strong international relations between these two countries, benefits for foreign investment and the US-Panama free trade agreement.  Panama has the lead in economic growth in Central America, with an estimated GDP growth of 3.7% in 2019 and a GDP per capita of US$15,642. Furthermore, the country is expected to grow by 3.8% in 2020, promising stability and growth for investors. Doing business in Panama: Attractiveness for US investors With attractive benefits for US investors such as currency pegged to the US dollar, easier immigration access, regulations favoring the protection of the company’s information and low fiscal duties, foreign direct investment (FDI) has increased. In fact, c Doing business in Panama is attractive to US companies due to the wealth of business opportunities. The Panama Canal strongly supports import and export activities to Latin America, the Caribbean, and Europe. In addition, financial services, construction, tourism, real estate amongst other ventures are profitable in the country.  1. Free trade agreement with the US The US has a trade agreement with Panama called the United States - Panama trade promotion agreement (TPA). This agreement removes duties for 87% of US consumer and industrial products in Panama, with remaining tariffs to be phased out over the period of 10  years.   The list of consumer and industrial products with duty-free access includes: information technology equipment agricultural and construction equipment aircraft and parts...

Increased US Investment in Latin America Technology Hubs

Increased US Investment in Latin America Technology Hubs

US investment in Latin America by large technology companies is increasing. In 2007, Google opened its Latin American headquarters in Argentina. 13 years later, the company has a renewable energy-powered data center in Chile and will be expanding with another data center in Uruguay. Google is not the only US tech giant investing in Latin America. Other tech multinationals such as Amazon and fintech giant startup Stripe have made great investments in order to provide better services and have access to the vibrant fintech scene in the region. We touch upon large-scale US investments in Latin America’s technology scene, and why they are important for developing the region’s tech capability. US Investment in Latin America: Data Centers Google Google will be opening its third Latin American data center in Uruguay, the date of construction and amount of investment is yet to be released. Google’s first data center in Latin America was opened in Chile in 2013. Furthermore, in 2018, it was made public that the company would be investing US$140 million more to expand this facility located in Quilicura, Santiago. Now, the company is looking to open another Latin America data center in Uruguay. It will be located in a free-trade zone, within Uruguay’s science park and will have a focus on storage and server management.  Amazon Google’s main competitor in cloud services, Amazon, will be building a US$800 million data center near White Bay in Argentina. This facility will be located in a free-trade zone and will help provide low latency for platforms in the region and locally....

7 Tips for US Companies Doing Business in Colombia

7 Tips for US Companies Doing Business in Colombia

Colombia is making headlines as an emerging economic power in Latin America, though the extent of its potential is underplayed in the United States. As the third largest economy in Latin America, Colombia is poised for drastic modernization and technological innovation. The country’s developing business environment offers valuable opportunities for US companies looking to do business in Colombia into the foreseeable future. Infrastructure improvements are developing the major cities in Colombia, facilitating greater connection between commercial hubs. Though welcoming to US companies expanding their horizons, Colombia’s business environment can still seem complex to new market entrants. We outline top tips for US companies doing business in Colombia. 1. Identify the market potential for doing business in Colombia A developing, modernizing business environment offers valuable opportunities for US companies looking to do business in Colombia. Colombia’s earnings report shows GDP growth of 3.3% for the third quarter of 2019, matching market expectations. Yearly forecasts from the International Monetary Fund (IMF) are looking promising, reinforcing business confidence in the country’s ability to expand further going into 2020. Colombia’s natural riches make it one of the most biodiverse in the world, and this is reflected in its trade. The country’s main exports include coffee, petroleum, and cut flowers. Colombia benefits from free trade with the US thanks to a solid partnership, and the US is also its largest import partner. Compared with other countries in the region that...

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