QuickStart: to Market Entry

QuickStart:
to Market Entry
Whether entering the
market or simplifying
operations, we can give
you a QuickStart.
CHILE
tmf-group.com
tmf-group.com
Whether entering Chile for the first time or
simplifying existing operations, we can give
you a QuickStart.
TMF Group has local experts in Santiago providing financial, legal and HR and payroll
services across Chile.
We can get you set up, provide a single point of contact and take care of those ‘noncore’ elements that keep your business moving, while you can focus on what you
do best: selling your products and services.
By taking the burden of the back office and centralizing it through one global
provider, we work with you to increase efficiency and help strip out any
unnecessary costs.
QuickStart: to Market Entry Chile has five main elements:
We manage and
We can help you
maintain your
find and manage
legal set-up and
an address to
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
What makes us different?
TMF Group is the global expert that
understands local needs.
KNOWLEDGE: Based in-country, our
independent experts understand the
local market and all its associated
legal, financial and regulatory
compliance requirements.
FLEXIBILITY: We can offer an
individual and tailored service that is
scalable in line with business needs
and is invoiced in whatever currency
or location the client prefers.
CONTROL: Through our worldwide
network of wholly-owned offices, we
can offer global reporting and one
single point of contact to businesses
operating across multiple regions.
SPEED: Our local presence helps
businesses to take an agile approach
and enter new markets more quickly
than their competition.
RANGE: We are the only global
organization to offer a complete suite
of complementary business solutions.
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.
HR and payroll: We help you to hire the right people, apply and implement
international policies in employment contracts and handbooks, and pay your
staff in compliance with local law.
Accounting and tax: We take care of local statutory bookkeeping, full
consolidated accounts and reporting and management reporting to relevant
local and international standards.
TMF Group serves clients
of all sizes and from all
sectors; everyone from a
small start-up to a large
multinational. We work
with more than 40% of
the current S&P 500 and
Fortune
500.
tmf-group.com
Thinking of doing business in Chile?
The challenges...
Lack of local knowledge can result in...
TAX PENALTIES
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
a company, each one with different diligences and different
permissions according to the type of company that will start.
However, in all cases, it is necessary to define the legal
organization of the business, it being an individual or legal entity,
as well as to establish the tax requirements.
Tax duties: The institution in charge of tax inspection is the
“Servicio de Impuestos Internos” (SII) (its equivalent in English is
“Internal Revenue Services” IRS), and the entity, as the taxpayer,
must comply with several monthly and annual procedures, such
as tax return and stamping of documents. The main tax returns
that are performed in Chile are the Monthly Declaration and
Concurrent Payment, Annual Income Tax, Stamp Tax Law on
Inheritance taxes, Assignments and Gifts.
Tax audit: SII follows a procedure to verify that tax declarations
are trustworthy based on the operations recorded in their
accounting books and the support documentation, whilst also
considering all past transactions.
Payment of social security taxes: When starting a business, it
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.
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
Institution (IPS); National Health Funds (FONASA) or a private
health institution (Isapre).
... and the opportunities
Low inflation: Chile has an emerging and stable economy,
with a small inflation rate which varies between 1 and 3%
a year. Besides this, Chile has been evaluated as the best
economy in Latin America and it is one of the most recognized
at a global level, making it the most competitive in the region.
Low corruption: Chile is one of the most corruption-free South
American countries, according to the Corruption Perception
Index 2013 of Transparency International.
Desirable to live in: Chile has 15 regions with different
climates and a variety of beautiful landscapes, modern
architecture and social welfare. These characteristics, as a
whole, make Chile one of the best countries to live in Latin
America.
Tax treaties: Chile keeps in force bi-lateral treaties to avoid
double taxation with more than 20 countries, and its tax system
is transparent, competitive and widely computerized.
tmf-group.com
Meet our Managing Director in Chile
Cristián de la Cerda brings over 30 years of experience in international professional
services firms focusing on finance, taxes, accounting, auditing and information
technology. Previously, he was partner at Coopers & Lybrand, Andersen and Ernst &
Young in Chile, developing and managing operations in the Latin American region,
while also forming part of executive committees in various firms. Cristián then
formed Acttitude, a financial services firm providing accounting, taxes and human
resource services in Chile. In 2007, Acttitude was aqcquired by TMF Group, where he
continues to oversee operations as the Country Managing Director.
Our office in Chile
Santiago
Edificio Millenium
Huérfanos 770, Piso 19
Santiago, Chile.
T: + 56 2 2 347 1000
Get in touch with Cristian or his team to discuss how
to grow your business in Chile
[email protected]
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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