You will need the support of a reliable corporate lawyer in Guatemala if you are hoping to take advantage of the significant business opportunities on offer in Central America’s largest economy.
Your attorney in Guatemala will represent you in front of local authorities and be able to sign documents and act on your behalf, meaning that they will have considerable influence over your business and its good standing.
If you are planning a limited-scale engagement with the Guatemalan market, you may find that hiring staff through an employer of record in Guatemala is your best option.
Because an employer of record will hire staff on your behalf, allowing you to avoid establishing a local entity while retaining full control over their duties. Under such an arrangement the employer of record will also guarantee compliance with local local laws.
That is a particularly popular option for companies that need to have a small number of local executives or sales representatives in a given market, or who wish to hire a team of skilled workers for a short-term project.
Below some insight is given into what makes the Guatemalan market attractive for investment, followed by information on what your lawyer in Guatemala will do for you and how to find a good attorney.
Contact us today to find out more about how we can support you doing business in Guatemala.
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Why invest in Guatemala?
Guatemala is the largest economy in Central America by gross domestic product (GDP), which has grown significantly faster than in other countries in the sub-region over the past decade to hit $77.6 billion in 2020 (all figures in USD).
That economic growth has come during a period in which Guatemala has significantly increased foreign direct investment (FDI), which more than doubled between 2009 and 2019.
That decade also saw the country make major strides improving the security situation, with the intentional homicide rate almost halving.
Guatemala benefits from having a highly strategic location, dominating Mexico’s southern border and acting as a gateway between the three major economies of North America and the rest of Central America.
With a landmass that spans the width of Central America, Guatemala boasts high-volume ports on both its Pacific and Caribbean coasts, serving both coasts of the United States, and offering easy access to Asia-Pacific and Europe.
The country is well known for its large agricultural sector, which accounts for almost 10% of GDP, with coffee, bananas, and sugar among its key exports.
Guatemala also has a well-developed manufacturing sector, contributing almost 22% of GDP, with the garment industry of particular importance to the export economy.
The country also has a rapidly-growing tech sector, which is expected to play an important role in post-pandemic economic recovery.
For anyone interested in entering the market to capitalize on these favorable conditions, finding a good corporate lawyer in Guatemala will be important.
How will your lawyer in Guatemala assist you?
Your corporate lawyer in Guatemala will be able to assist you in the following ways:
Guaranteed compliance: Your lawyer in Guatemala will guarantee your compliance with all local norms and regulations, helping you to avoid financial penalties and legal inconveniences.
IP protection: Protecting your intellectual property can be a crucial aspect of establishing and defending your competitive edge and your attorney in Guatemala will be able to complete trademark registration on your behalf.
Decision-making: Your lawyer in Guatemala will provide ongoing advice and be able to help you reach key decisions, such as choosing which type of company to establish, based on your needs.
Immigration support: Your attorney in Guatemala will have experience of the immigration system and will be able to assist you in getting a visa to do business in the country, as well as for any foreign staff.
What to look for in an attorney in Guatemala
When seeking out potential candidates to act as your corporate attorney in Guatemala, the following will be worth considering:
- Reputation: Your lawyer in Guatemala should have a good reputation based on previous work, with a history of satisfying clients. A good indication of reputation and client satisfaction can be drawn from the likes of online comments and feedback.
- Experience: You will want to secure the services of an attorney in Guatemala with experience of working with foreign investors, because they will understand and help you avoid the pitfalls that are commonly encountered.
- Knowledge: While it may seem obvious, you will want to make sure that your lawyer in Guatemala keeps abreast of the latest legislative developments and has an extensive and up-to-date understanding of the regulatory regime.
- Specialization: That leads onto the possible need for them to have specialist knowledge, depending on the sector you are acting in. Certain economic activities — such as extractive industries or international trade — are governed by their own set of laws, so you may need an attorney with knowledge of more specialist legal codes.
- Communications: Unless you speak Spanish — the official language — you will need a lawyer who speaks English or any other language you understand. While most lawyers will have some knowledge of English, you should make sure that communication with your chosen provider is free of major obstacles.
Biz Latin Hub has a lawyer in Guatemala to work with you
At Biz Latin Hub, we provide tailored packages of integrated back-office services to companies and investors entering and doing business in Latin America and the Caribbean. Our comprehensive portfolio of professional solutions includes accounting & taxation, company formation, due diligence, hiring & PEO, and corporate legal services, among others.
We operate in 16 markets around Latin America and the Caribbean, and have a corporate lawyer in Guatemala who can work with you.
We also have trusted partners that extend our coverage to almost every corner of the region, meaning that we are ideally placed to assist with multi-jurisdiction market entries and operations.
Contact us today to find out more about how we can support you doing business in Guatemala.
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