Doing business in Chile
The Republic of Chile, located in the southwestern tip of South America, is bordered by Peru in the north, with Bolivia and Argentina in the east, the Antarctic in the south, and the Pacific Ocean in the west, along a coastline of more than 4,000 kilometres. The country's population exceeds 17.5 million.
According to the business environment ranking published by The Economist Intelligence Unit (EIU), Chile is among the top 20 best countries to do business in, being the first Latin American country on the list. According to this study: "...Chile’s major strengths as a foreign investment destination are having longstanding and well-functioning market economy, open foreign investment regime, strong fiscal position, sophisticated capital markets and the world’s most extensive network of free-trade agreements (FTAs)...".
Moreover, according to the TMF Group’s Global Benchmark Complexity Index 2015, Chile has improved significantly: “Although certain reforms were implemented in September 2015, their effect is still to be accurately measured, however, this jurisdiction (Chile) has significantly improved its complexity ranking since last year and enjoys a lower position than many of its peers…”
The country’s traditional leading industries are agriculture, viticulture, fishing and mining; while activities such as retail, car sales, manufacturing, construction and banking have been taking an important place in Chile's economy. Chile's most important partners in the region are Brazil, Argentina and the 'Pacific Alliance' members, namely, Peru, Mexico and Colombia. Chile was the first South American country to join the OECD (The Organisation for Economic Co-operation and Development).
The country is also a member of the Rio Group, an associate member of MERCOSUR, a full member of the APEC, and a founding member of the Union of South American Nations (UNASUR).
According to Doing Business study published by the World Bank, starting a business in Chile requires 7.00 procedures, takes 5.50 days, costs 0.70% of income per capita and requires paid-in minimum capital of 0.00% of income per capita.
TMF Group facilitates entry into the Chilean market
TMF Group Chile has more than 30 years in experience assisting local and international clients, supported by the acquisition of the Business Process Outsourcing (BPO) unit of KPMG, and BPO company Acttitude (2007), formed since the beginning of the BPO unit of Ernst & Young.
During this time, we have been the leading provider of accounting, tax compliance, human resources, payroll, executive search and management of legal entities, servicing both local and global customers.
TMF Chile has over 230 employees with vast experience and knowledge of the local market. Counting on a global network of professionals allows us to serve clients across different industries, by providing flexible and customised solutions suited to their needs.