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| The Chile Information Project |
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CHIP - Chile Information Project: BUSINESS AND MONEY Overview In this section, you will find everything you need to know about doing business in Santiago. There is information on finding a job, business laws, banking and a list of qualified interpreters. Even if you did not come to Chile on business, you may want to make a little extra cash to fund your trip and you will most certainly need to visit a money exchange. Job Search: Overview Chilean employers will request a CV or curriculum. The CV is simply a resume that lists your work experience relevant to the position. Employers seeking English speakers sometimes advertise positions in English, but they will still refer to your resume as a CV. Job offerings appear in the empleos se ofrecen section of classified listings. Job applicants commonly offer their services to prospective employers under the heading empleos se buscan. El Mercurio is the only daily that offers an extensive listing of help wanted ads. The newspaper is on sale at virtually any newsstand in Santiago. It costs 300 pesos (US$0.50) Monday through Saturday and 500 pesos (US$0.85) on Sunday. Job listings appear in the 1300 section "Empleos" of section B "Economia y Negocios." The paper has online listings as well. El Rastro is a bi-weekly publication of classified ads. You can find it at many newsstand for 700 pesos (approximately US$1.15). There are often more people asking for jobs than offering and there is a shortage of professional jobs, but it is still worth a look. See the Mercado Laboral section for job listings. There are a number of similar publications, like Anuntis and Ene Avisos. There are also on-line classified ads and job searches. Some of them are offered Santiago's local newspapers and classified publications. On some of these sites, you can search jobs according to position and location, as well as post a resume. The most extensive on-line listings are both on El Mercurio's Emol.com site. The first is El Merucrio's on-line classifieds (avisos económicos), which offer many listings and an extensive search engine. Be prepared, however, to search through a lot of "work at home" ads. Farox.com is also part of emol.com. Farox.com has fewer listings, but is more dedicated to real jobs. The search engine is more complex, so it is easier to find a specific profession. Addresses
Taxes: Overview Chile has three tax categories: First Category, Second Category and Additional Tax. First Category taxes apply to businesses and independent or freelance professionals. It is usually around 15 percent, but varies according to income bracket. Second Category taxes apply to employees of companies. The percentage rate also varies according to income bracket. Additional Taxes are levied to non-resident independent businesses and employees thereof. If you earn income while you are a resident in Chile, you are required to pay income taxes. You are considered a resident when you live in the country for more than six consecutive months, or if you hold any non-tourist visa. For the first three years that you reside in Chile, you are only required to pay taxes on income earned from sources within the country. Afterwards, you must pay taxes on income earned worldwide. Your salary is subject to monthly withholdings. Foreign personnel who stay in the country for less than six months must pay a 20 percent "additional" tax. This must be withdrawn or paid before leaving the country. Accounting is done in both U.S. dollars and Chilean pesos. The accounting period coincides with calendar year. Tax returns must be filed on April 30 each year for income earned in the previous year. Except for property taxes, there are no taxes on holdings or value of capital. Taxes are based primarily on profits earned. Chilean branches of foreign companies are charged 35 percent in income taxes. The government has stringent requirements for "no tax" status. Charitable donations are nondeductible. Taxes are administered by the Servicio de Impuestos Internos (Internal Revenue Service) and payable to the Tesorería de la Republica (Treasury Department). You can make payments at most banks and financial institutions (see Chilean Banks). Addresses
Business Laws: Overview 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
Business Culture: Overview Chilean business culture is considered relatively relaxed. It is not considered necessary to return phone calls promptly. Tardiness is almost a matter of course, since it is considered acceptable to arrive up to a half-hour late. 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. Teaching English: Overview Travelers who want to make extra money while they are in Chile often opt to teach English. You can find help wanted ads for English teaching jobs in the classified and on-line job searches in the Job Search category of this web site. These ads are often listed in English. It is not difficult to find private students in Santiago. It is not outrageous to charge from US$10 to US$20 per hour, depending on your target clients. Often, foreigners volunteer to tutor English in elementary and high schools. Foreign language education begins early in Chile, but it is often ineffective. Teachers and parents greatly appreciate volunteer assistance. The following are companies that offer teaching jobs to native English speakers in Santiago. Addresses
Money Exchange: Overview The Chilean currency is the peso (Ch$). Paper money is issued in notes of 500, 1,000, 2,000, 5,000, 10,000 and 20,000. If you attempt to pay with a 10,000 or 20,000 peso note at smaller businesses you may be turned away. You can exchange cash and travelers checks in casas de cambio (exchange houses), as well as some banks, hotels and travel agencies. To exchange travelers checks you will have to present your passport. There are casas de cambio downtown on Augustinas between Ahumada and Banderas. Look around for competitive rates. It is best to exchange your money inside the casas de cambio and not with vendors on the street. You can also find exchange houses in Providencia and Las Condes. Money changers are usually open Monday to Friday, 9:00 a.m. to 5:30 p.m. Some will close for lunch between 2:00 p.m. and 3:00 p.m. Addresses
Banking: Overview Banks are open on weekdays from 9:00 a.m. to 2:00 p.m. Some banks will not allow you to open an account unless you are a permanent resident in Chile. You must be at least 21 years old to open an account, unless you present permission from a parent or guardian. Banks will also require you to present proof of a stable job, a sound financial record and the minimum income. For checking accounts, banks impose a per check fee. You will be asked to present your Chilean Identification Card and give your telephone number when you write a check. Do not bounce checks! Chile has severe penalties for bounced checks. Foreign Banks: Overview If your bank has a branch in Chile, it is possible that you will not have access to your accounts. These banks, however, will not charge you to use ATM's to withdraw money from your accounts. Addresses
Chilean Banks: Overview The following are the central Santiago branches of some Chilean banks. Most of these banks have branches throughout Santiago and Chile. Addresses
ATMs: Overview ATMs are a convenient way to obtain cash in Santiago. There are cash machines throughout Santiago. ATMs are accessible 24 hours at any bank. Many pharmacies, supermarkets and gas stations also have ATMs. Machines displaying the "Redbank" sign work with any card with the Cirrus, Mastercard and Visa logo. Virtually every bank’s ATMs are on the Redbank system. The only exception is the Banco de Estado de Chile. If you make larger withdrawals from ATMs, you may spend less money than you would exchanging travelers checks. If your bank has a branch in Santiago, withdrawing money may be free. If you have a foreign account, you can only withdraw money from ATMs. After entering your pin in any ATM machine, choose "foreign accounts" option in the bottom left hand corner of the screen. Credit Cards: Overview Credit cards are widely accepted in Chile. Many businesses accept Visa and Mastercard, while fewer accept American Express and Diners Club. Banks will often issue a Visa, MasterCard or American Express when you open a checking account. The following are local numbers to call if your credit card is lost or stolen. Report lost or stolen cards immediately. Overview
Interpreters: Overview Many individual interpreters will provide translation services for around US$180 day. Interpreting companies provide a wide variety of services, including simultaneous translation of meetings and conferences and print translations. Some companies have specialists in various industries and offer a number of languages. Addresses
Office Space: Overview Office spaces are listed in the classified sections of El Mercurio. The newspaper can be found at virtually any newsstand in Santiago. It costs 300 pesos (US$0.50) Monday through Saturday and 500 pesos (US$0.85) on Sunday. Check in the "Propiedades" (properties) columns of section B "Economia y Negocios." The 300 section has offices for rent and the 400 section has offices for sale. In both these sections the offices are listed under "oficinas, locales y otros." The sections are organized by location. The paper also has online listings. There are also companies in Santiago that not only find you office space, but can also help you equip your office. Addresses
Business Organizations: Overview The following are business groups that represent members of the local and international business community in Santiago. These organizations are vital contacts for guidance in doing business in Chile and help becoming a part of the business community. Addresses
Calendar/Time Zones: Overview Business hours in Chile are from 8:30 or 9:00 a.m. to 6:00 or 7:00 p.m. Between 1:00 p.m. and 3:00 p.m. it is difficult to make any business contacts. Banks are only open from 9:00 a.m. to 2:00 p.m. on weekdays. Chile has a number of national holidays. Banks are closed these days. If a holiday lands on a Tuesday, many Chileans take Monday off, turning a holiday into a four-day weekend. This practice is called the sandwich. The national holidays are New Years (January 1), Good Friday (varies), Easter (varies), Labor Day (May 1), Navy Day (May 21), Corpu Christi (varies), St. Peter and St. Paul Day (June 29), Assumption (August 15), National Day of Reconciliation (first Monday in September), Independence Day (September 18), Armed Forces Day (September 19), Columbus Day (October 12), All Saints Day (November 1), Immaculate Conception (December 8) and Christmas (December 25). Chile is four hours behind Greenwich Mean Time (GMT) during the winter and three hours behind during the winter. Clocks change in September or October and March. |
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