HOUSTON — Hector Morales, former ambassador and Senior International Advisor at Baker & McKenzie, moderated today’s Track I Global Markets session on Brazil, Cuba and Mexico.
The market varies a great deal in these countries. The key takeaway for businesses working in these markets: Do Your Homework.
- Watch for developments in the currency.
- Learn the tax system. It has many jurisdictions and regulations.
- Know that there are more formalities to doing business here, and that there is an extended timeline for transactions.
- Be aware of potential language barriers.
- Get up-to-date. Significant embargo changes this year opened the market in the telecommunications, travel and transportation sectors.
- Know the business limitations. Many sectors still have heavy restrictions.
- Expect more changes as the US and Cuba continue talking.
- With the recent energy reform in Mexico, look for more opportunities for private investors from other countries.
- Learn the local business processes, especially on real estate issues.
- Choose your local partners carefully. They are important for establishing your company in the market and providing insights on local customs.