Expanding your company to Latin America? | Don’t forget to do this!

Is your company based in the States or in Europe? If it is, then you’ll already understand the taxation rules there as you’ve already learned to control and adapt to it. 

However, once your company starts expanding globally, especially when reaching Latin America, you’ll need to understand that the level of tax complexity will increase significantly and scaling your operations and keeping up with the demands of the local government will be your new hurdle, distracting you from your true goal. Growth. 

The Chilean president, Sebastián Piñera, has called for modest rises to low incomes and increased taxes on the rich after the fifth night of anger on the streets.

Oracle NetSuite should be your ERP

Hopefully, your company took the right decision to utilize Oracle NetSuite, as the necessary global ERP to control your company’s growth.

NetSuite allows your company to manage all key business processes in a single system, automatically. 

The next task is to achieve financial consolidation through tax compliance within the standards of the Latin American country you wish to expand to. This is the step that many companies forget to consider.

It is unfortunate that companies that decide to expand to the Latin region believe that only having NetSuite is more than enough to fix those issues without realizing the different taxation rules between the US and UK compared to Latin America. 

NetSuite will always get your operations running fully and efficiently, it is only when you open to Latin America, will you need to take action and have a CERTIFIED NetSuite solution for Tax Compliance there.

One of the main benefits is Flexibility: Oracle NetSuite provides the flexibility that cannot be found in traditional on-premises software applications.

Manual Tax Management

If you don’t plan to invest on a certified solution that works within NetSuite for the region, you’re putting your corporation in jeopardy. This means that every subsidiary in Latin America would need to take time from their operations just to settle tax legalities, which again, is a very tedious task, meant for professionals dedicated for this. 

Ecuadorian President Lenin Moreno has said he will send a new tax reform proposal today that reflects the idea that “those who have more, pay more” and will include some “good ideas” from the bill that was rejected by lawmakers.

In addition to that, in Latin America, countries change, add and remove tax regulations very often so if you don’t have an application that automates this processes your staff will spend inordinate amounts of time researching and updating themselves..

Basically, the company will be wasting valuable time, energy, and money on activities that will not generate revenue. Furthermore, the business will be exposed to unnecessary financial risk from the tax authority of each country. 

We know how you can avoid this easily.

This is how you easily expand to Latin America

It is wise to get your company on the right track. We want you to stick to your goals of expansion and growth, which is why you must leave these issues with us. We’ve got you covered, as the LatamReady SuiteApp is the ONLY certified (NATIVE) solution within NetSuite that covers issues on tax compliance for the ENTIRE Latin American region. 

Don’t look any further! LatamReady has developed the ultimate tax compliance solution for NetSuite users with subsidiaries in Latin America!

There are no multiple points of contact, there are no other PMO’s in different countries you need to liaise with. We are ONE point of contact, therefore, making it easier for you to manage all your operations in one go, with no miscommunication from other parties.

LEARN MORE!|LatamReady + Selina! The Prefect Combo!

Want to implement the ULTIMATE Tax Compliance solution?

CLICK HERE | LatamReady

The ultimate solution you need is within reach. Grow beyond now!

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