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| Executive Travel: Santiago, Chile |
Business Essentials
03/01/2005
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Santiago is one of Latin America’s best locales for conducting business. AméricaEconomia, a regional business magazine, ranked it number one in its “Best Cities for Doing Business in Latin America” list in 2004; it beat Miami for the top slot. The country in general earns high marks as an offshore location for multinationals. Consulting firm A.T. Kearney ranked it the ninth-best offshore business environment in the world. Chile also appears in the top quintile of two annual rankings of “economic freedom” (i.e., the right to conduct business free of government interference).
Chile has the most sophisticated and deregulated capital markets in Latin America. It boasts a state-of-the art digital infrastructure and well-functioning legal and banking systems.
The government’s Foreign Investment Committee is the only entity that may approve foreign investment projects in Chile. Its rules are encompassed in the Foreign Investment Statute (Decree Law 600). The Foreign Investment Committee’s site (www.foreigninvestment.cl) provides an English translation of DL 600 and other information. Exporting Goods to Chile
Import duties: Most new goods that are imported into Chile are subject to the uniform 6 percent import duty based on their CIF (cost, insurance and freight) value. Used goods are subject to an import duty of 9 percent, and the importer pays the duty.
There are exceptions for certain agricultural products, luxury goods and software. Wheat, edible oils, sugar and wheat flour are subject to a price band to protect local producers. This results in additional charges that can effectively raise taxes on the import to as high as 29 percent (including the 6 percent duty).
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