If you’re looking for new markets to do business, consider Latin America. Now you might have heard some bad things about Latin America, with the idea that it’s too risky, but you have to remember with risks come rewards.
What are some risks of doing business in Latin America?
Corruption
There is some corruption in Latin America. It’s not everywhere, but it does exist. Corruption can happen in both the state and private sectors. That said, certain Latin American countries actually have less corruption than, say, certain European countries. Which countries are those? Well, Chile, Costa Rica and Uruguay are some of the least corrupt countries in Latin America, so that is good to know.
Bureaucratic Red Tape
What about bureaucratic hurdles to overcome? Red tape can be a problem in some countries, while others have worked to streamline processes in order to make doing business easier. Some of the easiest countries to do business in Latin America include Chile, Panama and Colombia, all of which are favorable toward business, investment and free trade.
Language Barriers
Then there’s the language barrier issue. Some people in Latin America don’t speak English. They might speak Spanish, French, Dutch or Portuguese. If you’re looking for Latin American countries where the level of English speakers is particularly high, go with Argentina, Chile, Costa Rica or Paraguay.
Funding
Finally, there’s the issue of access to funding. Venture capital may not be readily available in some Latin American countries. That said, times are changing and countries like Brazil are emerging as places with decent access to funding.
Latin America Risk Assessment Consultants
Need some help navigating your way into Latin American markets? Email SMG Consulting Services for expert help: info@smgconsultingservices.com. You can also use the online contact form. SMG Consulting Services has offices in Florida and Paraguay, and can help with risk assessment, investigations, litigation support, international bank searches and more.
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