Global Expansion in Latin America; Statistics You Need to Know

The benefits of global employment, mobility and expansion are endless. You can effectively grow your business as well as benefit the local economy and attract a whole new range of talent that can benefit your company greatly. Expanding to a foreign country is not without its difficulties, however; language and cultural barriers can affect the efficiency of moving and settling, and labour and tax laws need to be followed rigorously. An employer of record (EOR) can help you run payroll and manage your human resource tasks effectively, helping you understand the climate you’re going into and what to expect… If you’re thinking of expanding to Latin America, our global payroll services here at Payroll Worldwide can help decrease your worries surrounding the intricacies of moving, ensuring all Visas and work permits are taken care of, as well as providing a concierge service for all employees who migrate over. We can also navigate employment laws to ensure total compliance, keeping your business out of hot water. If you’ve made the choice to expand to Latin America, here are some key statistics you need to know.  

Great Talent for your Business

When more powerful countries cannot satisfy your need for a skilled and qualified labour force, countries in Latin America could be the perfect place to look. By creating opportunities for skilled individuals, you can build rapport with the community and help your business thrive. In Mexico, unemployment rates rose from 3.48% to 4.71% from 2019 to 2020, highlighting just some of the many difficulties that the pandemic brought. There are so many skilled, talented communities in Latin America on the hunt for a new challenge, something your business could provide, along with a positive work environment. As well as acting on behalf of your business as exemplary payroll service providers, we can even help you recruit and onboard the very best candidates for your business. Our employer of record services are fully comprehensive and tailored to your business, giving you peace of mind and lowering unnecessary stress that can come with expanding.   

The Desire to Expand

Forbes magazine conducted a survey in June 2020, and found that 57% of respondents expressed their desire to expand to Latin America. Most stated that they would even be looking to hire in 2021. This highlights how in-demand Latin America truly is for business owners, as there are plenty of established economies to invest in and make a future. When expanding, it’s easy to forget about simple things such as your payroll processes. Luckily, we’re here to help. As proven, many different businesses in a range of industries are looking to expand and take advantage of all that Latin America has to offer. To find out more about why globally expanding to a country in Latin America could be the best choice for your business, read our previous article here.  

Investment is on the Rise

Latin American countries have a determination to be involved in global markets. From legislative changes to trade agreements, LATAM is becoming an incredibly desirable place to set up and do business with. For instance, Chile is one of the most desirable places to live and set up home in LATAM. The population are highly educated and have great fluency in the English language. Therefore, American and British investors alike are looking towards such countries for ease of access, where language barriers would be lowered significantly. Here at Payroll Worldwide, our employer of record experts can assist with mobility as well as payroll and HR tasks. To find out more, or to book a free consultation before you expand to ease your concerns, please give us a call on 07469 892524. Alternatively, you can fill out our online form.