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Could Chile be the next Silicon Valley?

Could Chile be the next Silicon Valley?

Posted by PanamericanWorld on April 19, 2017

Though Chile’s economy grew at moderate pace last year, it still represents an ideal starting point for businesses, due to the many advantage. Government initiatives aimed at encouraging entrepreneurship and innovation are making this vision a reality, and a receptive market make it ideal for launching new products and services. The following is a list of all the wonderful reasons why Chile might be the next Silicon Valley—or perhaps the “Chilecon Valley”.

7. The country’s strategic position on the continent.

 Patrick Furlong / Flickr Creative Commons.

Chile’s advantageous position facing the Pacific has allowed it to channel the oceans for trade and import/exports, especially into the Asia-Pacific region.

6. A short and easy visa application process.

 Aldo Lammel / Flickr Creative Commons.

If you come to Chile under the aforementioned Startup Chile program, you will be given a 6-12 month visa. And even if you decide to learn about the country and local culture on your own, a tourist visa is valid for up to 3 months in Chile.

5. Government initiatives to increase transparency.

 Alex Proimos / Flickr Creative Commons.

The country introduced a major piece of legislation in 2009 that requires all branches of government to publish up-to-date information on expenditures, salaries and subsidies, as well as meetings with providers and interest groups. The government is leading by example, and companies will surely follow suit.

4. Low barriers to creating a company.

 Hack Santiago / Flickr Creative Commons.

As per national policy, Chile is promoting the country’s entrepreneurial activities—and to this end, the government has shortered and simplified the process of registering a company in the country.

3. An myriad of tax benefits.

 Isaías Campbell / Flickr Creative Commons.

To avoid double taxation, the Chilean Income Tax Law recognizes a tax credit mechanism that allows for taxes paid abroad to be deducted from the taxes paid to Chile. A myriad of tax benefits for microventures and small companies also await bootstrapped entrepreneurs.

2. An abundance of global technology events held in Chile.

 David Chang / Flickr Creative Commons.

The country is one of the most international of all South American countries, due in part to the many organizations and companies eash year that choose Chile as the destination for their tech events. This in turn bringsan influx of new ideas from abroad into the country.

1. Low rate of inflation.

 Patrick McDonald / Flickr Creative Commons.

Solid figures like a 4.4% of inflation in 2015 and similar estimations for the current year make it easier to plan for growth and size up the market to expand a tech venture.

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