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moreOverview of Chile
Chile is a long narrow ribbon of land stretching more than 4,000 kilometers along the west coast of South America with an average width of approximately 180 kilometers and has a continental area of 764,000 square kilometers excluding the Antarctic territory. Currently the Chilean population is approximately 18 million people in total.
Located between Andes mountains on the east and the Pacific Ocean on the west. Chile has Peru, Bolivia and Argentina as neighboring countries. The capital of Chile is Santiago which is the commercial center of the country.
Regulation for Foreign Investment
OVERVIEW
There are no regulations that limit the ownership percentage in a company from foreign investors regardless any industries or services. Investment rate is not limited except for certain businesses, which are transport ships with Chilean flag and ship owners of fishing boats. Investors interested in Chile could own all the company’s shares/stocks when you invest in Chilean companies.
Establishment in Chile
Chile is likely the most business–friendly economy in South America. The country is moving forward to a way on making business simple and more affordable to foreign investors. Currently, the process of setting up a business is probably the quickest and most efficient in the region. On March 2011, the act 20.494 reduced costs and softened the requirements for publication and registration of an incorporation. Although start up a business in Chile used to be slow and complicated, since new law has come into effect, the paperwork and process has gotten a lot easier than a decade ago.
Chilean Tax System
Under the Constitution of the Republic of Chile, taxes, customs duties and all kinds of public duties must be implemented through the enactment an Act approved by the Congress.
The initiative to legislate in tax matters rests only with the Chilean President. Consequently, taxes may not be changed unless the president acts and Congress approves said initiative.
Chilean Labor System
OVERVIEW
Labor legislation is mainly provided by Chilean Labor Code and supplementary laws such as Decree Law 3,500 and Laws No. 18,933/16,744 and 18,469 among others. Also, rulings issued by Chilean Labor Authority are crucial to understand the rights interpretation labor rules