Chile is a wonderful country and one of the most developed in Latin America, it is also one of the best places on the continent to undertake.
From its beautiful capital Santiago, it is a country that invests heavily in business, which makes it a benchmark in the Latin American startup scene.
Many people are interested in starting businesses in this country and it is not for less because Chileans and foreigners know that here there is great potential to build very profitable businesses.
TheEconomist magazine refers to Chile as “El Chilecon Valley”, one of the places with the greatest possibility of innovation and entrepreneurship in the world.
Some facts about entrepreneurship in Chile
Although in 2016 it was noted that Chile had a setback in terms of the development of conditions to undertake, its current indicators are extremely promising.
It also has one of the highest rates of people in the world with positive intentions to start a business (above 44.7%). Source: «Elmostrador.cl»
That is why Chile is considered one of the most entrepreneurial countries, and therefore represents a good terrain to plan a company.
Another study carried out in 2017 estimates that out of every 10 entrepreneurs, 6 are women, which suggests that Chile is a country full of women entrepreneurs (and of course men too).
And as if that were not enough, Chile has several competitive funds to support entrepreneurship such as: Brain Chile, the program “Yo Emprendo” from Fosis, Capital Abeja from Sercotec, “The S Factory”, “Semilla Corfo” and “Youth Action Net “to mention just a few.
So, Do you want to venture and start in Chile? Here are tips and keys to take the first step and achieve success.
6 Keys to Entrepreneurship in Chile
Before starting any business, whether in Chile or in any other country, it is necessary to define the aspects that will govern it, regardless of the product you choose to market.
First of all, you need to develop a solid business plan. And later, it is necessary to define the appropriate corporate figure.
1. Company incorporation contract
In an article published on the website Derecho Chile, the founder of the portal and lawyer, Pablo Palma, explains that a company is considered a legal entity, and must be appreciated in its unity, regardless of the particularities of each partner.
This entity must have its own patrimony, name, nationality and address. On the most used forms for the incorporation of a company in Chile, the public limited company, the joint-stock company, the limited liability company, among others, stand out.
2. Registration in the Commercial Registry
After setting up the company, the next step is to register it. This is possible through the Secretary of Commerce.
The registration of the company is made directly in the Real Estate Registry, subsidiary of the Court of Appeal of the corresponding region, and can be done either by colleagues or by legal representatives.
Before doing this, consult the documentation necessary to route the registration.
👉See also: Procedures to open a business
3. Publication in the Official Gazette
The publication in the Chilean Official Gazette must be published within a period of 60 days, counted from the registration of the business in the Commercial Registry.
After publication, the entrepreneur must have an authenticated copy of the contract. It is recommended, according to Palma, that the entrepreneur have two or three copies of the Official Gazette, to serve as an endorsement and to execute the subsequent stages.
4. Start of activities and tax formalization
Both natural and legal persons that are established in Chile, who are subject to taxes, must request the Single Tax Registry (RUT) and, simultaneously, give notice of the start of activities in the Internal Revenue Service, the SII.
5. Tax documents
Once the company is established, your tax responsibility also begins. Depending on the type of business, its operation must operate with several documents, among which are tax receipts, invoice, income and accounting vouchers, among others.
The last step to start activities is obtaining certain licenses. This will depend on the type of business in which you are moving.
Before renting a space or buying a piece of land, check the plan of the municipality to avoid fines. Compliance with structural standards is also very important to obtain the operating license and put the business into practice.
Businesses You Can Start In Chile
The possibilities are enormous but if you want a basic reference of businesses that have a high demand, here I share at least 5 ideas to start with:
- Food businesses type foodtrucks. Accessible food options for all kinds of events and venues.
- Pet accessories and services. A segment with high demand that does not stop growing.
- Gyms and personal trainers. More than a fashion, a trend waiting for solutions.
- Tourism and travel agencies, a sector in constant growth which makes it extremely profitable.
- Cosmetics and beauty, an entire industry whose boom is highly valued in this country.
You already know, if you are in Chile and want to undertake, this is a good time!