In the last years, Chile has been drawing attention for its increasing growth in the innovation and tech fields. The main reason for that could be pointed as the government investment, but not only! The favorable economy and low taxes added a great deal to the chances of it becoming the next tech hub of Latin America. Here we listed the 5 reasons why Chile could be soon called (if not already) the “Latino” Silicon Valley:
- The Start-Up Chile Program
Back in 2010, it was launched the Start-Up Chile, an initiative funded by the government to revitalize the country’s capital, Santiago, and attract new tech firms to the region. The risky and bold goal was to become Latin America’s entrepreneurial hub and so far it’s working. The government investment combined to a great moment for the country resulted in a growing startup scene, sometimes called “Chilecon Valley”, as a reference of the innovation hotspot in California, USA.
According to Brookings Institute, more than 1,200 startups from 72 countries have graduated from the program, over 1,500 jobs were created and $100 million USD has been raised by the participants.
- Chile was the first country in South America to join the Organization for Economic Cooperation and Development
In 2010, Chile joined the Organization for Economic Cooperation and Development (OECD), which promotes policies to improve the economic and social well-being of people around the world, and became the first country in South America to be accepted.
- Lowest business and income taxes
Chile has one of the lowest business and income taxes of the developed world and a debt-to-GDP ratio of 3.9%. Let’s consider that United States debt-to-GDP ratio is at 100% and Japan’s at 225%! Without a doubt, this could provide a very attractive ecosystem to grow a business.
- Chile is in the top 25 least corrupt countries in the world
In the Corruption Perception Index 2015, Chile is ranked in the 23rd position, behind Japan (18th) and before France (also 23rd) as the least corrupt country in the world. In 2010: the country was behind the United States (22nd) and just behind United Kingdom (20th). The least corruption it has, the more reliable the country and therefore the more likely it is to receive investments.
- Santiago: the centre of finances, transport and innovation
The country’s capital also is the centre of it all, however other cities are also starting to receive investment from Startup Chile like Concepción and Valparaiso. Santiago’s public transport is better than most South America’s cities. Nowadays, it’s the place where many companies migrate to and. The country currently ranks 11th in the world for mobile phone users per capita.
Do you work in digital and technology and would like to consider moving to Chile? We have many open jobs for UX, designers, developers and more, so drop us a note with your CV and let’s have a chat! Email: [email protected]
Source: Brookings Institute, TechCrunch, DIYGenius, Transparency International