QuickStart: to Market Entry
Whether entering the market or simplifying operations, we can give you a QuickStart.
CHILE tmf-group.comtmf-group.com Whether entering Chile for the first time or What makes us different? simplifying existing operations, we can give TMF Group is the global expert that understands local needs. you a QuickStart.
KNOWLEDGE: Based in-country, our independent experts understand the TMF Group has local experts in Santiago providing financial, legal and HR and payroll local market and all its associated services across Chile. legal, financial and regulatory compliance requirements. We can get you set up, provide a single point of contact and take care of those ‘non- core’ elements that keep your business moving, while you can focus on what you FLEXIBILITY: We can offer an individual and tailored service that is do best: selling your products and services. scalable in line with business needs By taking the burden of the back office and centralizing it through one global and is invoiced in whatever currency provider, we work with you to increase efficiency and help strip out any or location the client prefers. unnecessary costs. CONTROL: Through our worldwide network of wholly-owned offices, we can offer global reporting and one single point of contact to businesses QuickStart: to Market Entry Chile has five main elements: operating across multiple regions. SPEED: Our local presence helps businesses to take an agile approach and enter new markets more quickly We manage and We can help you than their competition. maintain your find and manage RANGE: We are the only global organization to offer a complete suite legal set-up and an address to of complementary business solutions. structuring work from
We help you stay We handle your We help your compliant with accounting and staff get paid on local regulations tax requirements time according to local rules
International incorporation and structuring: We manage the legal set-up and structuring of new or existing operations. International entity management: We help you stay compliant, manage your risk and stay on the right side of regulators and filing requirements. Office premises: Whether you need registered addresses, rented offices or assistance managing your own premises, we can help with both your current and future needs. TMF Group serves clients HR and payroll: We help you to hire the right people, apply and implement of all sizes and from all international policies in employment contracts and handbooks, and pay your sectors; everyone from a staff in compliance with local law. small start-up to a large Accounting and tax: We take care of local statutory bookkeeping, full multinational. We work consolidated accounts and reporting and management reporting to relevant with more than 40% of local and international standards. the current S&P 500 and Fortunetmf-group.com 500. Thinking of doing business in Chile?
The challenges... The company is obliged to discount a percentage of the gross monthly remuneration of the worker, which is allocated to different institutions: Pension Funds (AFP); Social Security Lack of local knowledge can result in... Institution (IPS); National Health Funds (FONASA) or a private TAX PENALTIES health institution (Isapre). LOST BUSINESS CRIMINAL AND CIVIL LITIGATION
Starting a business: To start a business in Chile, you have to take into account that there are different options to create ... and the opportunities a company, each one with different diligences and different permissions according to the type of company that will start. Low inflation: Chile has an emerging and stable economy, However, in all cases, it is necessary to define the legal with a small inflation rate which varies between 1 and 3% organization of the business, it being an individual or legal entity, a year. Besides this, Chile has been evaluated as the best as well as to establish the tax requirements. economy in Latin America and it is one of the most recognized at a global level, making it the most competitive in the region. Tax duties: The institution in charge of tax inspection is the “Servicio de Impuestos Internos” (SII) (its equivalent in English is Low corruption: Chile is one of the most corruption-free South “Internal Revenue Services” IRS), and the entity, as the taxpayer, American countries, according to the Corruption Perception must comply with several monthly and annual procedures, such Index 2013 of Transparency International. as tax return and stamping of documents. The main tax returns that are performed in Chile are the Monthly Declaration and Desirable to live in: Chile has 15 regions with different Concurrent Payment, Annual Income Tax, Stamp Tax Law on climates and a variety of beautiful landscapes, modern Inheritance taxes, Assignments and Gifts. architecture and social welfare. These characteristics, as a Tax audit: SII follows a procedure to verify that tax declarations whole, make Chile one of the best countries to live in Latin are trustworthy based on the operations recorded in their America. accounting books and the support documentation, whilst also considering all past transactions. Tax treaties: Chile keeps in force bi-lateral treaties to avoid double taxation with more than 20 countries, and its tax system Payment of social security taxes: When starting a business, it is transparent, competitive and widely computerized. is important to note that the employer has a series of obligations to their hired workers, such as the payment of social security and health insurance taxes.
tmf-group.com Meet our Managing Director in Chile
Cristián de la Cerda brings over 30 years of experience in international professional Our office in Chile services firms focusing on finance, taxes, accounting, auditing and information technology. Previously, he was partner at Coopers & Lybrand, Andersen and Ernst & Santiago Young in Chile, developing and managing operations in the Latin American region, Edificio Millenium while also forming part of executive committees in various firms. Cristián then Huérfanos 770, Piso 19 formed Acttitude, a financial services firm providing accounting, taxes and human Santiago, Chile. resource services in Chile. In 2007, Acttitude was aqcquired by TMF Group, where he T: + 56 2 2 347 1000 continues to oversee operations as the Country Managing Director.
Get in touch with Cristian or his team to discuss how to grow your business in Chile
Whilst we have taken reasonable steps to provide accurate and up to date information in this publication, we do not give any warranties or representations, whether express or implied, in this respect. The information is subject to change without notice. The information contained in this publication is subject to changes in (tax) laws in different jurisdictions worldwide. None of the information contained in this publication constitutes an offer or solicitation for business, a recommendation with respect to our services, a recommendation to engage in any transaction or to engage us as a legal, tax, financial, investment or accounting advisor. No action should be taken on the basis of this information without first seeking independent professional advice. We shall not be liable for any loss or damage whatsoever arising as a result of your use of or reliance on the information contained herein. This is a publication of TMF Group B.V., P.O. Box 23393, 1100 DW Amsterdam, the Netherlands ([email protected]). TMF Group B.V. is part of TMF Group, consisting of a number of companies worldwide. Any group company is not a registered agent of another group company. A full list of the names, addresses and details of the regulatory status of the companies are available on our website: www.tmf-group.com. © July 2014 TMF Group B.V.
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