Chilean business culture is considered
relatively relaxed. It is not considered necessary to return phone
calls or e-mails promptly. Tardiness is almost a matter of course,
since it is considered acceptable to arrive up to a half-hour late, but
every company has a different tardy policy and work culture.
The
Chilean workday is considered one the world’s longest. Executives
commonly work from 9:00 a.m. until 8:00 p.m., with a leisurely lunch.
It is said that in Chile you do not work to live, you live to work.
Work attire is very formal. Chilean executives value well dressed employees and colleagues.
The local representatives of foreign companies - the resident responsible for the companies accounting books - must be authorized with power of attorney.
Public corporations with 500 or more shareholders, where a minimum of 100 shareholders control 10 percent of the capital, are subject to control by the Superintendencia de Valores y Seguros (Superintendency of Securities and Insurance). Limited liability companies, or partnerships of no more than 50 individuals, must operate under the name of one of the partners.
Most companies in Chile are limited liability companies. It is usually considered convenient for foreigners to set up limited liability companies with at least one local partner.
The Central Bank requires a minimum of a US$10,000 initial investment for a foreign investor to start up a company. An investment of more than US$1 million is subject to contract with the State of Chile.
Addresses
Superintendencia de Valores y Seguros (Superintendency of Securities and Insurance)
Teatinos 120, 6th floor
Santiago Centro
(2) 549-5900
Fax: 549-5965
Metro Station La Moneda
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Teatinos 120, 6th floor
Santiago Centro
(2) 549-5900
Fax: 549-5965
Metro Station La Moneda
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it