business plan bureau de change

Office of change business plan

Are you going to open a bureau de change? here is a complete example of a change office business plan template that you can use for FREE .

Ok, so we’ve covered all the requirements for setting up a business change office. We also took it a step further by analyzing and writing a sample Bureau of Change marketing plan template supported by actionable guerrilla marketing ideas for the Change Office. So let’s move on to the business planning section.

Why start an exchange business?

The world is a global village and the citizens of a country can make a decision. travel and do business, study or play in another country. In addition to understanding how to communicate with the people of the host country, you will need to convert your money into their currency so that you can spend it freely while you are there.

Also, if you want to participate in international trade, you would need some world currencies and the dollar, the pound sterling and the euro come easily to mind.

This suggests that there really is a huge business opportunity for so many budding entrepreneurs looking to start a business. The truth is that if you decide to open a bureau de change / bureau de change in a commercial city in your country, you will surely make huge profits from the business as it is a really successful and viable business in the whole world.

Part of what you need to start this type of business is good business prowess; excellent customer service skills, good understanding of global currencies, start-up capital and required business license etc. exchange offices / bureaus will help you draft a draft;

An example of a currency exchange business plan template

Industry overview

If you are interested in starting a business in the financial industry anywhere in the world, one of the businesses that you can start successfully with a little stress is to set up a foreign exchange company / bureau de change; a business where people can exchange one currency for another.

A non-bank foreign exchange company, also known as a bureau de change, is a business that competes with other finance-related companies that profit from selling currencies at an exchange rate that is higher than the rate. which it buys the same currency, and as well as any commissions or commissions that it may charge.

Once set, exchange rates ensure that they follow rates quoted by competitors and may be subject to government currency controls and other regulations relating to their country’s financial institutions.

Typically, a money changer / bureau de change is often located in places such as banks, travel agencies, airports, hotel centers, main train station and international trade centers, or any other. a place where there will likely be a market for people in need of currency conversion.

This is the reason why money changers are particularly visible in tourist centers, although currency can be exchanged in many other ways, both legally and illegally elsewhere. Some of the major market leaders in this sector include HSBC, Travelex, JPMorgan Chase Co., Wells Fargo and Bank of America.

The currency exchange service industry / bureau de change is indeed a big industry. and quite actively in countries like United States of America, Great Britain, France, Italy, Nigeria, Switzerland, Japan, China, Germany and Canada etc.

Beyond that and beyond, building a foreign exchange / business change bureau requires professionalism and an understanding of how foreign exchange works on a global platform. In addition, you will need to obtain the required certifications and licenses and meet the standard capitalization for such a business before you can open a bureau de change / bureau de change in the United States; the industry is heavily regulated to combat fraud and crime.

Summary of the Bureau De Change business plan

Alex Santiago Sons Bureau De Change, LLC is a registered and licensed currency exchange / bureau de change company that will be located in the heart of downtown Las Vegas. Nevada. The company will participate in transactions with currencies of the major countries of the world, whose currencies are traded in the United States of America.

We will serve as a bureau de change for businesses and individuals who wish to buy or sell foreign currency. We understand that setting up a versatile and standardized foreign exchange company can be difficult, which is why we are well trained, certified and equipped to operate flawlessly.

Alex Santiago, Sons, Bureau De Change, LLC is a client-oriented, results-oriented foreign exchange / foreign exchange company that will buy and sell currencies in major countries and provide a wide range of foreign exchange services at an affordable price. will in no way create a hole in the pockets of our customers.

We offer standard and professional forex services to all of our retail clients as well as businesses. We will do our best to meet and exceed the expectations of our customers when using our services.

At Alex Santiago Sons Bureau De Change, LLC, our clients’ interests will always come first, and everything we do is guided by our values and professional ethics. We will make sure to hire professionals with extensive experience in the field of foreign exchange services and services. on the exchange of currencies with a significant bias in online trading in the Forex market.

Alex Santiago Sons of Bureau De Change, LLC will always demonstrate his commitment to sustainability, both individually and within the company, through active participation in our communities and the integration, where possible, of sustainable business practices. .

We will ensure our responsibility to the highest standards while meeting precisely and fully the needs of our customers.We will develop a working environment that offers a human and sustainable approach to earning a living and living in our world for our partners, our employees and our customers.

Our plan is to grow the company into one of the leading foreign exchange service / bureau de change brands in all of Nevada, as well as to be among the top 20 foreign exchange bureaus in the United States of America in the last 10 first years of full opening. Company.

It might sound like too much of a dream, but we hope it will certainly come true because we have done our research and feasibility studies and are very excited and confident that Las Vegas is the perfect place to start our bureau de change / bureau exchange rate before looking for customers from other cities in the United States of America.

Alex Santiago Sons Bureau De Change, LLC is a private registered business owned by Mr. Alex Santiago and his immediate family. Alex Santiago is an impeccable forex trader with adequate results to show it. He has over 15 years of experience in various positions in the financial advisory industry with a strong focus on forex in the United States of America. Mr. Alex Santiago graduated from the University of California at Berkeley with a degree in Accounting and Harvard University (Masters in Finance) and is a Chartered Accountant.

Our products and services

Alex Santiago Sons Bureau De Change, LLC will be offering various types of services in the field of currency exchange / bureau de change services in the United States of America and of course globally. Our intention to open our foreign exchange business in Las Vegas, Nevada is to take advantage of the opportunities in the city.

We are well prepared to take advantage of the industry, and we will do so whatever US law allows us to achieve our goals, objectives and ambitions. Our business proposals are listed below:

Trade Forex on behalf of our clients (corporate and private clients)
Buy and sell currencies (currencies) in major countries around the world
Provide other financial and Forex related advisory and advisory services

Our vision is to create a currency exchange service brand that will be the number one choice for individuals, small businesses and corporate clients in Las Vegas – Nevada. Our vision reflects our values: honesty, safety, service, excellence and teamwork.

Our mission statement

Our mission is to provide professional, reliable and reliable money changer / money changer services that help individuals, startups, businesses, manufacturing companies and non-profit organizations with their currency and financial issues.

We will position the business to become one of the leading currency exchange service / bureau de change brands in all of Nevada, and rank among the top 20 money changers / bureau de change in the United States of America during the first 10 years of operation. …

Our corporate structure

Alex Santiago Sans Bureau of Change, LLC is a foreign exchange / bureau de change company that intends to start small in Las Vegas, NV, but hopes to grow larger to compete profitably with leading brokerage firms in the industry such than in the United States and on the world stage.

We know it is important to build a strong business structure that can support the image of the world class business we want to own. That’s why we strive to hire only the best hands in our field.

We would normally be satisfied with two or three employees, but as part of our plan to create a standard office of exchange. a business in Las Vegas, Nevada, so we made plans to get there from the start.

The idea of the type of service exchange office activity that we are going to create and the goals that we want to achieve is what we want to achieve. has indicated how much we are willing to pay for the best hands available in Las Vegas and beyond, if they are willing and able to work with us to achieve our trading goals.

At Alex Santiago Sons Bureau De Change, LLC, we’ll make sure to hire people who are skilled, hardworking and creative, results-oriented, customer-focused and willing to work to help us build a successful business that benefits all stakeholders. (owners, employees and customers).

In fact, the incentive agreement will be available to all of our senior executives and will be based on their results. for a period of five years or more in agreement with the Foundation Board of the company. In view of the above, we have decided to hire qualified and competent professionals to fill the following positions:

General manager
Forex traders / consultants

Administrator and HR manager

Marketing and Sales Director
Account manager / Reception manager

Roles and responsibilities

Improves management effectiveness by recruiting, selecting, orienting, training, teaching, consulting and disciplining managers; transfer values, strategies and goals; distribution of responsibilities; planning, monitoring and evaluation of work results; develop incentives; climate development to provide information and opinions; Provide educational opportunities.
Creates, communicates and implements the vision, mission and general direction of the organization, i.e. guiding the development and implementation of the overall strategy of the organization.
Responsible for pricing and signing trade agreements
Responsible for providing advice to the company
Creates, communicates and implements the vision, mission and general direction of the organization, that is, leads the development and implementation of the overall strategy of the organization.
Responsible for signing checks and documents on behalf of the company
Measures the success of the organization

Forex Traders / Forex Consultants

Responsible for Forex trading for the organization and for our clients on the company’s platform
Manages activities such as buying and selling currencies in major countries around the world. very professional
Responsible for ensuring that all foreign exchange transactions, whether cash transactions or online loan transactions, are recorded in the correct journal, vendor ledger, customer ledger, and general ledger general book
Provides other Forex and financial related advice and advisory services
Responsible for the supervision of the staff and administrative tasks of the organization
Develops job descriptions using KPIs to manage customer performance i>
Meet regularly with key stakeholders to verify the effectiveness of HR policies, procedures and processes.
Maintains stationery by checking inventory; place and expedite orders; evaluation of new products.
Ensures the operation of equipment by meeting preventive maintenance requirements; call for repair.
Identifies the jobs to be recruited and manages the interview process
Provide staff input to new team members
Responsible for training, evaluation and evaluation of employees
Responsible for organizing trips, meetings and appointments
Updates professional knowledge by participating in training opportunities; read professional publications; maintain personal networks; participation in professional organizations.
Monitors the proper functioning of the office.

Head of Marketing and Sales Department

Identifies, prioritizes and contacts new partners, as well as business opportunities, etc.
Identifies development opportunities; monitors development and contacts; participates in the structuring and financing of projects; ensures the realization of related projects.
Draft winning documents, negotiate fees and rates in accordance with company policy
Responsible for carrying out commercial research, marker surveys and feasibility studies for clients
Responsible for monitoring implementation, defending client needs and communicating with clients
Develops, implements and evaluates new plans to increase sales growth
Documents all contacts and customer information
Represent the company at strategic meetings
Helps increase sales and business growth
Responsible for the preparation of the financial statements, budgets and financial statements of the organization.
creates reports based on information about financial transactions recorded by the accountant.
Prepares an income statement and balance sheet using an audit report and records prepared by an accountant.
Manage social analysis, development budgets and accounting reports; analyzes the financial feasibility of the most complex proposed projects; conducts marketing research to predict business trends and conditions.
Responsible for financial forecasts and risk analysis.
Maintains treasury, general ledger, and financial reports for one or more objects.
Responsible for the development and management of financial systems and policies
Payroll manager
Ensures compliance with tax laws
Manages all the financial transactions of the company
Serves as the company’s internal auditor

Customer Service Manager / Front Desk Agent

Greet guests and clients by welcoming them in person or by phone; respond to or direct requests.
Ensures that all customer contacts (email, built-in hub, SMS or phone) provide the customer with a personalized customer service experience of the highest level
Through interaction with customers over the phone, he seizes every opportunity to get the customer interested in the company’s products and services.
Effectively and timely allocates administrative responsibilities assigned by the manager
Keep up to date with any new information on the company’s products, advertising campaigns, etc. to ensure the provision of accurate and useful information to customers
Receipt of packages / documents for the company
Mail distribution in an organization
Perform any other task according to my supervisor

SWOT Analysis of the Bureau De Change Business Plan

Alex Santiago Sons Bureau De Change, LLC hired an advisory and structuring specialist to help our organization build a well-structured foreign exchange company that can compete profitably in the highly competitive foreign exchange service industry in the United States and in the world in general. …

Part of the business consulting team working with our organization’s leadership to conduct a SWOT analysis for Alex Santiago Sons Bureau De Change, LLC. Here is a summary of the results of a SWOT analysis conducted on behalf of Alex Santiago Sons Bureau De Change, LLC;

Our main strength lies in the strength of our team; our workforce. We have a team that can do everything possible to make our clients value their money; a team trained and equipped to be attentive to detail and deliver great value when our clients use our services to trade with them

We are well positioned and we know that we will attract many clients from the first day we open our doors for business because we are determined to buy and sell currencies from around the world.

As a new money changer / bureau de change in Las Vegas, Nevada, it may take some time for our organization to enter the market and be accepted, especially by corporate clients in the bureau de change / bureau de change industry. already saturated; this is perhaps our greatest weakness.

In addition, we may not have the necessary cash flow to take advantage of the huge opportunities to purchase currencies permitted by US law when provided to us. Also, we may not have enough budgets to advertise our business the way we would like.

Besides the fact that our company is located in a city that receives a large number of visitors year after year, the opportunities in the service exchange service are enormous, considering the number of people, especially students, industry players. manufacturer, importers. and exporters, startups and, of course, businesses that cannot afford to do without the services of a foreign exchange / forex bureau.

As a standard and well positioned foreign exchange / forex bureau, we are well prepared and ready to take advantage of any opportunity that presents itself.

Some of the threats we are likely to face as a trading company operating in the United States are adverse government policies, the emergence of a competitor in our site of operations, and a global economic recession that generally affects the power of purchasing / purchasing power. There is virtually nothing we can do about these threats except to be optimistic that everything will work to our advantage.

BUSINESS PLAN MARKET ANALYSIS Bureau De Change

Market trends

The forex exchange / trading service desk is really a very big industry and of course it is a sector that works for individuals and companies from different sectors.If you know the trend of forex / trading industry forex, agree with you that many companies in the United States and other parts of the world are actively involved in international trade, and international students travel to other countries to study the growing demand for currencies.

The truth is that a company in the manufacturing sector that depends on the raw materials of the international market, or a company that is actively engaged in import and export, and of course, foreign tourists and international students and the like cannot handle effectively their own business or integrate into a new country. without having the currency of the host country.

Another notable trend in the forex / Forex trading services industry is that the industry has grown impressively over the past five years as a significant reduction in unemployment has increased the revenue generated by the industry. In the future, increased product penetration and, of course, customer expansion will help the industry grow.

Our target market

The demographic and psychographic makeup of those in need of foreign exchange / forex services extends to individuals, small businesses, and large corporations.

Alex Santiago Sons of Bureau De Change, LLC will initially serve small and medium-sized businesses. Mid-sized businesses, from start-ups to established businesses and individual clients, but that in no way prevents us from growing to be able to compete with other large exchange service companies in the United States.

As a standard and licensed forex exchange / trading office, Alex Santiago Sons Bureau De Change, LLC offers a wide range of forex related services, so we are well trained and equipped to serve a wide range of clients. based.

Our target market covers companies of different sizes and industries. We are entering the industry with a business concept that will allow us to work with individuals, small businesses and large corporations in and around Las Vegas – Nevada and other cities in the United States of America. Below is a list of companies and organizations for which we specifically develop our products and services;

Manufacturing companies
Non-governmental organizations
Blue Chips Companies
Corporate organizations
International businessmen and businesswomen
International students
Importers and exporters
International tourists and visitors
Entrepreneurs and startups

Our competitive advantage

The level of competition in currency exchange services / bureau de change depends on the location of the business. The truth is, the players in this industry usually set up their offices in a business center that attracts international businessmen and women, tourists and international students.

We are well aware that being very competitive in the foreign exchange / currency service industry means that we need to be able to provide foreign exchange services from major countries around the world, as well as to get results and achieve good results. good profits. on investments, when our clients, individuals and businesses, give us the opportunity to trade the Forex market on their behalf.

Alex Santiago Sons Bureau De Cheng, LLC could become a newcomer to the bureau de change / bureau de change business. in the United States of America, but management and business leaders are considered gurus. These are the people who are the leading professional and licensed and highly skilled Forex traders in USA. It’s part of what we see as a competitive advantage.

Finally, our employees will be well taken care of and their benefits will be one of the best in our category (start-ups / Forex trading companies) in the industry, which means they will be more than willing to start a business. with us and help us achieve our goal. set goals and achieve all of our goals and objectives.

Business Plan Bureau de Change SALES AND MARKETING STRATEGY

We are aware of the increased competition within the United States of America Forex / Exchange Bureau; therefore, we were able to hire one of the best business developers for our sales and marketing.

Our sales and marketing team will be recruited on the basis of their vast experience in the industry and will receive regular training to be well prepared to achieve their goals and the overall objective of the organization. We will also ensure that our honesty and superior service speak volumes about us in the market; we want to create a standard office / office business that uses word of mouth from satisfied customers (individuals and businesses).

Our goal is to grow our currency exchange business. to become one of the 20 largest foreign exchange companies in the United States of America, so we have developed a strategy that will help us take advantage of the current market and become a major force to be reckoned with not only in Las Vegas, but also in other cities of the United States. States of America.

Alex Santiago Sons of Bureau De Change, LLC plans to use the following marketing and sales strategies to attract customers:

Introduce our business by sending cover letters along with our brochure to businesses, schools with international students, manufacturing players, importers and exporters, international tourists and other key stakeholders in Las Vegas. and other towns in Nevada.
Promote our business in financial and business magazines, newspapers, TV channels and radio stations.
List our business on the yellow pages (in local directories)
Attend relevant international and local forex, finance and business fairs, seminars and trade shows, etc.
Create different packages for different categories of clients (start-ups and existing business organizations) in order to work with their budgets while bringing them profit, they hire our services to trade Forex on their behalf.
Internet leverage to promote our business
Activate direct marketing
Encourage word of mouth marketing from loyal and satisfied customers
Join local chambers of commerce to market our services

Business plan and advertising strategy of the Bureau De Change

We have been able to work with our brand and advertising consultants to help us and plan advertising and advertising strategies that will help us get to the heart of our target market. We intend to take the bureau de change / bureau de change industry by storm, so we have taken steps to effectively promote and publicize our trading company.

Below are the platforms we intend to use to promote and advertise Alex Santiago Sons Bureau De Change, LLC;

Placement of ads in both print media (community newspapers and magazines)
Sponsor relevant community events / programs
We will use various online platforms to promote our business. This makes it easier for Internet users to access our site with just one click. We will use the Internet and social media such as; Instagram, Facebook, Twitter, YouTube, Google +, etc. To promote our brand
Install our billboards at strategic locations in Las Vegas, Nevada.
Take part in roadshows from time to time around Las Vegas – NV to promote our brand
Distribute our flyers and flyers in targeted areas of Las Vegas, Nevada
Make sure that all of our employees wear our branded shirts and that all of our vehicles are well branded with our company logo and others.

Source of income

Alex Santiago Sons Bureau De Change, LLC is formed with We are committed to maximizing profits in the Foreign Exchange / Bureau de Change industry and we will do our best to do our best to regularly attract businesses and individuals.

Alex Santiago Sons Bureau De Change, LLC will generate revenue by providing the following services to individuals, manufacturing companies, non-government organizations and businesses;

Trade Forex on behalf of our clients. (both for companies and for individuals)
Buy and sell currencies in major countries around the world
Provide other foreign exchange and financial consulting and advisory services

Sales forecasts

The truth is that a business in the manufacturing sector depends on raw materials in the international market, or a business that is actively involved in imports and exports, and of course, foreign tourists and international students and the like cannot effectively manage their company or integrate into a new country without having currency of the host country.

We are well positioned to take the affordable market of Las Vegas, Nevada and on our online platforms and we are quite optimistic that we will achieve our goal of generating sufficient revenue / profit in the first six months of operation and expanding the ‘business and customer base outside of Las Vegas to other cities in Nevada and other US states.

We were able to critically examine the forex / forex market, we analyzed our chances in the sector and were able to come up with the following sales forecasts. Sales forecasts are based on information gathered in the field and on certain assumptions typical of startups in Las Vegas, NV…

Below is the sales forecast for Freeman Alex Santiago Sons Bureau De Change, LLC based on the location of our business and the wide range of foreign exchange services we will provide;

first year: $ 250,000
Second year: $ 550,000
Third fiscal year: $ 950,000

NB : This projection is based on what is available in the industry and on the assumption that there will be no major economic crisis or natural disaster during the period specified. No major competitor will offer the same value-added services as us in one place. Please note that the above predictions may be lower and at the same time higher.

Our pricing strategy

It is a fact that online and offline forex trading is driven by the demand for a particular currency, so prices cannot be fixed; Forex prices fluctuate regularly.

At Freeman Alex Santiago Sons Bureau De Change, LLC, we will keep our prices slightly below the mid-market rate (among operators through bureaux de change) for all of our customers, keeping our overheads low and collecting prepayments from companies that need our services. In addition, we will also offer special discounts to all of our customers on a regular basis.

payment methods

Payment policy accepted by Alex Santiago Sons Bureau De Change, LLC is all inclusive as we are well aware that different customers prefer different payment methods depending on their preferences, but at the same time we will ensure that the financial rules and regulations are respected. The United Nations. States of America.

Below are the payment methods that Alex Santiago Sons of Bureau De Change, LLC will provide to its customers;

Payment by bank transfer
Cash payment
Payment via POS
Pay with a mobile money platform
Pay by online bank transfer
Payment by check

As part of the above, we have chosen banking platforms that will allow our client to pay for the purchase of agricultural products without any charge on his part. Our bank account numbers will be available on our website and in promotional material for customers who wish to deposit money or make an online transfer to purchase our currency.

Bureau De Change business plan Financial projections and costs

Setting up a foreign exchange / forex bureau can be profitable; this is because on average you are not expected to buy expensive machinery and equipment. Besides the working capital or capitalization required by the regulator, your main concern should be the amount required to provide standard office space in a good and busy business district, the amount required for office furniture and equipment. , the amount required to purchase the required software applications, the amount, must pay the bills, promote a business and obtain the appropriate business licenses and certifications.

Here is the financial projection and cost of launching Alex Santiago Sons Bureau De Change, LLC

The total fee for registering a business in the United States of America is $ 750.
Basic insurance policies budget covers costs, permits and business license $ 2,500
The amount needed to purchase a suitable office space in the business district in 6 months (including redevelopment of the facility) USD 40,000.
Amount required for capitalization (working capital in different world currencies) USD 50,000
Cost of office equipment (computers, software applications, printers, fax machines, furniture, telephones, filing cabinets, security gadgets and electronics, etc.) USD 5,000
Cost of purchasing the required software applications (CRM software, accounting and bookkeeping software, payroll software, etc.) USD 10,500
The cost of launching an official website is $ 600
budget to pay at least three employees for 3 months plus utility bills of $ 10,000
additional expenses (business cards, signs, advertisements and promotions, etc.) $ 2,500
Miscellaneous: USD 1,000

Based on the marketing study and feasibility report, we will need more than one hundred and fifty thousand nd (200,000) US dollars to successfully establish an average but standard currency exchange bureau in the United States of America. .

It is important to note that testing and evaluation costs will be high due to the large amount required as working capital.

Fund creation / start-up capital for Alex Santiago Sons Bureau De Change, LLC

Alex Santiago Sons Bureau De Change, LLC is a business that will be owned and operated by Alex Santiago and his immediate family. They are the only financial arm of the business, but can probably accommodate partners later, so they decided to limit their start-up capital to just three main sources.

These are the areas in which we intend to generate our seed capital;

generate part of the start-up capital from personal savings
source of concessional loans from family and friends
Apply for a loan from my bank

NB . We managed to get around $ 50,000 . savings of $ 40,000 and a concessional loan from family members ($ 10,000) and we are in the final stages of securing a loan of $ 150,000 from our bank. All documents and documents have been duly signed and submitted, the loan has been approved and at all times our account will now be credited.

GROWTH OF THE BUREAU DE CHANGE COMPANIES: A strategy of sustainable development and expansion

The future of the business lies in the number of repeat clients who have the capabilities and skills of the employees, their investment strategy and the structure of the business. If all of these factors are missing in the business (business), then soon after the business closes it won’t be long.

One of our primary goals for founding Alex Santiago Sons Bureau De Change, LLC is to build a business that will survive on its own cash flow without having to inject funds from outside sources once the business is officially established. launched.

We know that one way to get approval and attract clients is to buy and sell foreign exchange services that are a little cheaper than what can be obtained on the open market, and we are well prepared for it. survive on lower profit margins for a while.

Alex Santiago Sons Bureau De Change, LLC will ensure that the appropriate framework, structures and processes are in place to ensure the well-being of our staff. Our corporate culture aims to move our business forward, and training and retraining our employees is at the top of our business strategy.

In fact, a profit sharing agreement will be provided to all of our senior executives, and it will depend on their performance for three years or more, as determined by the board of directors of the organization. We know that if this is done we can be successful in recruiting and keeping the best hands we can get in the industry; they will be more committed to helping us build our dream business.

Checklist / checklist

Company name availability check: complete
Business registration: complete
Opening of corporate bank accounts with various US banks: complete
Opening of online payment platforms: completed
Application and obtaining of the tax identification number: in progress
Business license and permit application: Completed
Purchase of all forms of commercial insurance: Completed
Feasibility study: completed
Receive part of the start-up capital from the founder: Completed
Securing a standard office space in a commercial area: finished
Loan requests from our bankers: in progress
Planning of activities : Co mpleted
Compilation of employee handbook: complete
Drafting of contractual documents: in development
Creation of the company logo: finished
Graphic design and packaging printing Marketing / promotional material: finished
Recruitment: in progress
Purchase of the necessary software applications, furniture, office equipment, electronics; renovation of equipment and tools: in progress
Creation of an official website for the company: In progress
Strengthening of corporate awareness (Business PR): in progress
Occupational health and safety conditions: ongoing
Establishment of business relationships with suppliers and major industry players: ongoing

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Vous souhaitez ouvrir un bureau de change .

Vous possédez déjà une solide expérience dans le secteur de la banque et de la finance et disposez de bonnes connaissances sur la transaction des devises. Vous envisagez désormais d’ouvrir votre propre bureau de change. En élaborant un business plan avant la création de votre entreprise, vous mettez toutes les chances de votre côté pour garantir son succès.

Ce document doit déterminer toutes les étapes à suivre et prévoir vos obligations : analyse du marché, autorisation d’exercer par l’ACPR, capital de départ, enregistrement de la société, services de change (euro, dollar…), stratégie d’entreprise, marketing, vente de produits annexes…

Pour convaincre les investisseurs de vous accorder un financement, vous devrez présenter un business plan solide et pertinent. Les modèles à télécharger gratuitement sur Internet sont souvent généralistes et inadaptés. Optez plutôt pour la solution Supernova, un business plan sur mesure pour lancer une activité de bureau de change.

Que doit contenir un bon business plan pour la création d’un bureau de change ?

Pour vous aider à concevoir un modèle de prévisions financières solides pour votre projet de bureau de change, nous vous détaillons ici nos bonnes pratiques pour élaborer un plan de développement qui vous sera vraiment utile.

Parce que vous avez besoin de convaincre les entreprises partenaires, la banque, les investisseurs et d’avoir une vision claire de vos objectifs, prenez le temps de lire attentivement la méthode inédite Supernova : les prévisions financières avant la rédaction du business plan.

Parce que votre pitch, l’explication de votre étude de marché, toute cette partie qui concerne votre idée de bureau de change est ce qui vient après l’aspect concret. À savoir :

Qu’est-ce que je vends ? Quelles devises [euro, dollar…] ? Quels moyens de paiement ? Autres services et produits [réservation de devise, travellers chèques] ?
A qui ? Est-ce que je cible des touristes qui viennent en vacances ? Est-ce que je m’adresse à des nationaux qui voyagent ?
Combien ? Quels taux de change appliquez-vous ? Quels frais d’opération ? À combien s’élève votre commission ?
En quelles quantités ? Combien de devises proposer ? Y a-t-il un montant minimum ou maximum ? Combien de bureaux de change ouvrir ?
Combien ça me coûte ? Acquisition d’un local, capital et ressources investis, recrutement d’une équipe, prix d’achat des devises, réservation en ligne…

En d’autres termes : testez par les chiffres votre modèle d’entreprise, avant de vouloir la mettre en forme et de la présenter dans votre business plan.

Contrairement à d’autres méthodes, chez Supernova, nous recommandons de commencer par l’analyse prévisionnelle financièrequi vous permet d’avoir une vision claire et palpable de votre projet d’ouverture de bureau de change. Cette analyse préliminaire vous renseigne immédiatement sur la viabilité de votre entreprise et de son modèle d’affaires. Vous y parlerez plan de financement, bilan, compte de résultat. C’est cela qui vous apportera tous les éléments nécessaires pour pouvoir détailler ensuite votre business plan sur la partie rédactionnelle.

Pour créer la partie délicate du modèle de prévisions financières, nous vous recommandons une approche lucide. Distinguez nettement tout ce qui est incertain (le chiffre d’affaires de votre entreprise de change et tout ce qui le compose) de ce qui est certain (vos dépenses, investissements et ressources de départ, salaires, coûts unitaires, etc.)

Cela vous permettra de vérifier en un coup d’œil le chiffre d’affaires minimum que vous allez devoir effectuer, et celui qui vous permettra de commencer à bien vivre de votre activité.

À Supernova, on soutient les projets d’entreprises qui facilitent les échanges de devises entre les pays et simplifient les déplacements internationaux. Mais on est raisonnable : on vous conseille d’être le plus pessimiste possible, prudent et pragmatique avant la rédaction de votre business plan. Nous croyons en vous et en la réussite de votre modèle d’affaires, mais mieux vaut sous-évaluer de 10 % vos prix et surévaluer vos coûts de 20 % pour n’avoir que de bonnes surprises.

Certains équipements pour votre projet d’entreprise ne sont pas immédiatement nécessaires, ou vous allez pouvoir vous les offrir dans une version plus abordable. Ne prévoyez donc pas les meilleurs équipements pour le début de votre activité, juste ceux dont vous avez besoin pour satisfaire vos clients avec des services de qualité !

Plus en détail, la partie financière de votre business model pour votre projet de bureau de change va demander :

De lister vos produits ou services (retrait d’argent en devises étrangères, service de réservation de devises, offre sur mesure…) que vous vendez, avec le prix unitaire (en coûts directs) tout en parlant hors taxes (toujours !).

De lister vos dépenses liées au lancement et frais récurrents (les dépenses fixes) : loyer, frais bancaires, conseil juridique, etc. Listez vos investissements, les salaires de votre équipe, les apports faits par les investisseurs (vous, par exemple !) sans oublier les emprunts.

Prenez votre temps et assurez-vous de ne rien oublier avant la rédaction de votre business plan ! Vous allez utiliser tout cela pour calculer un seuil de rentabilité sur lequel vous baserez toute votre activité. D’où l’intérêt d’être pessimiste dans ses coûts/frais et ses gains/ventes. Lorsque l’on est en pleine création d’une entreprise, il ne faut pas se laisser (trop) griser par l’excitation de l’idée.

Seuls les chiffres sont fiables et vous permettront de bâtir une vraie stratégie d’entreprise pour monter votre projet !

Maintenant que votre modèle de prévisions financières est bien calibré et dans votre tête, vous allez facilement pouvoir détailler votre business plan. Vous savez déjà combien vous devez générer de chiffre d’affaires pour couvrir vos dépenses et vous verser un salaire.

Vous avez besoin de présenter votre projet d’entreprise pour convaincre les futurs investisseurs et partenaires du succès de votre modèle d’affaires.

Que cela soit pour créer un business plan pour votre nouveau projet de bureau de change ou pour la création d’un site internet de vente en ligne de devises étrangères, votre modèle va être le suivant :

6 parties détaillant le projet, synthétisant puis entrant dans le détail de l’étude de marché, des opérations et stratégies au cours de la 1re année, les équipes et toute la partie concrète des chiffres.

Votre plan financier s’insérera au cours des six parties que nous vous détaillons ici :

Page de garde avec : Nom de la société pour votre projet d’entreprise (nom faisant référence à une devise [euro, dollar…] ou à un service que vous offrez). Pitch de présentation du projet d’entreprise.
La synthèse qui résume le besoin auquel vous allez répondre avec votre offre, la solution que vous allez apporter à vos clients, la cible et les chiffres clés (CA, croissance moyenne, taux de profit, etc.)
Le marché qui détaillera toute l’analyse de marché (vos clients potentiels, vos concurrents) et surtout qui explique pourquoi vous et pas d’autres entreprises.
Les opérations , à savoir tout ce que vous avez déjà mis en œuvre et comptez faire pour développer votre modèle d’affaires. Toute votre stratégie d’entreprise, marketing ou administratif et toutes les prévisions financières de la 1re année.
Vous présenterez ensuite l’équipe avec le ou les fondateurs de la société, leur rôle et bien entendu les éventuels collaborateurs avec compétences et missions.
Enfin les finances où vous dresserez le compte de résultat prévisionnel, les indicateurs prévisionnels (croissance, vos besoins en fonds de roulement, etc.), le bilan prévisionnel pour déterminer si votre affaire est durable et enfin le plan de trésorerie avec son plan de financement et les mouvements bancaires.

Comme vous le voyez, c’est beaucoup plus simple de remplir son business plan si on en sait plus que « je vais monter un nouveau projet de bureau de change en France, simple, rapide et transparent pour mes clients » ! Avec les chiffres bien en tête, vous pourrez plus facilement remplir les éléments clés de votre business plan.

Attention cependant à la tentation des modèles de business plan gratuits à télécharger. Encore une fois : votre projet de bureau de change est unique et vous prenez le risque d’avoir des modèles qui oublient des éléments clés de votre secteur d’activité.

Supernova vous propose justement une solution de business plan intelligente qui préremplit les tableaux nécessaires à votre projet de bureau de change avec des données fiables qui ne concernent QUE votre activité.

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Business plan pour banque
Business plan pour centre d’appel
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Business plan pour la comptabilité / finance
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Testez Supernova gratuitement en répondant à un simple questionnaire. On s’occupe du reste !

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Sample Bureau De Change Business Plan Template PDF

Bureau de change business plan sample.

Bureau de Change businesses form an important part of the financial sector of the economy of many countries. They are legally empowered to operate businesses involved in the exchange of one currency for another.

You will usually find Bureaus de Change at international transit points or places where there could be a need for the conversion of currency. Such places include airports, border posts, seaports, holiday resort centers, travel agencies as well as banking institutions.

Bureau de Change operates a business structure that is in keen competition with other similar ventures. It makes a profit by the difference in margins; in other words, it sells a currency (ices) at a higher rate than at what it bought the same currency. This is addition to any commissions or fees it charges for the transaction.

Need to write a plan for your venture? Download a FREE Business Plan PDF Sample to develop a template for your own startup.

However, you will notice that the Bureau de Change must keep an eye on the prevailing dollar exchange rates as well as the rates offered by its competitors.

Because of the sensitive nature of their business, Bureau de Changes are firmly regulated by the Central Bank of the country they operate in. The Central financial institutions of each host country issue policy guidelines and a structural framework by which Bureau de Change must adhere to.

These guidelines usually conform to international best practices and are as follows:

1. The intending individual/corporate body seeking to operate a Bureau de Change must apply for a license from the governing financial institution in the host country.

2. The intending individual/corporate body must offer currency exchange services as a stand-alone service.

3. You will be required to make a refundable or non-refundable (varies from one country to another) application fee for the license

4. A detailed feasibility report showing items such as the composition of the board and management personnel, financial projections, organizational structure of the Bureau as well as other stipulations.

5. Evidence of the ability to pay minimum startup capital which varies from country to country.

6. A due diligence of the members of the board of directors as well as management staff as people of unimpeachable character, with no criminal records.

7. Adhering to the money laundering laws of the host country.

Here is a sample business plan for starting a Bureau de Change.

a. Carry out a Detailed Feasibility Report

You cannot venture into this business blindly. It is a capital intensive business; hence you have to determine your target markets, your potential business structure, prevailing guidelines/stipulations regarding registration/operation as well as other pertinent information.

With information comes the wherewithal for you to determine if you possess the resources: mental, human and financial, to successfully run a Bureau de Change.

b. Intern at an Existing Bureau de Change

Remember the saying that experience is the best teacher? It could not be more apt for you to garner some experience working at an existing Bureau de Change, in order to have a total grasp of the workings of the business.

Your time as an intern will expose you to the daily operations in a Bureau de Change such as sourcing for foreign currencies, interacting with customers and regulators, staff engagement, interpretation of foreign exchange rates as well as other issues pertinent to the successful running of the business.

c. Have a Business Plan

The importance of a Bureau de Change business plan cannot be over-emphasized. This document must be drawn up before you even apply for a license.

A detailed business plan will help you make financial projections and how you intend to meet your objectives, your target market, the role of the competition, future/anticipated trends that may affect your business as well as other relevant parameters.

A thorough business plan not only singles you out as a serious minded entrepreneur but you could also use it to obtain financing from banks and angel investors.

d. Find a strategic Location

A Bureau de Change is only as viable and as successful as how easy it is for your customers to reach you for their needs.

You must understand that currency conversion is an on-the spot requirement, hence you must be easily reachable for transactions. Plausible locations for your physical premises include airports, seaports, travel agencies, banks and other strategic places.

You take your Bureau de Change business up a notch by offering your customers an online platform to place their orders; depending on the regulatory stipulations that guide your operations

e. Obtain the Necessary Equipment and Engage the Appropriate Staff

Your bureau de change business will need to possess necessary gadgets such as currency counting machines, cash registers/tills, calculators, computers, safe deposit boxes and reinforced cabinets amongst others.

You will also have to engage the services of competent and people-friendly staff, who serve as the first point of contact with your customers.

Your business will also have to comply with other non-financial stipulations such as the availability of fire extinguishers and safety gear.

f. Choose an Appropriate Business Structure

Will you run the bureau de Change as a sole proprietor? Or will you constitute a board of directors, backed up by a management staff? You will have to choose the business structure that conforms to the minimum stipulations guiding the licensing of the Bureau de Change business model in your home country.

A Bureau de Change business is a very lucrative venture that guarantees a handsome ROI on your investment.

However, Bureau De Change is also a business that you must administer diligently, due to the volatility of the currency market and the dynamic nature of financial/fiscal regulations.

BUREAU DE CHANGE BUSINESS PLAN EXAMPLE

Do you want to write a bureau de change business plan, and are looking for a sample business plan to help you write one? Chances are, you are like most people and you need to write a business plan because you need that loan from the bank.

Or maybe, you are among the few business owners that take out time to write a good business plan not just because they need a loan from the bank, but because they realize how important a business plan is to the success of their business.

Now, you must have made enormous preparation for that business, and you are well aware of the requirements needed to start the business. I have taken out the time to draft out a bureau de change sample business plan that will help you write in writing a bureau de change business plan.

So without ado, here is a bureau de change sample business plan.

BUSINESS NAME: Johnny Jones & Sons Bureau De Change, LLC

Executive Summary
Vision Statement
Mission Statement
Business Structure
Products and Services
Market Analysis
Target Market
Sales and Marketing Strategy
Sales Forecast
Exit Strategy

EXECUTIVE SUMMARY

Johnny Jones & Sons Bureau De Change, LLC is a fully registered and licensed bureau de change company that will be situated in New York. We are a well-trained and certified bureau de change company that will focus on buying and selling currencies from top countries all over the world.

We will offer sophisticated foreign exchange services to our customers at a very reasonable fee that they will not get anywhere else. Because we are interested in our clients’ satisfaction, this is why we will do well to hire professionals who are especially experienced in the bureau de change services.

Johnny Jones & Sons Bureau De Change, LLC will be a sole proprietorship company that will be owned by Johnny Jones and the members of his family. The startup capital will be partly contributed by the family and relatives, and soft loans will be secured from the bank to cover the remainder.

VISION STATEMENT

Integrity, security, excellence, commitment, and teamwork: these are our core values that we will seek to abide by.

Our vision at Johnny Jones & Sons Bureau De Change, LLC will transparently portray all of our core values.

Our vision is to become the leading bureau de change company in all of New York, where individuals, small businesses and corporate clients will come to us for outstanding bureau de change services they cannot get anywhere else.

We will achieve this vision by:

– Providing outstanding bureau de change services to all our clients, whether individuals, small businesses or big corporate clients. – Applying the right market strategy to grow our company into the number one bureau de change brand in New York.

MISSION STATEMENT

Our mission is to deliver an outstanding, reliable, and sure bureau de change services to our customers. We will provide services that will enable our customers – whether individuals, startup businesses, corporate businesses and organizations – to deal with their foreign exchange needs as well as other financial needs they have.

We will achieve this goal by steadfastly sticking to our core values that differentiates us from other bureau de change companies.

BUSINESS STRUCTURE

We expect to start Johnny Jones & Sons Bureau De Change, LLC as a small-scale bureau de change business, but over the years, we will grow it big into one of the strongest and leading bureau de change businesses in New York.

In order for us to become the big bureau de change company that our vision states, we will be ready to hire nothing shut of the very best employees. We will hire professionals who share our vision and are dedicated and committed to growing our company to the desired level. We will hire professionals to fill the following positions:

– The Chief Executive Officer – Consultants – Human Relations (HR) Manager – Accountant – Sales and Marketing Executive – Customer Care Service Executive – Receptionist

We will put in considerable efforts to ensure all of the positions above are filled by the right professionals that will help us achieve our vision and our mission.

PRODUCTS AND SERVICES

Johnny Jones & Sons Bureau De Change, LLC will focus on offering all kinds of services within the range of the Bureau De Change services industry both in the United States and international.

Basically, we will be focusing on the following areas:

– Trading of foreign exchange on behalf of our individual customers, small business corporations, and corporate clients. – Buying and selling of currencies from top countries of the world. – Delivering other foreign exchange and financial consulting services to our esteemed customers.

MARKET ANALYSIS

The bureau de change industry is a very large one as one could observe. This industry offers services to other businesses in almost all industries as well as to individuals.

Today, a lot of businesses have become much more active in international trades than they used to be a few years ago. Also, students all over the world are also travelling to other countries across the globe for education. One could easily see the demand for the services of the bureau de change industry as these businesses cannot operate, and these students cannot blend into a foreign country, without having access to the currency of the foreign country.

One trend that is very obvious in the bureau de change industry is that, in recent years, the industry had experienced a massive growth due to the decrease in unemployment. Moreover, the industry will even grow further over the years as product penetration increases, and customer base expands.

TARGET MARKET

The people who need the bureau de change services vary; from the individual, the small businesses to the large business corporations. Johnny Jones & Sons Bureau De Change, LLC will focus on delivering a broad range of services to customers.

We will offer our services to individuals as well as businesses of various sizes, they include but not limited to:

– Non-Government Organizations (NGOs) – Corporate Organizations – Production Companies – International Students – International Tourists

SALES AND MARKETING STRATEGY

For us to be able to achieve our goal as becoming one of the leading bureau de change companies in New York, we will ensure our sales and marketing strategy clearly heads us in the direction of this goal.

We will ensure first and foremost, that we hire top professionals with years of experience in the bureau de change industry to fill the positions of our business.

We will make our business known by sending our business brochure and introductory letters to companies and organizations, importers and exporters, international businessmen, schools that have international students and a host of others who fall into the category of those who need our services.

We will also advertise our business in reputable business magazines, newspapers, radio and TV stations all over New York. We will not hesitate to create a website for our business as well as connecting on social media platforms.

SALES FORECAST

The sales projections of Johnny Jones & Sons Bureau De Change, LLC are shown below. We hope to expect these sales projections over the next 3 years. These sales projections are based on a number of factors which have been analyzed.

Year 1 $300,000 Year 2 $500,000 Year 3 $950,000

EXIT STRATEGY

Should Johnny Jones & Sons Bureau De Change, LLC head towards the exit door; we have put in place a good exit path for it to go. We will sell the company off to competitors and invest the buy-out money into another channel.

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Introduction

Global market size, target market, business model, competitive landscape, legal and regulatory requirements, financing options, marketing and sales strategies, operations and logistics, human resources & management.

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How to Start, Run, Grow a Bureau De Change Business

Chapter 1: Introduction to the Bureau De Change Business Understanding the concept of a Bureau De Change Overview of the currency exchange market Benefits and challenges of starting a Bureau De Change business Chapter 2: Market Research and Analysis Identifying target customer segments Analyzing competition in the local market Assessing demand and potential profitability Chapter 3: Legal and Regulatory Considerations Understanding the legal requirements and regulations for operating a Bureau De Change Registering your business and obtaining necessary licenses Complying with anti-money laundering (AML) and Know Your Customer (KYC) regulations Chapter 4: Creating a Business Plan Importance of a comprehensive business plan Defining your business objectives, strategies, and financial projections Allocating resources and determining pricing strategies Chapter 5: Location and Setup Choosing the right location for your Bureau De Change Establishing the physical infrastructure and security measures Setting up accounting systems and software Chapter 6: Securing Capital and Funding Estimating initial investment requirements Exploring financing options such as loans, investors, or personal savings Developing a financial contingency plan Chapter 7: Technology and Automation Utilizing technology for efficient operations Implementing currency exchange software and tools Integrating online platforms for customer convenience Chapter 8: Procuring Currencies Building relationships with local and international banks Understanding currency supply and demand dynamics Ensuring reliable sources of currencies for exchange Chapter 9: Staffing and Training Hiring qualified personnel with knowledge of foreign exchange markets Training staff on currency exchange processes and regulations Creating a customer-centric service culture Chapter 10: Marketing and Branding Developing a strong brand identity for your Bureau De Change Creating a marketing strategy to attract customers Utilizing online and offline marketing channels effectively Chapter 11: Customer Service Excellence Importance of exceptional customer service in the Bureau De Change business Establishing protocols for handling customer inquiries and complaints Building long-term customer relationships Chapter 12: Financial Management Setting up financial tracking and reporting systems Managing cash flow and maintaining liquidity Implementing risk management strategies Chapter 13: Exchange Rate Management Monitoring and analyzing exchange rate fluctuations Determining competitive exchange rates Hedging strategies to mitigate risks Chapter 14: Compliance and Risk Management Implementing robust AML and KYC processes Regularly reviewing compliance measures to meet regulatory standards Identifying and managing operational risks Chapter 15: Developing Strategic Partnerships Collaborating with local businesses for referrals Establishing relationships with international currency exchange firms Exploring alliances with travel agencies and hotels Chapter 16: Expanding Services Identifying opportunities to offer additional financial services Introducing prepaid travel cards and international remittance services Diversifying revenue streams Chapter 17: Enhancing Online Presence Developing a user-friendly website and mobile app Integrating online currency exchange services Leveraging social media platforms for marketing and customer engagement Chapter 18: Continuous Learning and Development Staying updated on currency exchange trends and market dynamics Encouraging staff training and professional development Networking with industry experts and attending conferences Chapter 19: Customer Feedback and Reviews Establishing feedback mechanisms to gather customer insights Responding promptly to customer feedback and resolving issues Leveraging positive reviews for reputation management Chapter 20: Monitoring Competition Conducting regular competitor analysis Identifying unique selling propositions and differentiators Adapting strategies to stay ahead in the market Chapter 21: Scaling and Expansion Assessing opportunities for opening additional branches Developing a growth strategy and expansion plan Overcoming challenges in scaling the business Chapter 22: Building Trust and Reputation Focusing on transparency and reliability in transactions Providing accurate and up-to-date information to customers Building trust through ethical business practices Chapter 23: Social Responsibility and Sustainability Implementing environmentally friendly practices Engaging in community initiatives and corporate social responsibility Promoting financial literacy and education Chapter 24: Exit Strategy and Succession Planning Planning for the future of the business Identifying options for exit, such as selling the business Preparing a succession plan for smooth transition Chapter 25: Conclusion Reflecting on the journey of starting, running, and growing a Bureau De Change business Emphasizing the importance of adaptability, resilience, and continuous improvement

Chapter 1: Introduction to the Bureau De Change Business In this chapter, we will delve into the foundational aspects of the Bureau De Change business, including an understanding of its concept, an overview of the currency exchange market, and the benefits and challenges associated with starting such a business. 1.1 Understanding the Concept of a Bureau De Change A Bureau De Change (BDC) is a financial institution that provides currency exchange services to individuals and businesses. The primary function of a BDC is to buy and sell foreign currencies at competitive rates. BDCs cater to customers who require foreign currency for various purposes such as travel, international business transactions, and remittances. 1.2 Overview of the Currency Exchange Market The currency exchange market is a global decentralized marketplace where currencies are bought and sold. It is one of the largest financial markets, with daily trading volumes exceeding trillions of dollars. The market operates 24 hours a day, five days a week, and involves various participants, including banks, financial institutions, corporations, and individual traders. 1.3 Benefits of Starting a Bureau De Change Business Lucrative Market: The currency exchange market presents significant opportunities for profit, given its high trading volumes and potential margins. Diversification: A BDC business allows you to diversify revenue streams by offering various financial services beyond currency exchange. Strong Demand: Currency exchange is a necessity for travelers, international businesses, and individuals engaging in foreign investments. Resilience to Economic Conditions: The currency exchange market is less influenced by local economic conditions, making it a relatively stable business venture. 1.4 Challenges of Starting a Bureau De Change Business Regulatory Compliance: BDCs are subject to stringent legal and regulatory requirements, including anti-money laundering (AML) and Know Your Customer (KYC) regulations. Market Competition: The currency exchange market is highly competitive, requiring differentiation strategies to attract customers. Exchange Rate Volatility: Fluctuations in exchange rates can affect profit margins and risk management strategies. Operational Risks: Managing cash flow, ensuring currency supply, and safeguarding against fraud and theft are crucial operational challenges. Chapter 2: Market Research and Analysis Chapter 2 focuses on conducting comprehensive market research and analysis to lay a strong foundation for your Bureau De Change business. 2.1 Identifying Target Customer Segments Identify the customer segments that will be the primary source of revenue for your BDC business. This could include tourists, business travelers, expatriates, international students, and local businesses engaging in international trade. 2.2 Analyzing Competition in the Local Market Conduct a thorough analysis of existing competitors in your local market. Identify their strengths, weaknesses, pricing strategies, and customer service offerings. Assess any gaps in the market that you can exploit to differentiate your business. 2.3 Assessing Demand and Potential Profitability Evaluate the demand for currency exchange services in your target market. Consider factors such as the volume of international travel, foreign investment activities, and local economic indicators. Determine the potential profitability of your BDC business by estimating transaction volumes, profit margins, and revenue streams. Chapter 3: Legal and Regulatory Considerations In Chapter 3, we explore the legal and regulatory aspects of starting and operating a Bureau De Change business. 3.1 Understanding the Legal Requirements and Regulations Research and understand the legal framework governing BDCs in your jurisdiction. Familiarize yourself with licensing requirements, registration procedures, and any specific regulations related to foreign exchange operations. 3.2 Registering Your Business and Obtaining Necessary Licenses Follow the necessary procedures to register your BDC business as a legal entity. Obtain the required licenses and permits from the relevant regulatory authorities. Comply with all documentation and reporting obligations. 3.3 Complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations Implement robust AML and KYC processes to ensure compliance with regulations aimed at preventing money laundering, terrorist financing, and other illicit activities. Develop procedures for customer identification, record-keeping, and suspicious transaction reporting. Chapter 4: Creating a Business Plan Chapter 4 emphasizes the importance of creating a comprehensive business plan for your Bureau De Change business. 4.1 Importance of a Comprehensive Business Plan A business plan serves as a roadmap for your BDC business, outlining your objectives, strategies, financial projections, and operational guidelines. It helps you articulate your vision, secure financing, and make informed decisions. 4.2 Defining Your Business Objectives, Strategies, and Financial Projections Clearly define your short-term and long-term business objectives. Develop strategies to achieve these objectives, including marketing and customer acquisition strategies, pricing strategies, and risk management strategies. Prepare financial projections, including revenue forecasts, expense budgets, and profit margins. 4.3 Allocating Resources and Determining Pricing Strategies Identify the resources required to start and run your BDC business effectively. This includes capital for currency procurement, staffing, technology infrastructure, marketing, and operational expenses. Determine your pricing strategies, considering factors such as exchange rates, transaction volumes, and competition. Chapter 5: Location and Setup In Chapter 5, we explore the significance of choosing the right location for your Bureau De Change business and establishing the necessary physical infrastructure. 5.1 Choosing the Right Location for Your Bureau De Change Select a location that offers high visibility, accessibility, and proximity to your target customer segments. Consider factors such as tourist hubs, business districts, proximity to transportation hubs, and local competition. 5.2 Establishing the Physical Infrastructure and Security Measures Set up a well-designed and secure physical space for your BDC business. This includes counters for customer transactions, currency storage facilities, security systems, and surveillance cameras. Implement stringent security measures to protect against theft and fraud. 5.3 Setting Up Accounting Systems and Software Install accounting systems and software to manage financial transactions, record-keeping, and reporting. Implement robust internal controls to ensure accurate and transparent financial operations. Chapter 6: Securing Capital and Funding Chapter 6 focuses on securing the necessary capital and funding to start and grow your Bureau De Change business. 6.1 Estimating Initial Investment Requirements Evaluate the initial investment required to cover setup costs, rental deposits, licensing fees, technology infrastructure, staffing, and initial currency procurement. 6.2 Exploring Financing Options Consider various financing options to secure the required capital. This may include personal savings, bank loans, lines of credit, or partnerships with investors. Evaluate the pros and cons of each option based on interest rates, repayment terms, and potential dilution of ownership. 6.3 Developing a Financial Contingency Plan Prepare a financial contingency plan to mitigate unexpected challenges or economic downturns. Set aside reserves to cover operational expenses, currency fluctuations, and emergencies. Implement prudent financial management practices to maintain liquidity and sustainability. Chapter 7: Technology and Automation Chapter 7 emphasizes the importance of leveraging technology and automation to streamline operations in your Bureau De Change business. 7.1 Utilizing Technology for Efficient Operations Identify technology solutions that can enhance your operational efficiency. This includes currency exchange software, customer relationship management (CRM) systems, accounting software, and online platforms for customer transactions. 7.2 Implementing Currency Exchange Software and Tools Invest in reputable currency exchange software that automates processes such as real-time exchange rate updates, transaction tracking, and reporting. These tools can help you offer accurate and competitive rates, improving customer satisfaction. 7.3 Integrating Online Platforms for Customer Convenience Consider developing a user-friendly website and mobile app for customers to access your services conveniently. Enable online transactions, rate inquiries, and customer support. Integrate secure payment gateways to facilitate online currency purchases and transfers. Chapter 8: Procuring Currencies Chapter 8 focuses on establishing reliable sources of currencies for your Bureau De Change business. 8.1 Building Relationships with Local and International Banks Establish relationships with local and international banks to facilitate currency procurement. Explore partnerships with banks that offer competitive exchange rates, quick processing times, and reliable currency supply. 8.2 Understanding Currency Supply and Demand Dynamics Monitor currency supply and demand dynamics to ensure you can meet customer requirements. Stay updated on global economic trends, geopolitical events, and central bank policies that influence exchange rates and currency availability. 8.3 Ensuring Reliable Sources of Currencies for Exchange Maintain diversified channels for procuring currencies, such as direct relationships with banks, foreign exchange wholesalers, or currency exchange platforms. Implement risk management strategies to mitigate currency procurement challenges during volatile market conditions. Chapter 9: Staffing and Training Chapter 9 focuses on hiring qualified personnel and providing comprehensive training to ensure smooth operations and excellent customer service in your Bureau De Change business. 9.1 Hiring Qualified Personnel with Knowledge of Foreign Exchange Markets Recruit employees who possess knowledge of foreign exchange markets, currency trends, and regulatory requirements. Seek individuals with strong interpersonal skills, attention to detail, and mathematical aptitude. 9.2 Training Staff on Currency Exchange Processes and Regulations Provide comprehensive training to your staff on currency exchange processes, compliance procedures, customer service best practices, and handling different types of transactions. Foster a culture of continuous learning to keep staff updated on industry developments. 9.3 Creating a Customer-Centric Service Culture Emphasize the importance of delivering exceptional customer service. Train your staff to communicate effectively, handle customer inquiries and complaints professionally, and provide accurate information about exchange rates and transaction processes. Encourage a customer-centric mindset throughout the organization. Chapter 10: Marketing and Branding Chapter 10 explores the strategies and tactics involved in marketing and branding your Bureau De Change business. 10.1 Developing a Strong Brand Identity for Your Bureau De Change Create a unique brand identity that differentiates your BDC business from competitors. Develop a compelling brand name, logo, and visual identity that resonate with your target audience. Craft a brand story that communicates your values, expertise, and commitment to customer satisfaction. 10.2 Creating a Marketing Strategy to Attract Customers Develop a comprehensive marketing strategy that encompasses both online and offline channels. This may include advertising campaigns, search engine optimization (SEO), social media marketing, content marketing, email marketing, and partnerships with local businesses. 10.3 Utilizing Online and Offline Marketing Channels Effectively Leverage online platforms such as your website, mobile app, social media channels, and online directories to reach your target audience. Implement offline marketing initiatives such as print advertisements, billboards, brochures, and participation in local events or trade shows. Chapter 11: Customer Service Excellence Chapter 11 highlights the importance of providing exceptional customer service in your Bureau De Change business. 11.1 Importance of Exceptional Customer Service in the Bureau De Change Business Recognize that outstanding customer service is crucial for customer retention and attracting new clients. Exceptional service builds trust, loyalty, and positive word-of-mouth referrals. 11.2 Establishing Protocols for Handling Customer Inquiries and Complaints Develop protocols to ensure prompt and courteous handling of customer inquiries and complaints. Train your staff to provide accurate information, resolve issues efficiently, and escalate concerns appropriately. 11.3 Building Long-Term Customer Relationships Focus on building long-term relationships with your customers. Implement customer loyalty programs, personalized communication strategies, and feedback mechanisms to understand and meet customer needs. Offer value-added services and engage customers through regular communication. Chapter 12: Financial Management Chapter 12 emphasizes the importance of effective financial management in your Bureau De Change business. 12.1 Setting Up Financial Tracking and Reporting Systems Implement robust financial tracking systems to monitor revenue, expenses, and profitability. Utilize accounting software to streamline financial operations, generate financial reports, and ensure compliance with regulatory requirements. 12.2 Managing Cash Flow and Maintaining Liquidity Develop cash flow management strategies to ensure you have adequate funds for daily operations, currency procurement, and unforeseen expenses. Monitor cash inflows and outflows, maintain sufficient reserves, and optimize working capital management. 12.3 Implementing Risk Management Strategies Identify and manage financial risks associated with currency fluctuations, interest rate volatility, and operational challenges. Implement hedging strategies, maintain appropriate insurance coverage, and conduct regular risk assessments to protect your business. Chapter 13: Exchange Rate Management Chapter 13 explores the management of exchange rates in your Bureau De Change business. 13.1 Monitoring and Analyzing Exchange Rate Fluctuations Stay updated on global economic trends, geopolitical events, and central bank policies that influence exchange rates. Utilize market data and analytical tools to monitor exchange rate fluctuations and make informed decisions. 13.2 Determining Competitive Exchange Rates Set competitive exchange rates that attract customers while ensuring profitability. Consider factors such as market rates, transaction volumes, competition, and cost structures. Regularly review and adjust rates based on market conditions. 13.3 Hedging Strategies to Mitigate Risks Implement hedging strategies to mitigate the risks associated with exchange rate fluctuations. Explore options such as forward contracts, futures contracts, or currency options to protect your business from adverse currency movements. Chapter 14: Compliance and Risk Management Chapter 14 focuses on maintaining compliance with legal and regulatory requirements and implementing effective risk management strategies in your Bureau De Change business. 14.1 Implementing Robust AML and KYC Processes Develop and implement comprehensive AML and KYC procedures to detect and prevent money laundering, terrorist financing, and other illicit activities. Train your staff on identifying suspicious transactions, verifying customer identities, and maintaining accurate records. 14.2 Regularly Reviewing Compliance Measures to Meet Regulatory Standards Stay updated on changes in AML and KYC regulations and adjust your compliance measures accordingly. Conduct periodic reviews to ensure ongoing adherence to regulatory standards. Engage professional consultants or legal experts to ensure compliance with evolving regulations. 14.3 Identifying and Managing Operational Risks Identify operational risks such as cash handling, fraud, cybersecurity threats, and internal control weaknesses. Implement robust internal controls, establish segregation of duties, and conduct regular audits to mitigate these risks. Maintain appropriate insurance coverage to protect against potential liabilities. Chapter 15: Developing Strategic Partnerships Chapter 15 focuses on developing strategic partnerships to expand your network and attract customers to your Bureau De Change business. 15.1 Collaborating with Local Businesses for Referrals Establish partnerships with local businesses that cater to similar customer segments, such as travel agencies, hotels, and international trade companies. Offer mutually beneficial referral programs to attract customers from these partners. 15.2 Establishing Relationships with International Currency Exchange Firms Explore collaborations with international currency exchange firms that can provide access to a broader range of currencies and customer referrals. Establish mutually beneficial agreements that promote customer sharing and exchange rate coordination. 15.3 Exploring Alliances with Travel Agencies and Hotels Develop alliances with travel agencies, hotels, and tourism organizations to offer exclusive currency exchange services to their customers. Consider providing on-site exchange services or special promotions to enhance customer convenience and attract new clients. Chapter 16: Expanding Services Chapter 16 focuses on identifying opportunities to expand your service offerings beyond traditional currency exchange in your Bureau De Change business. 16.1 Identifying Opportunities to Offer Additional Financial Services Assess market demand for additional financial services such as prepaid travel cards, international money transfers, remittance services, or foreign currency investment products. Determine the feasibility, profitability, and regulatory requirements associated with each service. 16.2 Introducing Prepaid Travel Cards and International Remittance Services Offer prepaid travel cards that allow customers to load multiple currencies onto a single card for convenient travel abroad. Explore partnerships with international remittance service providers to facilitate secure and efficient cross-border money transfers. 16.3 Diversifying Revenue Streams Diversify revenue streams by introducing related financial products or services. Consider offering travel insurance, foreign currency investment advice, or cross-border payment solutions. Evaluate the potential profitability and alignment with your core business. Chapter 17: Enhancing Online Presence Chapter 17 explores the significance of enhancing your online presence to attract and serve customers in your Bureau De Change business. 17.1 Developing a User-Friendly Website and Mobile App Invest in a well-designed, user-friendly website and mobile app that allow customers to access your services and exchange rates conveniently. Ensure that the platforms are optimized for mobile devices and offer seamless navigation and secure transactions. 17.2 Integrating Online Currency Exchange Services Enable online currency exchange services that allow customers to place orders, check rates, and complete transactions through your website or mobile app. Implement secure payment gateways and robust encryption protocols to protect customer data. 17.3 Leveraging Social Media Platforms for Marketing and Customer Engagement Utilize social media platforms such as Facebook, Instagram, Twitter, and LinkedIn to engage with customers, share educational content, and promote special offers. Leverage social media advertising and influencer collaborations to expand your reach and attract new customers. Chapter 18: Continuous Learning and Development Chapter 18 emphasizes the importance of continuous learning and development in the Bureau De Change business. 18.1 Staying Updated on Currency Exchange Trends and Market Dynamics Stay abreast of currency exchange trends, market dynamics, and regulatory changes through industry publications, news sources, and professional networks. Attend conferences, seminars, and webinars to gain insights from industry experts. 18.2 Encouraging Staff Training and Professional Development Invest in the training and professional development of your staff. Provide opportunities for them to enhance their knowledge of foreign exchange markets, customer service skills, compliance regulations, and emerging technologies. Encourage certifications and memberships in relevant industry associations. 18.3 Networking with Industry Experts and Attending Conferences Network with industry experts, participate in forums, and join industry associations to stay connected with the Bureau De Change community. Attend conferences and trade shows to expand your knowledge, establish partnerships, and discover emerging trends and technologies. Chapter 19: Customer Feedback and Reviews Chapter 19 highlights the significance of gathering customer feedback and leveraging reviews to enhance your Bureau De Change business. 19.1 Establishing Feedback Mechanisms to Gather Customer Insights Implement feedback mechanisms such as customer surveys, suggestion boxes, or online feedback forms to gather insights into customer preferences, satisfaction levels, and areas for improvement. Actively listen to customer feedback and identify opportunities for enhancing your services. 19.2 Responding Promptly to Customer Feedback and Resolving Issues Respond promptly and courteously to customer feedback and complaints. Develop protocols for addressing customer concerns, resolving issues efficiently, and providing appropriate compensation or remedies when necessary. Turn negative experiences into positive ones through excellent customer service recovery. 19.3 Leveraging Positive Reviews for Reputation Management Encourage satisfied customers to leave positive reviews on online platforms and review sites. Monitor online reviews and respond graciously to both positive and negative feedback. Leverage positive reviews to build your reputation and attract new customers. Chapter 20: Monitoring Competition Chapter 20 emphasizes the importance of monitoring and analyzing competition in the Bureau De Change business. 20.1 Conducting Regular Competitor Analysis Continuously monitor your competitors' strategies, pricing, service offerings, and customer engagement initiatives. Identify their strengths and weaknesses, and learn from their successes and failures. Use this information to differentiate your business and identify areas for improvement. 20.2 Identifying Unique Selling Propositions and Differentiators Determine your unique selling propositions (USPs) that set your Bureau De Change business apart from competitors. Focus on offering superior customer service, competitive exchange rates, convenient locations, specialized services, or innovative technology solutions. 20.3 Adapting Strategies to Stay Ahead in the Market Continuously evaluate and adapt your strategies to stay ahead in the market. Keep abreast of emerging trends, customer preferences, and changing market dynamics. Innovate your service offerings, marketing approaches, and customer engagement initiatives to maintain a competitive edge. Chapter 21: Scaling and Expansion Chapter 21 focuses on scaling your Bureau De Change business and exploring opportunities for expansion. 21.1 Assessing Opportunities for Opening Additional Branches Evaluate the feasibility and profitability of opening additional branches in strategic locations. Consider factors such as market demand, competition, local regulations, and available resources. Develop a growth plan that outlines the timing, financial requirements, and operational considerations for expansion. 21.2 Developing a Growth Strategy and Expansion Plan Develop a comprehensive growth strategy that includes marketing and branding initiatives, operational scalability, financial projections, and risk management. Create an expansion plan that outlines the steps, timelines, and resource allocations required to execute your growth strategy. 21.3 Overcoming Challenges in Scaling the Business Identify potential challenges in scaling your Bureau De Change business, such as staffing, operational complexities, regulatory requirements, and maintaining quality standards. Develop strategies to mitigate these challenges, such as implementing efficient operational processes, investing in technology infrastructure, and hiring and training competent staff. Chapter 22: Building Trust and Reputation Chapter 22 focuses on building trust and reputation for your Bureau De Change business. 22.1 Focusing on Transparency and Reliability in Transactions Emphasize transparency and reliability in all your transactions. Clearly communicate exchange rates, fees, and terms to customers. Ensure accuracy in currency counting and provide receipts for every transaction. Build trust by delivering on promises and maintaining the highest ethical standards. 22.2 Providing Accurate and Up-to-Date Information to Customers Keep customers informed about exchange rates, market trends, and regulatory changes that may impact their transactions. Provide accurate and up-to-date information through multiple channels, such as your website, mobile app, social media, or email newsletters. Establish yourself as a trusted source of information. 22.3 Building Trust through Ethical Business Practices Adhere to ethical business practices in all aspects of your operations. Comply with regulations, maintain customer privacy, and handle customer complaints with integrity and fairness. Engage in responsible business practices, social responsibility initiatives, and community engagement to build trust and goodwill. Chapter 23: Social Responsibility and Sustainability Chapter 23 emphasizes the importance of social responsibility and sustainability in your Bureau De Change business. 23.1 Implementing Environmentally Friendly Practices Minimize your environmental impact by adopting environmentally friendly practices. Implement recycling programs, reduce paper usage, optimize energy consumption, and explore renewable energy sources. Communicate your commitment to sustainability to customers and stakeholders. 23.2 Engaging in Community Initiatives and Corporate Social Responsibility Engage in community initiatives and corporate social responsibility activities to contribute positively to society. Support local charities, educational programs, or environmental conservation efforts. Align your business with a social cause that resonates with your values and mission. 23.3 Promoting Financial Literacy and Education Promote financial literacy and education by offering resources, workshops, or seminars on currency exchange, personal finance management, or international financial transactions. Empower customers and the community with knowledge to make informed financial decisions. Chapter 24: Exit Strategy and Succession Planning Chapter 24 focuses on planning for the future of your Bureau De Change business, including exit strategies and succession planning. 24.1 Planning for the Future of the Business Develop a long-term vision for the future of your Bureau De Change business. Set goals for expansion, diversification, or succession. Continuously evaluate market conditions, industry trends, and personal objectives to align your business strategy accordingly. 24.2 Identifying Options for Exit, Such as Selling the Business Consider various exit options, such as selling the business to a strategic buyer, merging with another entity, or transferring ownership to a family member or key employee. Seek professional advice to assess the financial, legal, and tax implications of each option. 24.3 Preparing a Succession Plan for Smooth Transition Develop a succession plan that outlines the process and timeline for transitioning the business to a successor. Identify and groom potential successors within the organization. Document key operational processes, relationships, and strategies to ensure a smooth transition of ownership and leadership. Chapter 25: Conclusion In the final chapter, reflect on the journey of starting, running, and growing a Bureau De Change business. Highlight the importance of adaptability, resilience, continuous improvement, and maintaining customer-centricity in a dynamic and competitive market. Encourage ongoing learning and innovation to stay ahead and position your Bureau De Change business for long-term success.

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Key Points on the Process and Requirements for Obtaining a Bureau de Change Licence in Nigeria

What is a Bureau de Change?

A Bureau De Change (“BDC”) is a registered business licensed by the Central Bank of Nigeria (“CBN”) to carry out or facilitate the sale, purchase or exchange of foreign currencies. A BDC is defined by the CBN’s REGULATORY AND SUPERVISORY GUIDELINES FOR BUREAUX DE CHANGE OPERATIONS IN NIGERIA 2024 (“CBN Guidelines”) as a company that is licensed to carry on small scale foreign exchange business in Nigeria and whose sole object is the carrying on of such business on a stand-alone basis.

According to the 2024 CBN Guidelines, a BDC may do the following:

a. Acquire foreign currency from the sources listed in Section 5.0 of the CBN Guidelines.

b. Sell foreign exchange as detailed in Section 6.0 of the CBN Guidelines.

c. Open foreign currency and Naira accounts with Commercial or Non-Interest Banks (CNIBs).

d. Collaborate with its bankers to issue prepaid debit cards.

e. Serve as cash-out point for International Money Transfer Operators (IMTOs).

f. Engage in any other permissible activity that the CBN may specify.

It is an offense to carry on the business of a BDC in Nigeria except with prior authorization of the CBN.

Please note that there two tiers of BDC licence under the CBN Guidelines: Tier-1 and Tier-2 licences with N2 Billion and N500 Million share capital as part of their respective application requirements. The key differences between the tiers of BDC licences are as follows:


1	Requires N2 Billion share capital which must be deposited with the CBN	Requires N500 Million share capital which must be deposited with the CBN
2	May operate in any State of the Federation and the Federal Capital Territory (FCT).	Permitted to operate only in one State of the Federation or the FCT
3	May establish branches and appoint franchisees in any State and FCT, subject to the written approval of the CBN.	Allowed to establish five (5) branches in a State of operation, subject to the written approval of the CBN.
4	Shall maintain a minimum distance of one (1) kilometre between its branches, its branch and a franchisee, and between its franchisees.	Required to maintain a minimum distance of one (1) kilometre between its branches.
5	May grant franchise in accordance with the franchising standards prescribed in . Please note that a Tier-1 BDC licencee shall exercise oversight on its franchisees. All franchisees shall adopt their franchisor’s name, logo, branding, technology platform and regulatory rendition requirements.	Not allowed to appoint franchisees.
6	Board composition of minimum of 5 directors and maximum of 7 directors. A Tier 1 BDC shall have an Executive Director (ED) other than the MD/CEO.	Board composition of minimum of 3 directors and maximum of 5 directors. A Tier 2 BDC may have an ED apart from the MD/CEO.
7	The Managing Director/Chief Executive Officer (MD/CEO) of a Tier 1 BDC shall possess: i. A minimum of first degree or its equivalent in any discipline. ii. A minimum of ten (10) years post-graduation experience, out of which at least five (5) must have been in the financial services industry, and at least three (3) at the senior management level.	The Managing Director/Chief Executive Officer (MD/CEO) of a Tier 2 BDC shall possess: i. A minimum of first degree or its equivalent in any discipline. ii. A minimum of five (5) years post-graduation experience, out of which at least three (3) must have been in the financial services industry, and at least two (2) at the senior management level.
8	The Business Plan of a tier 1 BDC must include Branch Expansion Programme within the first five (5) years of operation.	Branch Expansion Programme is not required.

Who is Eligible to own a BDC in Nigeria?

The following shall not be allowed to participate in the ownership of BDCs, directly or indirectly:

a. Commercial, merchant, non-interest and payment service banks.

b. Financial holding companies.

c. Other Financial Institutions (OFIs), including International Money Transfer Operators and payment service providers.

d. Serving staff of financial services regulatory and supervisory agencies.

e. Serving staff of regulated financial services providers.

f. Government at all levels.

g. Public officers as defined in the 5th Schedule Part IV of the Constitution of the Federal Republic of Nigeria.

h. Non-Governmental Organizations.

i. Cooperative societies.

j. Charitable organizations.

k. Academic and religious institutions.

l. Non-Nigerian natural persons.

m. Non-resident non-regulated companies.

n. Telecommunication services providers.

o. Sanctioned individuals and entities.

p. A shareholder in another BDC (whether directly or indirectly).

q. Any other persons that the CBN may from time to time designate.

3. What are the financial requirements for obtaining a BDC licence?

The financial requirements for the BDC applications for AIP and Final Licence are as follows:

[a] Minimum paid-up share capital – N35 million share capital (this amount is to be deposited with CBN in bank draft and will be refunded upon the grant of the final licence, with interest, if any);

[b] Non-refundable application fee – N100,000 (payable at the AIP application stage);

[c] Non-refundable licensing fee – N1,000,000 (payable at the Final Licence application stage)

[e]Non-refundable annual licensing renewal fee – N 250,000 [payable not later than 30 days after the end of each calendar year]

[f] Non-refundable change of name fee – N100,000 (payable to CBN before any change of business name at the CAC).

[g] Solicitor’s fees for the incorporation at CAC and processing the applications for AIP and final licence to CBN.

[f] Miscellaneous expenses for preparing feasibility report or business plan, the AML/CFT Policy and Compliance Manual, the CAC registration costs, etc.

4. What is the timeline for completion of the application process?

The AIP is usually granted between 3 to 6 weeks after submission of application all other things being equal. The final licence is granted after 6 months of the grant of the AIP. The registration of the company takes around 3 to 6 weeks but usually completed within the 6 months after the grant of the AIP before submitting application for the final licence.

5. What are the Requirements for BDC licence?

The application for BDC licence is processed in two stages, namely: the Approval-In-Principle (“AIP”) stage (usually for 6 months); and the Final Licence stage (which must be applied for not later than 6 months after the grant of the AIP).

Please note also o proposed BDC shall incorporate/register its business name with the Corporate Affairs Commission (“CAC”) until an AIP has been obtained from the CBN, a copy of which shall be presented to the CAC. The licensing requirements for the two stages differ but below is the highlight of the requirements:

(a) A formal application to the CBN Governor to grant the promoters an AIP to carry on the business of a BDC in Nigeria with Evidence of Name Reservation with the CAC. The application should be addressed to the Director Financial Policy and Regulation Department (FPRD), Central Bank of Nigeria PMB 0187, Garki, Abuja.

The promoters of the BDC shall attach the following documents to their application:

(b) A non-refundable application fee of N1,000,000 (for Tier-1 licence) or N250,000 (for Tier-2 licence).

(c) Evidence of payment of the prescribed minimum capital in the sum of of N2,000,000,000 (for Tier-1 licence) or N500,000,000 (for Tier-2 licence) made through RTGS to a designated account in the CBN . Please note that the CBN shall refund this amount with interest after the proposed institution has obtained its final licence.

(d) A copy of business plan or feasibility report containing the relevant information;

(e) A copy of the draft Memorandum and Articles of Association of the proposed BDC.

(f) A letter of intent to subscribe to the shares of the proposed BDC signed by each subscriber.

(g) A List of proposed shareholders in tabular form, showing their email, business and residential addresses; names and addresses of their bankers, their bank verification numbers (BVNs) for individuals or tax identification numbers (TINs) for corporates, and percentage shareholding;

(h) Satisfactory, verifiable, and acceptable evidence of capital contributed by each of the prospective shareholders of the proposed BDC;

(i). Notarized irrevocable capital refund mandate;

(j) Evidence of payment of non-refundable application fee made through the Real Time Gross Settlement System (RTGS) to a designated account in the CBN;

(k) List of proposed directors in tabular form, showing their email, business and residential addresses, names and addresses of their bankers, and their BVNs;

(l) List of companies/businesses related to the proposed shareholders and directors, if any, indicating the nature of the relationship and size of shareholding where applicable;

(m) Draft copy of the Memorandum and Articles of Association prepared using the standardized template attached as Appendix 2.

(n) For each significant prospective shareholder that is a natural person , the following must be provided:

i. Personally signed letter of intent to invest in the proposed BDC, addressed to the Director, Financial Policy and Regulation Department;

ii. Personally signed and dated Curriculum Vitae (CV);

iii. Personally completed, signed and dated Questionnaire for Major Shareholders and Appointees to Board and Management Positions (see Appendix 3 of the CBN Guidelines);

iv. Copy of valid means of identification;

v. Bank verification number;

vi. Notarised statement of net worth;

vii. Tax clearance certificate of the last three (3) years;

viii. Letter(s) from bankers, indicating the status of any facility extended to the shareholder;

ix. Credit reports from at least two (2) private credit bureaux on the shareholder;

x. For shareholders resident in Nigeria, a certificate/statement of good conduct from the Nigerian Police Force;

xi. For non-resident shareholders, a certificate/statement of good conduct from the police service (or other appropriate authority) in the country of residence;

xii. Evidence of share capital contribution;

xiii. Explanation of the source of funds used for share capital contribution;

xiv. Confirmation of the shareholder’s direct and indirect shareholding interest in other CBNregulated financial institutions; and

xv. A statement clarifying the interest represented by the shareholder.

(o) For institutional shareholders , promoters shall forward the following additional documents:

i. Profile of the investor(s);

ii. Certificate of Incorporation, Status Report, MEMART, and CTC of other relevant incorporation documents issued by the CAC;

iii. Resolution of shareholders approving the decision to invest in the equity shares of the proposed BDC;

iv. Names and addresses (business and residential) of owners, directors and their related companies, if any;

v. Audited financial statements of the last three (3) years;

vi. Tax Clearance Certificate of the last three (3) years;

vii. Names and details of the beneficial owners of the company;

viii. Names, addresses, profiles, and bank details including BVN and/TIN of the beneficial owners of the company;

ix. A statement confirming its direct and indirect shareholding interest in any other CBN regulated financial institution(s) if any; and

x. “i – ix” above for any significant corporate shareholder of the investor company (i.e. a corporate investor holding up to 5% of the shares of the BDC company).

(p) For regulated foreign institutional investors, promoters shall forward the following documents in addition to those required in ‘x’ above:

i. An approval or a ‘no objection’ letter from the appropriate regulatory authority in the home country; and

ii. Certificate of Capital Importation (CCI) on the imported capital.

(q) All requirements detailed in the CBN’s Guidelines for Licensing of Banks and Other Financial Institutions – Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction, including:

i. Completed and personally signed Beneficial Owners Declaration Form (attached as Appendix 4).

ii. Notarised statement of net-worth for all beneficial owners.

iii. Curricula vitae of beneficial owners.

iv. Draft AML/CFT/CPF compliance policy/manual, which shall at a minimum cover: (a). Compliance structure including designation and status of compliance officer; (b). Employee screening and monitoring; (c). Customer identification and verification; (d). Customer due diligence measures; (e). ML/TF/PF Risk Assessment; (f). AML/CFT/CPF Training of the board, senior management and other employees; (g). Independent assessment of the AML/CFT/CPF Programme; and (h). Suspicious transaction monitoring, reporting and record keeping.

(r) For each proposed director, the following must be provided: (i). Personally signed letter of consent to serve as director of the proposed BDC, addressed to the Director, Financial Policy and Regulation Department; (ii). Personally signed and dated Curriculum Vitae (CV); (iii). Personally completed, signed and dated Questionnaire for Major Shareholders and Appointees to Board and Management Positions (see Appendix 3 of the CBN Guidelines); (iv). Copy of valid means of identification; (v). Bank verification number; (vi). Notarised statement of net worth; (vii). Tax clearance certificate of the last three (3) years; (viii). Letter(s) from bankers, indicating the status of any facility extended to the director; (ix). Credit reports from at least two (2) private credit bureaux on the director; (x). Three (3) letters of reference from persons of reputable standing in Nigeria; (xi). For directors resident in Nigeria, a certificate/statement of good conduct from the Nigerian Police Force; (xii). For non-resident directors, a certificate/statement of good conduct from the police service (or other appropriate authority) in the country of residence; (xiii). A statement clarifying other directorships held by the director; (xiv). Confirmation of the director’s direct and indirect shareholding interest in other CBN regulated financial institutions; and (xv). A statement clarifying the interest the director will represent on the board.

s. Organisational structure, showing functional units, responsibilities, reporting relationships and grade (status) of heads of departments/units;

t. Draft Shareholders’ Agreement providing for disposal or transfer of shares as well as authorisation, amendments, waivers, and reimbursement of expenses, among others;

u. Draft manuals and policies, including: i. Enterprise-wide Risk Management Framework; ii. Whistle Blowing Policy; iii. Code of Ethics and Business Conduct; iv. Business Continuity Plan; v. Operational Manual; vi. Treasury Manual; vii. Board and board committees’ Charters; viii. The draft Business Continuity Plan of the proposed BDC; ix. The proposed training programme for Board, management and staff; x. Management succession plan; xi. The organisational structure of the BDC, setting out in detail, the functions and responsibilities of the top management team; xii. Franchising Policy (for proposed Tier 1 BDCs only); and xiii. Internal Control Policy; and

v. Any other documents/information that the CBN may require from time to time

After consideration of the application and the above supporting documents, the CBN may grant an AIP which usually lasts for 6 months.

Upon the grant of the AIP, the promoters may then proceed to register the BDC company with the CAC.

Not later than six (6) months after the grant of AIP, the promoters of a proposed BDC are required to submit application for the grant of a final licence to the Governor of CBN, Abuja, and accompany same with the following documents:

[i] Evidence of payment of a non-refundable licensing fee of N5,000,000 (for Tier-1 licence) or N2,000,000 (for Tier-2 licence);

[ii] The names, designations and signed Curricula Vitae (CV) of the proposed members of the top management of the BDC.

[iii] Evidence of incorporation of the BDC company with CAC;

[iv] Evidence of having suitable office accommodation for the operation of the proposed BDC.

[v] Any other conditions as may be specified in the CBN’s AIP letter

Thereafter, the Governor may grant a final licence to the BDC subject to the fulfillment of certain conditions. The BDC shall comply with those conditions to the satisfaction of the CBN within such period as the CBN may specify.

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For further information, contact us via 09067842241 or [email protected].

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Bureaux de Change
Authorisation Process for Bureaux de Change

Application Process for Bureau de Change Businesses

The Central Bank of Ireland (Central Bank) is the competent authority in Ireland for the authorisation and supervision of bureaux de changes businesses under Part V of the Central Bank Act 1997 (as amended) (the Act).

Each applicant seeking authorisation must satisfy the Central Bank that it can meet the Authorisation Requirements and Standards for Bureaux de Change Businesses (AR&S). In fulfilling its statutory role in this regard, the Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with the AR&S are authorised. The Central Bank seeks to process each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function. It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines.

Before Applying for Authorisation

In advance of submitting an application for authorisation, the firm should satisfy itself that:

its proposed business model requires authorisation pursuant to the Act;
it can comply with the Authorisation Requirements and Standards for Bureaux de Change Businesses
it is capable of complying with, and adhering to the AR&S and on-going supervisory requirements that must be satisfied on an on-going basis; and
it has read the Guidance Note for the Completion of an Application for Authorisation as a Bureau de Change Business.

Firms are advised to seek legal advice if they are unsure as to whether their proposed activities require authorisation pursuant to the Act or if they are unsure as to how they should comply with the AR&S. If, after having received and considered such advice, firms have any doubt about their status, they are advised to submit an application for authorisation.

Summary of the Key Stages in the Application Process

The applicant submits a completed Application Form with supporting documentation;
The Central Bank acknowledges receipt of the application submission;
The Central Bank assesses whether the application submission contains the key information and documentation required;
Where all key information and documentation has been provided, the applicant will be provided with log-on details for the Central Bank’s Online Reporting System ((ONR) to facilitate the submission of Individual Questionnaires (IQs) via the ONR and will be requested to submit a Garda Vetting Form (it should be noted that a Garda Vetting Form is required where the applicant is a Sole Trader or a company with a single director);
The Central Bank completes an assessment of the application submission and may issue detailed comments and/or seek additional information;
The applicant is provided with the opportunity to address the comments and requests issued by the Central Bank in a revised application submission(s);
The Central Bank will assess these subsequent application submission(s) and notify the firm of its assessment and intended decision. The applicant is provided with a further opportunity to address any concerns arising at this stage in the process (if any); and
The Central Bank will notify the applicant of its decision in respect of the application submission.

In the sections set out below, the firm will be able to learn about the different stages of the application process in more detail.

The Documentation Required to Make an Application for Authorisation

Applicants should submit the following documentation which should be fully completed:

An Application for Authorisation as a Bureau de Change Business Form (including the specific information/documentation requirements set out therein);
A Business Plan;
A Programme of Operations;
Individual Questionnaires (when requested to do, see IQ User Manual); and
Garda Vetting Invitation Form (where relevant).

Once an application is submitted and the applicant has been provided with log-on details for the Central Bank's Online Reporting System ONR, the applicant will need to ensure that all relevant individuals proposed to hold a Pre-Approval Controlled Function ("PCF") role (typically board members, senior management, key function holders) and any qualifying shareholders complete Fitness and Probity Individual Questionnaires – view more information and guidance material .

Individual Questionnaires (IQs) must be submitted electronically via the ONR (Online Reporting System User Manual) by all relevant individuals, but qualifying shareholders (that are not proposed PCF role holders) are required to submit a paper version . Please note that access to the online IQ only becomes available after an application has been deemed to contain all the key information and documentation required. The applicant will also need to ensure that it submits a Garda Vetting Invitation Form – view more information on Garda Vetting which will be carried out by the National Vetting Bureau (NVB).

IMPORTANT :

Where incomplete Application Forms, IQs or Garda Vetting Invitation Forms are submitted they will be returned to the applicant.
Where IQs and the Garda Vetting Invitation Form are not submitted within 20 working days of being requested to submit this documentation, the application will be returned to the applicant.
An application will only progress to the assessment phase of the authorisation process where all key information and documentation required in the Application Form, in each relevant IQ and in the Garda Vetting Invitation Form has been provided.
It is therefore important that the applicant has read the guidance material provided to assist applicants in completing this documentation, and has taken the information provided therein into consideration when completing the Application Form, the IQs and the Garda Vetting Invitation Form.

The completed Application Form, along with all relevant accompanying material, should be submitted in electronic format to the Central Bank via our secure file transfer system. Please request access via email to [email protected] .

The Key Stages in the Application Process

Stage 1 – Acknowledgement The Central Bank will acknowledge receipt of an Application for Authorisation submitted by the applicant within 3 working days of receipt.

Stage 2 - Key Information Check

The Central Bank will then check that the application material submitted contains all the key information and documentation required to proceed to the submission of IQs and the Garda Vetting Form. Within 10 working days of receipt of the application, the Central Bank will either:

I. Advise the applicant that the application contains sufficient material to proceed to the submission of IQs and the Garda Vetting Form; or

II. Advise the applicant that the application does not contain sufficient material to proceed to the submission of IQs and the Garda Vetting Form and so is not being progressed to that phase. A statement of the omitted information is also provided to assist the applicant should it wish to submit another application in the future. Any subsequent application will be considered a new application and the application process commences again.

Stage 3 – Submission of IQs and Garda Vetting Form Where sufficient information has been received, as outlined in Stage 2(I) above, the application will proceed to the submission of IQs and the Garda Vetting Form. Log-on details to the ONR will be issued to the applicant and the applicant will be required to complete and submit all required IQs and the Garda Vetting Form. Applicants are advised that the application will progress to the assessment phase once all required IQs and the Garda Vetting Form have been submitted and are deemed to contain all the key information and documentation required. The applicant will then have 20 days to submit all IQs and the Garda Vetting Form. If all required IQs and the Garda Vetting Form are not submitted within 20 days the application will be deemed dormant and withdrawn and will be returned to the applicant. Any subsequent application will be considered a new application and the application process commences at Stage 1.

Stage 4 - Assessment Phase

Where an application submission, all relevant IQs and the Garda Vetting Form have been received and have been deemed to contain all the key information and documentation required, as outlined in Stages 2(I) and 3 above, the Central Bank will then proceed to the assessment phase of the application process. In the assessment phase, the application material submitted will be reviewed against the relevant AR&S to determine whether sufficient information has been provided to enable the Central Bank to issue a 'Notification of Assessment' letter as referred to in Stage 5 below. The Central Bank will issue initial comments to the applicant based on its review of the application material submitted and any subsequent comments based on its review of responses submitted by the firm. The Central Bank has published service standards (see below) in respect of the processing of applications for authorisation and in the context of meeting those standards the service standard timeframe to which the Central Bank has committed for the assessment phase of the application process is 90 working days. However, it should be noted that in the event of further and/or subsequent information being sought, this 90 day ‘clock’ is paused until such information is received by the Central Bank from the applicant. In the event of the applicant failing to respond to a request from the Central Bank for further and/or subsequent information, after 20 working days the application may not be considered further by the Central Bank ( See Guidance Note ).

Stage 5 – Notification of Assessment

The Central Bank will notify the applicant of the outcome of the Assessment Phase of the application process as follows:

a) Where the assessment is favourable, the Central Bank will notify the applicant by letter that it proposes to authorize the applicant on the basis of the information provided in its application submission, provided any specified final steps are taken and/or any specified final items of information and evidence are received. This letter will also specify any specific conditions the Central Bank proposes to impose on the authorisation itself once granted. This letter will explain the reasons for these proposed conditions and the applicant will be afforded the opportunity to make representations in respect of the proposed conditions before the Central Bank makes any decision on the application.

b) In the event that the Central Bank is not satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment letter under (a) above, the Central Bank will advise the applicant of this by letter. This letter will set out the areas to be addressed and afford the applicant the opportunity to do so and make any submissions it wishes to the Central Bank in respect of these matters.

Stage 6- Notification of Decision in respect of the Application

Once the Central Bank has assessed any further information/evidence/representations submitted by the applicant following on from Stage 5 above, the Central Bank will notify the applicant, via letter, of its decision on the application as follows:

a) Authorisation with Specific Conditions - The Central Bank has decided to grant an authorisation with specific conditions attached to the authorisation. The specific conditions to be attached to the authorisation will be outlined in the letter.

b) Proposed Refusal of Authorisation - The Central Bank is minded to refuse the application for authorisation. In accordance with the applicable legislation, the Central Bank will notify the applicant of the grounds for the proposed refusal of the authorisation. The applicant will then have an opportunity to make submissions in response to the proposed refusal. These submissions will then be considered by the Central Bank following which a decision will be taken by the Central Bank to grant or refuse the authorisation applied for, as appropriate. Details of the Central Bank's process for the refusal of an application for authorisation are available on the Refusals and Revocations page .

If the firm has any queries in respect of the application process it can contact the Central Bank at [email protected] .

Service Standards Performance Reports

Section 149a of the consumer credit act, 1995 (as amended) ('the cca') .

Bureaux de Change and Money Transmission Businesses providing relevant services must comply with Section 149A of the CCA which provides that you shall not impose a new charge or increase an existing charge for a service provided to a customer or a group of customers, without the prior approval of the Central Bank of Ireland (the 'Central Bank'). The Central Bank may impose sanctions on a firm pursuant to Part IIIC of the Central Bank Act, 1942 ('the Act') if, having concluded an inquiry, it determines that the firm has committed a contravention as defined by section 33AN of that Act

Please see attached note on Section 149A of the CCA .

How Do Bureau De Changes Make Money?

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If you have ever traveled outside the country, you know exchange rates can kill you, but only if the foreign currency is worth more than your home country’s currency. For example, if $1 will only buy £0.70, then you’re without doubt “trading down,” assuming costs for goods and services are relatively equal in both countries.

However, you can leverage these same exchange rates and make a profit, if you own a bureau de change business. Bureau De Change or Foreign exchange trading involves buying and selling foreign currency to make money off an international foreign exchange market.

Since the value of the world’s currencies are steadily changing, the aim of the business is to time the buying and selling of currencies, trading one against another, so that the company profits from currency swings with minimal losses (called “drawdown”).

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Note that with technology easing out the process of handling money internationally, geographical location seems to matter less and less. One convenient option is the Bureau De Change business. In today’s global market place, bureau de change has a very crucial position.

It facilitates easy buying/selling of goods across borders. Also with the rise in international travel, the need to exchange money is growing. Therefore, the presence of an easy bureau de change is beneficial.

A business of exchanging currency involves transfer of money from individual A to individual B in exchange of another currency of equal value. This is what the regular banks and travel companies like Thomas Cook do.

Also have it in mind that this is significantly different from money transfer companies that are involved in international remittances. You have the option to set up store or conduct business solely online depending on your preferences and opportunities. The criterion for starting a bureau de change business might vary from state to state.

In addition, the starting capital is not enormous. You could start off this business with basic facilities like a spare room, an additional computer, and one internet connection. There are conditions at certain times about the necessity of having a minimum net worth and even providing a surety bond. However, it does not have a limiting role. Instead the scope and the opportunity get the required push backed by these conditions.

This business is a better fit for individuals who love high-risk businesses. You must be willing to work long hours, be good with numbers, and be willing to learn about and understand various trading algorithms. You should also be passionate about world economies.

Smart Ways a Bureau De Change Makes Money

Bureau de change businesses make money from the rise in currencies they invest in. These money traders hope that the price of the currency they just bought will rise relative to the one they just sold. If you are a broker, you charge clients or other traders a fixed or variable spread commission for trading.

Some companies act as “pass through” entities for large market-makers, and only charge a fraction of a pip commission so that their traders can pay a thin spread that is only usually offered to very large or institutional investors.

However, if you are brokering for other traders, you can charge between 0 and 4 pips per trade. Since this is a very competitive industry, if you charge higher than the average for brokers, make sure you offer value-added services for traders. Since you are trading currencies, your revenues can fluctuate depending on market conditions, but a Bureau de change with just one trader will more or less earn around $50,000 and $150,000 per year, gross.

This means a company employing 5 traders can expect to gross up to $750,000 per year. However, very successful traders can earn much more. A broker or market maker may earn between $500,000 and $10 million or more per year.

How to Start a Bureau De Change Business

Even though the starting capital might not be enormous, but it is one business that needs strict adherence to norms and regulations, especially given the huge amount of money involved.

Choose a Suitable Location

Just like every other business, you will have to choose a suitable venue to set up your bureau de change business. You should go for a location that keeps your customers in perspective. Some place that can be accessed easily and never too far from any corner of the town.

A place that has the potential to attract maximum clients is the best. Also the presence of a potential competitor needs to carefully analyzed. You just have to make sure that you are not competing with too many other bureau de changes.

Acquire all Necessary Licenses & Pay Fees

The bureau de change business requires a series of licenses and regulations. These norms vary from state to state, and from country to country. However, not having the required license is considered to be a criminal violation. Each state has a separate licensing department. Anyone interested in starting this business is expected to apply to these departments. The other associated step is paying up the required fees in this aspect.

Payment of these fees to the right authorities prevents unfair trade practices and corruption possibilities. It also helps you conduct your business in a peaceful manner without disturbances and interruptions resulting from the sudden check and resultant penalty service.

The basic operating procedure in the United States involves obtaining a Registration of Money Services Business application and submitting it to the Financial Crimes Enforcement Network. This is a standalone agency within the US Treasury Department.

Establish a Merchant Bank Account

Have it in mind that with so much money changing hands, the presence of a bank account is almost the basic requirement. You are expected to create a merchant bank account in any bank of your choice. Note that this account helps you in accepting payment, forwarding advances, and paying your customers as per the needs of your business.

In addition, a bank account helps in convenient account keeping and the chances of unaccounted for payment are significantly cut down. Note that with a merchant bank account, you can expand the horizon of your business quite easily. The bank allows simple transactions over the net regardless of the time and location. It will help in providing prompt service to your clients and thereby enhancing your service efficiency.

Report Taxes and Record Keeping

You should always remember that the best practices are what help you further your bureau de change firm. In this respect paying of taxes on time is very imperative. The Internal Revenue Service’s department in US mandates individuals engaged in bureau de change business to report their earnings in dollar terms to the Govt. Note that all the reporting needs to be done in a fashion that the Govt gets an exact idea of the earnings outlook.

Have it in mind that effective tax paying also needs proper record keeping. Maintaining a proper tab of all the cash inflow and outflow will facilitate this for you. Note that this also limits the scope of potential money laundering and business malpractices.

Whether you maintain a daily cash sheet or a monthly statement, it tends to rest on your convenience and the regulations of your reporting state to a large extent. Howbeit, all fee receipts, bank statements, and related records should be maintained for easy examination by the authorities whenever the need arises.

Know the Process

Another key requirement to start a bureau de change business is understanding the business process and its myriad nitty-gritty. To avoid difficulties while operating it, you will benefit a lot by spending time understanding the basis. Bureau de change requires you to be alert and agile to take advantage of the currency fluctuation and maximize your margins.

You will have to look around and create a niche that helps you to lock in maximum profit while still keeping your customers happy and giving them a favorable rate. Note that this will help you increase the recall factor for your firm. When your customers realize that they are getting a better rate, they will go the extra mile to get their money exchanged from you and also spread the word.

Indeed, the trick to managing an effective money exchange business is making a concrete plan and implementing the business processes in accordance to that. Bureau de change is a very lucrative business opportunity that can yield huge returns if executed with a strong profit motive and a constant eye on future trends.

Howbeit, do not bother about exchange rates too much. Play it by the ear and take on opportunity as it comes. At the same time always be alert about the events globally and how they could potentially impact your business.

More From Forbes

How To Start A Business Plan: A Step-By-Step Guide

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Creating a business plan is a critical first step for any entrepreneur. Knowing how to start a business plan will help you create a roadmap, guiding your business from startup to growth and beyond. Whether you're looking for investment, trying to set clear goals, or simply organizing your thoughts, a solid business plan can make all the difference.

Here is a guide to help you get started on your business plan:

1. executive summary.

What It Is: This section summarizes your business plan as a whole and outlines your company profile and goals.

What to Include:

Business name and location
Products or services offered
Mission statement
The purpose of the plan (e.g., seeking funding, guiding the startup process)

Tip: Keep it concise. Although it's the first section, it's often best to write it last, after you’ve detailed everything else.

2. Company Description

What It Is: This section provides detailed information about your company, including who you are, what you do, and what markets you serve.

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Your business structure (e.g., sole proprietorship, LLC, corporation)
The industry and marketplace needs your business meets
Your business’s objectives and how you stand out from competitors

Tip: Use this section to highlight your company’s strengths and what makes you unique.

3. Market Research

What It Is: Market research demonstrates your understanding of the industry and target market.

Market size and growth potential
Target customer demographics
Market trends and outlook
Competitive analysis, including strengths and weaknesses of competitors

Tip: Include data and statistics to back up your findings and show that you’ve done your homework.

4. Organization and Management

What It Is: This section outlines your business’s organizational structure and management team.

Organizational chart
Information about the ownership of the company
Backgrounds and qualifications of the management team
Roles and responsibilities within the company

Tip: Highlight the skills and experiences of your team that will help the business succeed.

5. Products or Services Line

What It Is: Here, you detail the products or services you offer or plan to offer.

A description of each product or service
The lifecycle of products or services
Research and development activities, if applicable
Intellectual property, such as patents or trademarks

Tip: Focus on the benefits your products or services bring to your customers.

6. Marketing and Sales Strategy

What It Is: This section explains how you will attract and retain customers.

Marketing strategies, including advertising, promotions, and public relations
Sales strategies, including sales processes, channels, and tactics
Pricing strategy and how it compares to competitors

Tip: Ensure your marketing and sales strategies are aligned with your market research findings.

7. Funding Request

What It Is: If you’re seeking funding , this section outlines your requirements.

Your current funding needs
Future funding requirements over the next five years
How you intend to use the funds
Potential future financial plans (e.g., selling the business, repaying debt)

Tip: Be specific and realistic about how much funding you need and how it will be used.

8. Financial Projections

What It Is: Financial projections provide a forecast of your business’s financial future.

Income statements
Cash flow statements
Balance sheets
Break-even analysis

Tip: Use realistic and conservative estimates. Consider hiring a financial professional to help with this section if needed.

9. Appendix

What It Is: The appendix includes any additional information that supports your business plan.

Resumes of key management team members
Permits and leases
Legal documents
Detailed market research data
Product photos

Tip: Only include essential information that adds value to your business plan.

Final Tips for Creating a Business Plan

Creating a business plan requires clarity and precision. First and foremost, keep your business plan clear and concise. Avoid using jargon or complex language that could make the plan difficult to read or understand. Your aim should be to communicate your ideas effectively and efficiently.

Next, be realistic in your approach. Ensure that your goals and financial projections are attainable based on your research and understanding of the market. Overly ambitious projections can undermine your credibility and potentially lead to unrealistic expectations.

It's also essential to remember that a business plan is a dynamic document. As your business grows and market conditions change, you should revisit and revise your plan regularly. This helps you stay aligned with your goals and adapt to new challenges and opportunities.

Finally, seek feedback from experienced business professionals. Having someone with business experience review your plan can provide valuable insights and help identify any potential issues or areas for improvement. Their feedback can enhance the overall quality and effectiveness of your business plan.

By following these tips, you'll be better equipped to create a robust and effective business plan that can guide your business towards success.

The bottom line is that starting a business plan may seem challenging, but with careful planning and attention to detail, you can create a comprehensive guide to steer your business toward success. Use this step-by-step guide to ensure that all essential components are covered, giving your business the best possible start.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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What Is Project 2025, and Why Is Trump Disavowing It?

The Biden campaign has attacked Donald J. Trump’s ties to the conservative policy plan that would amass power in the executive branch, though it is not his official platform.

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Kevin Roberts, wearing a dark suit and blue tie and speaking into a microphone at a lectern. The lectern says, “National Religious Broadcasters, nrb.org.”

By Simon J. Levien

Donald J. Trump has gone to great lengths to distance himself from Project 2025, a set of conservative policy proposals for a future Republican administration that has outraged Democrats. He has claimed he knows nothing about it or the people involved in creating it.

Mr. Trump himself was not behind the project. But some of his allies were.

The document, its origins and the interplay between it and the Trump campaign have made for one of the most hotly debated questions of the 2024 race.

Here is what to know about Project 2025, and who is behind it.

What is Project 2025?

Project 2025 was spearheaded by the Heritage Foundation and like-minded conservative groups before Mr. Trump officially entered the 2024 race. The Heritage Foundation is a think tank that has shaped the personnel and policies of Republican administrations since the Reagan presidency.

The project was intended as a buffet of options for the Trump administration or any other Republican presidency. It’s the latest installment in the Heritage Foundation’s Mandate for Leadership series, which has compiled conservative policy proposals every few years since 1981. But no previous study has been as sweeping in its recommendations — or as widely discussed.

Kevin Roberts, the head of the Heritage Foundation, which began putting together the latest document in 2022, said he thought the American government would embrace a more conservative era, one that he hoped Republicans would usher in.

“We are in the process of the second American Revolution,” Mr. Roberts said on Real America’s Voice, a right-wing cable channel, in early July, adding pointedly that the revolt “will remain bloodless if the left allows it to be.”

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2024 Investment Climate Statements: Chile

EXECUTIVE SUMMARY

With the third highest GDP per capita in Latin America, Chile has historically enjoyed significant economic stability and prosperity. After a wave of civil unrest in 2019, Chile’s political leadership launched a constitutional rewrite process to address social concerns. Although Chileans rejected the proposals of two constitutional referendums, the government’s use of peaceful and democratic tools was largely credited for diffusing social tension. Chile’s solid macroeconomic policy framework gives the country one of the strongest sovereign bond ratings in Latin America and provided fiscal and monetary space to reactivate the economy after the COVID-19 pandemic. According to its Central Bank, Chile’s economic growth was 0.2 percent in 2023 and is projected between 2 and 3 percent in 2024.

Despite its relatively small domestic market, Chile has successfully attracted Foreign Direct Investment (FDI), with an FDI to GDP ratio of nearly 85 percent. The country’s market-oriented policies create significant opportunities for foreign investors to participate in the country’s economic growth. Chile has a sound legal framework and there is general respect for private property rights. Sectors that attract the most FDI are mining, financial services (including pensions and health insurance), and utilities (including electricity, energy, water, and telecommunications). Mineral, hydrocarbon, and fossil fuel deposits within Chilean territory are restricted from foreign ownership, but companies may sign resource extraction contracts with the government. According to Transparency International’s 2023 Corruption Perceptions Index, Chile ranked 29 out of 180 countries worldwide and second in Latin America – behind Uruguay which ranked 16th.

Although Chile is an attractive destination for foreign investment, challenges remain. Some government reform proposals caused concern about potential impacts on investments in the healthcare, insurance, and pension sectors. Despite a general respect for intellectual property (IP) rights, Chile has not fully complied with its IP obligations set forth in the U.S.-Chile Free Trade Agreement. Environmental permitting processes, indigenous consultation requirements, and cumbersome court proceedings have made large project approvals increasingly time consuming and unpredictable, especially in cases with political sensitivities. The current administration prioritizes attracting foreign investment, especially into technological sectors and natural resource extraction associated with the green transition (lithium, copper, and green hydrogen), and continues to implement measures to streamline the investment process.



2023	29 of 180
2023	52 of 132
2022	US$ 29.2
2022	US$ 15,360	http://data.wrldbank.org/indicator/NY.GNP.PCAP.CD

1. Openness To, and Restrictions Upon, Foreign Investment

Policies Towards Foreign Direct Investment

For more than four decades, promoting FDI has been an essential part of the Chilean government’s national development strategy. The country’s market-oriented economic policies create significant opportunities for foreign investors to participate. Laws and business practices do not discriminate against foreign investors, who receive treatment no less favorable than Chilean nationals and domestic companies. Chile’s business climate is generally straightforward and transparent, and its policy framework has remained consistent despite administrations of different political leanings, episodes of social unrest, and two unsuccessful attempts to rewrite the Chilean Constitution. However, permitting processes for infrastructure, mining, and energy projects are lengthy and outcomes are less predictable in cases involving politically sensitive environmental impact assessments, water rights issues, and indigenous consultations. InvestChile is the government agency responsible for promoting the entry and retention of FDI into Chile. InvestChile carries out programs and services to attract investment, provide legal and sectorial information, facilitate the establishment of new businesses, and provide export and reinvestment assistance.

Limits on Foreign Control and Right to Private Ownership and Establishment

Foreign investors have access to all industries, except for the domestic maritime freight sector, where companies are subject to a 49 percent foreign ownership limit. Since 2019, transit between domestic ports was allowed for foreign cruise vessels with over 400 passengers. Some international reciprocity restrictions exist for fishing.

With few exceptions, enterprises in Chile may be 100 percent owned by foreigners. Chile only restricts the right to private ownership or establishment in what it defines as certain “strategic” sectors, such as nuclear energy and mining. The current Constitution establishes the “absolute, exclusive, inalienable and permanent domain” of the Chilean state over all mineral, hydrocarbon, and fossil fuel deposits within Chilean territory. However, Chilean law allows the government to grant concession rights and enter into lease agreements with individuals and companies for exploration and exploitation activities, and to assign contracts to private investors, without discrimination against foreign investors.

Chile does not have an investment screening mechanism. FDI formal approval procedures are expeditious, and investments are usually approved. Some transactions require an anti-trust review by the office of the national economic prosecutor (Fiscalía Nacional Económica) and possibly by sector-specific regulators.

Other Investment Policy Reviews

The World Trade Organization (WTO) conducted its sixth Trade Policy Review for Chile in December 2023. The full report is available here: https://www.wto.org/english/tratop_e/tpr_e/tp551_e.htm . The Organization for Economic Co-operation and Development (OECD) latest Investment Policy Review for Chile is from 1997, available here: http://www.oecd.org/daf/inv/investment-policy/34384328.pdf . On March 27, 2023, the OECD published a new report named “FDI Qualities Review of Chile: Boosting sustainable development and diversification,” which contains an updated assessment of Chile’s FDI policy framework as well as policy recommendations. Chile is not part of the countries covered to date by the United Nations Conference on Trade and Development’s (UNCTAD) Investment Policy Reviews.

Business Facilitation

The Chilean government has taken significant steps towards facilitating business transactions over the past decade. Starting in 2018, the government introduced an updated electronic and online systems for providing tax information, submitting complaints related to contract enforcement, and completing online registration of closed corporations (i.e., non-public corporations). In June 2019, the Ministry of Economy launched the Unified System for Permits (SUPER), an online single-window platform that brings together 182 license and permit procedures, simplifying the process of obtaining permits for investment projects. However, as noted previously, the private sector still considers the permitting process lengthy and overly cumbersome. Chile participates in the WTO Joint Initiative on Investment Facilitation for Development, which is coordinated by the country’s Permanent Representative to the WTO.

According to the World Bank, Chile has one of the shortest and most user-friendly processes among Latin American and Caribbean countries – 11 procedures and 29 days – to establish a foreign-owned limited liability company (LLC). Drafting statutes of a company and obtaining an authorization number can be done online at https://www.registrodeempresasysociedades.cl/ . Electronic signature and invoicing allow foreign investors to register a company, obtain a taxpayer identification number and get legal receipts, invoices, credit and debit notes, and accountant registries. A company typically needs to register with Chile’s Internal Revenue Service, obtain a business license from a municipality, and register either with the Institute of Occupational Safety (public) or with one of three private nonprofit entities that provide work-related accident insurance, which is mandatory for employers. In addition to the steps required of a domestic company, a foreign company establishing a subsidiary in Chile must authenticate the parent company’s documents abroad and register the incoming capital with the Central Bank. This procedure, established under Chapter XIV of the Foreign Exchange Regulations, requires a notice of conversion of foreign currency into Chilean pesos when the investment exceeds $10,000. The registration process at the Registry of Commerce of Santiago is available online.

Outward Investment

The Government of Chile does not have active policies to promote or incentivize outward investment, nor does it impose restrictions on FDI.

2. Bilateral Investment and Taxation Treaties

Chile has signed 55 bilateral investment treaties (BITs), 34 of which are in force to date. Currently Chile has agreements in force with Austria, Belgium and Luxembourg, Costa Rica, Croatia, Cuba, Czechia, Denmark, El Salvador, Finland, France, Germany, Greece, Guatemala, Honduras, Hong Kong SAR, Iceland, Italy, Malaysia, Nicaragua, Norway, Panama, Paraguay, Philippines, Poland, Portugal, Romania, South Korea, Spain, Sweden, Switzerland, Ukraine, the United Kingdom, Uruguay, and Venezuela.

Chile has 32 free trade agreements (FTAs) with 66 countries. On January 1, 2004, the United States and Chile brought into force the investment chapter in their bilateral FTA. Chile has additional investment chapters in force under FTAs, or supplementary investment agreements to the FTAs with Argentina, Australia, Bolivia, Brazil, Canada, China, Colombia, Hong Kong SAR, Japan, Mexico, the Netherlands, Republic of Korea, Peru, the Pacific Alliance (composed of four countries: Chile, Colombia, Mexico, and Peru), and the Comprehensive and Progressive Transpacific Partnership (CPTPP). Chile is currently negotiating investment dispute resolution chapters that are part of FTA negotiations between the Pacific Alliance and Associated States (Australia, Canada, and New Zealand), and signed on January 26, 2022, the FTA between the Pacific Alliance and Singapore. Chile signed the Advanced Framework Agreement with the European Union on December 13, 2023. As of April 4, 2024, it has not yet entered into force.

The U.S.-Chile Bilateral Tax Treaty, signed in 2010, entered into force December 19, 2023. Chile has 36 other double taxation treaties in force with Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Colombia, Croatia, Czechia, Denmark, Ecuador, France, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Russia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, and Uruguay. Chile also signed a double taxation agreement with the Pacific Alliance countries (Colombia, Mexico, and Peru), that has not yet entered into force.

Since the 2014 Tax Reform, the total income tax rate on dividends or profits earned by Chilean firms’ shareholders who are residents in other countries at 44.45 percent (a result of adding the 35 percent “retention tax” on dividends and profits to a 9.45 percent corporate income tax). Residents in countries, such as the United States, with a tax treaty in force with Chile are subject to a 35 percent retention tax rate, and no corporate income tax. Chile’s 2020 Tax Modernization bill reformed real estate and income taxes and applied Chile’s 19 percent value-added tax to foreign digital services.

3. Legal Regime

Transparency of the Regulatory System

Chile’s legal, regulatory, and accounting systems are transparent, generally provide clear rules for competition and a level playing field for foreigners and are consistent with international norms. However, environmental regulations, which include mandatory indigenous consultation required by the International Labor Organization’s Indigenous and Tribal Peoples Convention (ILO 169), and other permitting processes have become lengthy and unpredictable, especially in politically sensitive cases.

Chile does not have a regulatory oversight body. Four institutions play key roles in the rule-making process: the General-Secretariat of the Presidency (SEGPRES), the Ministry of Finance, the Ministry of Economy, and the General Comptroller of the Republic. Most regulations come from the national government; however, some, particularly those related to land use, are decided at the local level. Both national and local governments are involved in the issuance of environmental permits. Regulatory processes are managed by governmental entities. NGOs and private sector associations may participate in public hearings or comment periods.

In Chile, non-listed companies follow norms issued by the Accountants Professional Association, while publicly listed companies use the International Financial Reporting Standards (IFRS). Since January 2018, IFRS 9 entered into force for companies in all sectors except for banking, in which IFRS 15 will be applied. IFRS 16 entered into force in January 2019. On January 1, 2022, Chile’s Financial Market Commission (CMF) began implementation of the IFRS 17 accounting standards in the Chilean insurance market.

The legislation process in Chile allows for public hearings during discussion of draft bills in both chambers of Congress. Draft bills submitted by the Executive Branch to the Congress are readily available for public comment. Ministries and regulatory agencies are required by law to give notice of proposed regulations, but there is no formal requirement in Chile for consultation with the public, conducting regulatory impact assessments of proposed regulations, requesting comments, or reporting results of consultations. For lower-level regulations or norms that do not need congressional approval, there are no formal provisions for public hearing or comment. As a result, Chilean regulators and rulemaking bodies normally consult with stakeholders, but in a less formal manner.

All decrees and laws are published in the Diario Oficial (similar to the Federal Register in the United States), but other types of regulations are not always found there. There are no other centralized online locations where regulations in Chile are published.

According to the OECD, regulatory compliance rates in Chile are generally high. The approach to enforcement remains punitive rather than preventive, and regulators still prefer to inspect rather than collaborate with regulated entities on fostering compliance. Each institution with regulation enforcement responsibilities has its own sanction procedures. Law 19.880 from 2003 establishes the principles for reversal and hierarchical recourse against decisions by the administration. An administrative act can be challenged by lodging an action in the ordinary courts of justice, or by administrative means with a petition to the Comptroller General of the Republic. Affected parties may also make a formal appeal to the Constitutional Court against a specific regulation.

Chile still lacks a comprehensive, “whole of government” regulatory reform program. The OECD’s April 2016 “Regulatory Policy in Chile” report asserts that Chile took steps to improve its rule-making process, but still lags the OECD average in assessing the impact of regulations, consulting with outside parties on their design and evaluating them over time. According to the World Bank´s Global Indicators of Regulatory Governance, Chile has made limited progress on transparency, impact assessment and ways to appeal and challenge regulations. In a recent positive step, the government submitted to Congress on January 10, 2024, a bill that aims to reduce timeframes for obtaining permits, by imposing deadlines on permit procedures, with default decisions in case of no reply by authorities.

Chile’s level of fiscal transparency is excellent. Information on the budget and debt obligations, including explicit and contingent liabilities, is easily accessible online.

International Regulatory Considerations

Chile does not share regulatory sovereignty with any regional economic bloc. However, several international norms or standards from multilateral organizations (UN, WIPO, ILO, among others) are referenced or incorporated into the country’s regulatory system. As a member of the WTO, the Chile notifies draft technical regulations to the WTO Committee on Technical Barriers to Trade (TBT).

Legal System and Judicial Independence

Chile’s legal system is based on civil law. Chile’s legal and regulatory framework provides for effective means for enforcing property and contractual rights.

Laws governing issues of interest to foreign investors are found in several statutes, including the Commercial Code of 1868, the Civil Code, the Labor Code, and the General Banking Act. Chile has specialized courts for dealing with tax and labor issues.

The judicial system in Chile is generally transparent and independent. The likelihood of government intervention in court cases is low and state-owned enterprises or other government institutions are not given favorable treatment. If a state-owned firm is involved in the dispute, the Government of Chile may become directly involved through the State Defense Council, which represents the government interests in litigation cases related to expropriations. Regulations can be challenged before the court system, the National Comptroller, or the Constitutional Court, depending on the nature of the claim.

Laws and Regulations on Foreign Direct Investment

Chile’s framework for foreign investment is set by Law 20848 of 2015, which created InvestChile and the Agency for the Promotion of Foreign Investment (APIE), the successor to the former Foreign Investment Committee. The InvestChile website ( https://investchile.gob.cl/ ) provides relevant laws, rules, procedures, and reporting requirements for investors. For more on FDI regulations and services for foreign investors, see the section on Policies Towards Foreign Direct Investment.

Competition and Antitrust Laws

Chile’s anti-trust law prohibits mergers or acquisitions that would prevent free competition in the respective industry. An investor may voluntarily request a ruling by an anti-trust court that would state a planned investment would not have competition implications. The national economic prosecutor (FNE) is an active institution in conducting investigations for competition-related cases and filing complaints before the Free Competition Tribunal (TDLC), which has jurisdiction over those cases.

In February 2023, the FNE approved the sale of Soprole –a Chilean dairy products firm – by New Zealand-based Fonterra to Gloria – a Peruvian holding. The FNE found that, even though the overlap between Gloria’s and Soprole’s operations in some dairy products would increase market concentration, the presence of other competitors and potential entry of imported products meant there were no significant risks to competition in the sale.

In April 2023, the FNE ordered the TDLC to fine TWDC Enterprises 18 Corp. – owned by Disney Group – US$ 3.6 million for submitting false information when it notified FNE about a merger with 21st Century Fox in the cable television services market in 2018.

In July 2023, the FNE approved Germany-based holding Hapag Lloyd’s acquisition of SAAM Ports y SAAM Logistics, integrating shipping services with port operations and extra-port services. The FNE estimated that current regulations in the ports sector reduce risks of anti-competitive behavior such as blocking supplies, blocking clients or conglomerate risks.

In December 2023, the FNE approved, OnNet Fibra’s (partially owned by U.S.-based investment fund KKR) acquisition of Chile-based Entel’s fiber optic infrastructure assets subject to mitigation measures. The measures include eliminating exclusivity and non-competition clauses in the services contract between both companies, and Entel selling part of its fiber optic assets to a third company.

Expropriation and Compensation

Chilean law grants the government authority to expropriate property, including property of foreign investors, only on public interest or national interest grounds, on a non-discriminatory basis and in accordance with due process. The government has not nationalized a private firm since 1973. Expropriations of private land take place in a transparent manner, and typically only when the purpose is to build roads or other types of infrastructure. The law requires the payment of immediate compensation at fair market value, in addition to any applicable interest.

Dispute Settlement

ICSID Convention and New York Convention

Since 1991, Chile has been a member state to the International Center for the Settlement of Investment Disputes (ICSID Convention). In 1975, Chile became a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958 New York Convention).

National arbitration law in Chile includes the Civil Procedure Code (Law Num. 1552, modified by Law Num. 20.217 of 2007), and Law Num. 19.971 on International Commercial Arbitration.

Investor-State Dispute Settlement

Apart from the New York Convention, Chile is also a party to the Pan-American Convention on Private International Law (Bustamante Code) since 1934, the Inter-American Convention on International Commercial Arbitration (Panama Convention) since 1976, and the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States since 1992.

The U.S.-Chile FTA, in force since 2004, includes an investment chapter that provides the right for investors to submit claims under the ICSID Convention, the United Nations Commission on International Trade Law (UNCITRAL) arbitration rules, or any other mutually agreed upon arbitral institution. Under the U.S.-Chile FTA, companies have the option to initiate a claim if they do not achieve a resolution in a previous consultations process with the Chilean government. One U.S. investor filed an arbitration claim against the State of Chile on January 31, 2024, under ICSID, invoking the U.S.-Chile FTA after ending a consultations process in 2023 with no agreement. According to the investor’s claim, the Chilean government breached the terms of a school food program’s public procurement contract by imposing arbitrary discounts in the price set for their services between 2019 and 2021. Another case involves three U.S.-based insurance companies that alleged financial losses because of the pension withdrawal bills of 2021 (Law 21.330), which allowed some retirees to seek an “advance payment” against their annuity accounts. In the case of these insurance companies, the consultations stage expired and there was no agreement with the government of Chile. The companies may still decide to initiate a case before ICSID.

Over the past 10 years, there were only four investment dispute cases brought by foreign investors against the state of Chile before the World Bank’s International Center for Settlement of Investment Disputes (ICSID) tribunal. In the first case, a Spanish-Chilean citizen demanded US$ 338.3 million in compensation for the alleged expropriation of Chilean newspaper El Clarín in 1975 by Chile’s military regime. ICSID issued a final ruling on January 7, 2020, in favor of the Chilean state and rejecting the claimant’s case. The second case was brought in 2017 by a Colombian firm, which held concession contracts as operators of the public transportation system in Santiago de Chile. The firm claimed US$ 347 million for Chilean government actions that allegedly created unfavorable operating conditions for the claimants’ subsidiaries and resulted in bankruptcy proceedings. On January 7, 2021, ICSID ruled in favor of the Chilean state, rejecting the claims. Two more cases pending resolution were brought by foreign investors in 2021. On April 13, 2021, a Chilean subsidiary of a Colombian power company filed an arbitration request against Chile related to an electrical transmission project. The authorities fined US$ 72.8 million for construction delays that the firm argues were due to unforeseeable circumstances. Hearings took place during 2023, and the ruling is expected in the first half of 2024. On August 13, 2021, two French firms operating the Santiago International Airport filed an arbitration request against the Chilean state for allegedly not taking measures to alleviate the temporary drop in their revenues from the decrease in air traffic and commercial airport activity due to the COVID-19 pandemic and the sanitary measures taken by the State, such as border closures and imposition of quarantines. In this case, the arbitration tribunal was constituted in 2022 and the Chilean state filed a request to address the objections to jurisdiction as a preliminary question.

Local courts respect and enforce foreign arbitration awards, and there is no history of extrajudicial action against foreign investors.

International Commercial Arbitration and Foreign Courts

Mediation and binding arbitration exist in Chile as alternative dispute resolution mechanisms. A suit may also be brought in court under expedited procedures involving the abrogation of constitutional rights. The U.S.-Chile FTA investment chapter encourages consultations or negotiations before recourse to dispute settlement mechanisms. If the parties fail to resolve the matter, the investor may submit a claim for arbitration. Provisions in Section C of the FTA ensure that the proceedings are transparent by requiring that all documents submitted to or issued by the tribunal be available to the public, and by stipulating those proceedings be public. The FTA investment chapter establishes clear and specific terms for making proceedings more efficient and avoiding frivolous claims. Chilean law is generally to be applied to all contracts. However, arbitral tribunals decide disputes in accordance with FTA obligations and applicable international law. The tribunal must also accept amicus curiae submissions.

The Chilean Judiciary Code and the Code of Civil Procedure govern domestic arbitration. Local courts respect and enforce foreign arbitral awards and judgments of foreign courts. Chile has a dual arbitration system in terms of regulation, meaning that different bodies of law govern domestic and international arbitration. International commercial arbitration is governed by the International Commercial Arbitration Act that is modeled on the 1985 UNCITRAL Model Law on International Commercial Arbitration. In addition to this statute, there is also Decree Law Number 2349 that regulates International Contracts for the Public Sector and sets forth a specific legal framework for the State and its entities to submit their disputes to international arbitration.

No Chilean state-owned enterprises (SOEs) have been involved in investment disputes in recent decades. A Chilean government agency filed an arbitration case in February 2021 against a U.S. firm at the International Chamber of Commerce International Court of Arbitration which remains pending.

Bankruptcy Regulations

Chile’s 1982 Insolvency Law was updated in October 2014. The current law aims to clarify and simplify liquidation and reorganization procedures for businesses to prevent criminalizing bankruptcy. It also established the new Superintendence of Insolvency and created specialized insolvency courts. Creditors’ approval is required to select the insolvency representative and to sell debtors’ substantial assets. The creditor also has the right to object to decisions accepting or rejecting creditors’ claims. However, the creditor cannot request information from the insolvency representative. The creditor may file for insolvency of the debtor, but for liquidation purposes only. The creditors are divided into classes for the purposes of voting on the reorganization plan; each class votes separately, and creditors in the same class are treated equally.

4. Industrial Policies

Investment Incentives

The Chilean government generally does not subsidize foreign investment, nor does it issue guarantees or joint financing for FDI projects. There are, however, some incentives directed toward isolated geographical zones and to the information technology sector. These benefits relate to co-financing of feasibility studies as well as to incentives for the purchase of land in industrial zones, the hiring of local labor, and the facilitation of project financing. Other important incentives include accelerated depreciation accounting for tax purposes and legal guarantees for remitting profits and capital. The 2020 Tax Reform, contained in Law 21.210 from 2020 established a Value Added Tax (VAT) exemption on capital goods (machines, vehicles, equipment, and accessories) for investments of at least US$5 million. Additionally, the Start-Up Chile program provides selected entrepreneurs with grants of up to US$80,000, along with a Chilean work visa to develop a “startup” business in Chile over a period of four to seven months. Chile has other special incentive programs aimed at promoting investment and employment in remote regions, as well as other areas that suffer development lags. All these opportunities are available in the same terms for both domestic and foreign investors.

Foreign Trade Zones/Free Ports/Trade Facilitation

Chile has two free trade zones: one in the northern port city of Iquique (Tarapaca Region) and the other in the far south port city of Punta Arenas (Magallanes Region). Merchants and manufacturers in these zones are exempt from corporate income tax, value added taxes (VAT) – on operations and services that take place inside the free trade zone – and customs duties. The same exemptions also apply to manufacturers in the Chacalluta and Las Americas Industrial Park in Arica (Arica and Parinacota Region). Mining, fishing, and financial services are not eligible for free trade zone concessions. Foreign-owned firms have the same investment opportunities in these zones as Chilean firms. The process for setting up a subsidiary is the same inside as outside the zones, regardless of whether the company is domestic or foreign owned.

Performance and Data Localization Requirements

Chile does not follow “forced localization.” A draft bill that is pending in Chile’s Congress could result in additional requirements (owner’s consent) for international data transfers in cases involving jurisdictions with data protection regimes below Chile’s standards. The bill, modeled after the European Union’s General Data Protection Regulation (GDPR) also proposes the creation of an independent Chilean Data Protection Agency that would be responsible for enforcing data protection standards.

Neither Chile’s Foreign Investment Promotion Agency nor the Central Bank applies performance requirements in their reviews of proposed investment projects. The investment chapter in the U.S.–Chile FTA establishes rules prohibiting performance requirements that apply to all investments, whether by a third party or domestic investors. The FTA investment chapter also regulates the use of mandatory performance requirements as a condition for receiving incentives and spells out certain exceptions. These include government procurement, qualifications for export and foreign aid programs, and non-discriminatory health, safety, and environmental requirements.

Chile does not apply requirements for foreign IT providers to turn over source code and/or provide access to encryption, nor are there restrictions for the free transmission of customer or business-related data outside the country. As a rule, there are no local data storage requirements. Chile’s Intellectual Property Law protects computer programs “whatever the mode or form of expression, as source program or object program, and the preparatory documentation, its technical description and user manuals.”

5. Protection of Property Rights

Real Property

Property rights and interests are recognized and generally enforced in Chile. There is a recognized and generally reliable system for recording mortgages and other forms of liens.

There are no restrictions on foreign ownership of buildings and land, and no time limit on the property rights acquired by them. The only exception, based on national security grounds, is for land located in border territories, which may not be owned by nationals or firms from border countries, without prior authorization of the President of Chile. There are no restrictions to foreign and/or non-resident investors regarding land leases or acquisitions. Unoccupied properties can always be claimed by their legal owners and, as usurpation is a criminal offense, several kinds of eviction procedures are allowed by the law, though they can sometimes be onerous and lengthy.

Intellectual Property Rights

According to the U.S. Chamber of Commerce’s International IP Index, Chile’s legal framework provides for fair and transparent use of compulsory licensing; extends necessary exclusive rights to copyright holders and maintains a voluntary notification system; and provides for civil and procedural remedies. However, IP protection challenges remain. Chile’s framework for trade secret protection has been deemed insufficient by private stakeholders. Pharmaceutical products suffer from relatively weak patenting procedures, the absence of an effective patent enforcement and resolution mechanism, and some gaps in regulation governing data protection.

The Government submitted to Congress in 2018 a bill to reform to Chile’s pharmaceutical drugs law called “Ley de Fármacos II”. A mixed committee tasked to reconcile conflicting amendments made by the Senate and the Lower Chamber indefinitely postponed its final review due to deadlock in Congress. While the pharmaceutical industry reports that the reconciliation process addressed some of their concerns regarding the new regulations, it identified the lack of coverage being offered in price regulations as an outstanding issue of concern.

In addition to Law 21.335 that modernizes certain aspects of Chile’s patent and IP regime, Law 21.426 against trade in illicit and counterfeit goods entered into force in 2022. Chile enacted two laws in 2023 that may strengthen IPR enforcement: Law 21.577 against organized crime established special investigative techniques and bolstered the confiscation of illicit profits, and Law 21.595 created new categories of “economic crimes,” new penalties, such as the confiscation of profits, and new criminal liability for legal entities. Chile also issued Decree 7/2023 on Information Security and Cybersecurity Policy compliance for government agencies. Right holders understand that this Decree will prevent government computer systems from having unlicensed software.

The Intellectual Property Brigade (BRIDEPI) of the Chilean Investigative Police (PDI) reported that it seized 51,312 counterfeit products in 2023, worth a total of US$ 13.6 million, and arrested 194 individuals on charges related to IPR infringement. Additionally, the National Customs Service reported that it seized more than 4.2 million counterfeit products in 2023.

Chile’s IPR enforcement remains relatively lax, particularly in relation to piracy, copyright, and patent protection, while prosecution of IP infringement is hindered by gaps in the legal framework and a lack of expertise in IP law among judges. Rights holders indicate a need for greater resources devoted to customs operations and a better-defined procedure for dealing with small packages containing infringing goods. The legal basis for detaining and seizing suspected transshipments is also insufficiently clear.

Since 2007, Chile has been on the U.S. Trade Representative’s (USTR) Special 301 Priority Watch List (PWL). In October 2018, Chile’s Congress successfully passed a law that criminalizes satellite piracy. In December 2021, the Government of Chile submitted legislation to implement a legal framework to penalize the circumvention of technology protection measures (TPM) by amending Chile’s existing IPR law. This legislation remains pending in Congress. However, other challenges remain related to longstanding IPR issues under the U.S.-Chile FTA: the pending implementation of UPOV 91; the implementation of an effective patent linkage in connection with applications to market pharmaceutical products; adequate protection for undisclosed data generated to obtain marketing approval for pharmaceutical products; and amendments to Chile’s Internet Service Provider liability regime to permit effective action against Internet piracy.

On December 13, 2023, Chile signed the updated Association Agreement with the European Union, accepting the protection of 222 product terms as Geographic Indicators (GI), including mostly cheeses and processed meats. The EU and Chile also agreed to give GI protection for some common product names such as parmesan, feta, and gruyere, which are also produced in many countries globally, including the United States and Chile. Chile’s broad acceptance of EU GIs and the inclusion of common names affects market access for U.S. dairy exports to Chile as provided for in the U.S.-Chile FTA. There is an ongoing engagement between the United States and Chile to preserve market access for U.S. products marketed in Chile using common names.

Chile is not listed in the USTR’s Notorious Markets List. For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/ .

6. Financial Sector

Capital Markets and Portfolio Investment

Chile developed capital markets and keeps them open to foreign portfolio investors. Foreign firms offer services in Chile in areas such as financial information, data processing, financial advisory services, portfolio management, voluntary saving plans and pension funds. Under the U.S.-Chile FTA, Chile significantly opened its insurance sector, with very limited exceptions. The Santiago Stock Exchange is Chile’s dominant stock exchange, and the third largest in Latin America. However, when compared to other OECD countries, it has lower market liquidity.

The free flow of financial resources into Chile’s real economy allows its commodity export-dependent economy to adjust to external shocks. Chile accepted the obligations of the International Monetary Fund’s Article VIII (sections 2, 3 and 4) and maintains a free-floating exchange rate system, free of restrictions on payments and transfers for current international transactions. Credit is allocated on market terms and its various instruments are available to foreigners. The Central Bank of Chile (CBC) reserves the right to restrict foreign investors’ access to internal credit in case of a credit shortage but has not exerted this authority to date.

Money and Banking System

Chile has the highest banking services penetration rate in Latin America: 92 percent of residents older than 18 have a bank account. There are 13.5 million credit cards and 27.3 million debit cards in the Chilean banking system, along with 10.8 million current accounts and 20.7 million savings accounts. State-owned Banco Estado supports financial inclusion through CuentaRut, a commission-free card with an electronic account available for all Chilean residents (national and foreigners) with a RUT (national ID number). As of December 2023, nearly 14.6 million people (82 percent of Chilean residents) had a CuentaRut account.

The Chilean banking system is healthy and competitive. The 2019 General Law of Banks (LGB) provides general guidelines for establishing a capital adequacy system in line with Basel III standards and gave the Financial Market Commission (CMF), the regulator for banks, insurance companies and the stock market, the authority to establish its framework. All Chilean banks meet Basel III requirements, even though its implementation process ends on December 1, 2025. The system’s liquidity position (Liquidity Coverage Ratio) is on average above 200 percent, more than twice the regulatory limit (100%). Capital adequacy ratio of the system was 16.16 percent as of December 2023 and remains robust even when including discounts due to market and/or operational risks. As of December 2023, non-performing loans (i.e., loans 90 days past due) were 2.13 percent compared to 1.68 percent in December 2022. This result was influenced by the end of the expansive fiscal and monetary policies implemented in 2021 in response to the economic shock from the COVID-19 pandemic, and currently higher interest rates.

As of December 2023, the total assets of the Chilean banking system amounted to US$ 458.9 billion, according to the CMF. The largest six banks (Banco de Crédito e Inversiones, Banco Santander-Chile, Banco Estado, Banco de Chile, Scotiabank Chile, and Itaú Chile) accounted for 87.4 percent of the system’s assets. Chile’s Central Bank conducts the country’s monetary policy, is constitutionally autonomous from the government, and is not subject to regulation by the CMF.

Foreign banks have an important presence in Chile, comprising three out of the six largest banks of the system. Out of 17 banks currently in Chile, five are foreign owned but legally established banks in Chile and three are branches of foreign banks. Both categories are subject to the requirements of the Chilean banking law and to supervision by the CMF. There are also 25 representative offices of foreign banks in Chile, six of them from the United States. There are no reports of correspondent banking relationships withdrawal in Chile.

To open a bank account in Chile, a foreigner must present his/her Chilean ID Card or passport, Chilean tax ID number, proof of address, proof of income/solvency, photo, and fingerprints.

Foreign Exchange and Remittances

Foreign Exchange

Law 20.848, which regulates FDI (described in section 1), prohibits arbitrary discrimination against foreign investors and guarantees access to the formal foreign exchange market, as well as the free remittance of capital and profits generated by investments. There are no other restrictions or limitations placed on foreign investors for the conversion, transfer or remittance of funds associated with an investment.

Investors, importers, and others have access to foreign exchange in the official inter-bank currency market without restriction. The Central Bank of Chile (CBC) reserves the right to deny access to the inter-bank currency market for royalty payments more than five percent of sales. The same restriction applies to payments for the use of patents that exceed five percent of sales. In such cases, firms would have access to the informal market. The Chilean tax service reserves the right to prevent royalties of over five percent of sales from being counted as expenses for domestic tax purposes.

Chile has a free floating (flexible) exchange rate system since 1999. Exchange rates of foreign currencies are fully determined by the market. The CBC reserves the right to intervene under exceptional circumstances to correct significant deviations of the currency from its fundamentals. These interventions are not designed to maintain a determined exchange rate level, which results from the currency market supply and demand, but instead aim to preserve financial stability when there is an excessive volatility in the foreign exchange market. This authority has been used seven times since 1999, the latest being an announcement in July 2022 when the CBC injected US$ 25 billion into the foreign exchange market following an unusual depreciation of the Chilean peso (CLP) due to external shocks.

Remittance Policies

Remittances of profits generated by investments are allowed at any time after tax obligations are fulfilled; remittances of capital can be made after one year following the date of entry into the country. In practice, this permanency requirement does not constitute a restriction for productive investment, because projects normally need more than one year to mature. Under the investment chapter of the U.S.–Chile FTA, the parties must allow free transfer and without delay of covered investments into and out of its territory. These include transfers of profits, royalties, sales proceeds, and other remittances related to the investment. However, for certain types of short-term capital flows, this chapter allows Chile to impose transfer restrictions for up to 12 months, as long as those restrictions do not substantially impede transfers. If restrictions are found to impede transfers substantially, damages accrue from the date of the initiation of the measure. In practice, these restrictions have not been applied in the last two decades.

Sovereign Wealth Funds

The Government of Chile maintains two sovereign wealth funds (SWFs) built with savings from years with fiscal surpluses. The Economic and Social Stabilization Fund (FEES) was established in 2007 and was valued at US$5.1 billion as of February 2024. The purpose of the FEES is to fund public debt payments and temporary deficit spending to keep a countercyclical fiscal policy. The Pensions Reserve Fund (FRP) was built up in 2006 and amounted to US$8.6 billion as of February 2024. The purpose of the FRP is to anticipate future needs of payments to those eligible to receive pensions, but whose contributions to the private pension system fall below a minimum threshold.

Chile is a member of the International Working Group of Sovereign Wealth Funds (IWG) and adheres to the Santiago Principles.

Chile’s government policy is to invest SWFs entirely abroad into instruments denominated in foreign currencies, including sovereign bonds and related instruments, corporate and high-yield bonds, mortgage-backed securities from U.S. agencies, and stocks. Approximately 65.5 percent of the FEES (US$2.7 billion), as well as 50.3 percent of the FRP (US$4.3 billion), were invested in assets based in the United States as of January 2024.

7. State-Owned Enterprises

Chile had 28 state-owned enterprises (SOEs) in operation as of 2022. Twenty-seven SOEs are commercial companies and the newest one (FOINSA) is an infrastructure fund that was created to facilitate public-private partnership projects. At the same time, 25 SOEs are not listed and are fully owned by the government, while the remaining three are majority government owned. Ten Chilean SOEs operate in the port management sector, six in the services sector, three in the defense sector, three in the mining sector (including CODELCO, the world’s largest copper producer, and ENAP, an oil and gas company), two in transportation, one in the water sector, one is a TV station, and one is a state-owned bank (Banco Estado). The state holds a minority stake in four water companies after a privatization process. In 2022, total assets of Chilean SOEs amounted to US$ 81.8 billion, while their total net income was US$ 3.0 billion. Chilean SOEs employed 47,669 people in 2022.

Twenty SOEs in Chile fall under the supervision of the Public Enterprises System (SEP), a public agency that oversees SOE governance. The rest – including the largest SOEs such as CODELCO, ENAP and Banco Estado – have their own governance and report to the Executive Branch. Allocation of seats on the boards of Chilean SOEs is determined by the SEP or outlined by the laws that regulate them. In CODELCO’s corporate governance, there is a mix between seats appointed by recommendation from an independent high-level civil service committee, and seats allocated by political authorities in the government.

The Budget Directorate published an updated list of SOEs, including their financial management information, available in the following link: http://www.dipres.gob.cl/599/w3-propertyvalue-20890.html .

In general, Chilean SOEs work under strict budget constraints and compete under the same regulatory and tax frameworks as private firms. The exception is ENAP, which is the only company allowed to refine oil in Chile. The main Chilean SOEs compete in the domestic market according to commercial terms. TVN (national TV broadcaster) and Banco Estado (Chile’s third biggest bank) operate in very competitive markets. Several other SOEs operate in sectors with characteristics of natural monopoly such as water, infrastructure, ports, and transportation, in some cases in public-private partnerships or join ventures with private firms. In general, Chilean SOEs operating in the domestic market provide non-discriminatory treatment in their purchases. CODELCO competes internationally as one of the world’s biggest copper producers, and it is developing a lithium division to operate Chile’s largest deposits in partnership with private companies. ENAP has oil and gas investments abroad with branches in Argentina, Ecuador, and Egypt. There are no significant investments from Chilean SOEs in the United States. As an OECD member, Chile adheres to the OECD Guidelines on Corporate Governance for SOEs.

Privatization Program

Chile does not have a privatization program.

8. Responsible Business Conduct

Awareness of the need to ensure corporate social responsibility has grown over the last two decades in Chile. However, NGOs and academics who monitor this issue believe that risk mapping and management practices still do not sufficiently reflect its importance.

On November 12, 2021, the CMF published new annual reporting requirements for publicly traded companies on policies, practices, and metrics adopted to meet environmental, social, and governance goals. The new regulation will require companies to restructure their annual reports to integrate sustainability issues throughout the report. The new annual report structure includes sections on company profile, corporate governance (including sustainability risks, particularly climate change), strategic objectives, personnel (include diversity, equity, inclusion and accessibility, workplace and sexual harassment, training, and benefits), business model, supplier management, regulatory compliance (related to customers, workers, environment, and free competition), and sustainability indicators (in line with international standards). The requirements went into effect for large businesses (of consolidated total assets of approximately $850 million or higher) for reporting year 2022, published in March 2023. For companies with less than $45 million consolidated assets, the requirements go into effect for reporting year 2023.

The government of Chile encourages foreign and local enterprises to follow generally accepted Responsible Business Conduct (RBC) principles and uses the United Nations’ Rio+20 Conference statements as its principal reference. Chile adheres since 1997 to the OECD Guidelines for Multinational Enterprises. It also recognizes the ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy; the UN Guiding Principles on Business and Human Rights; the UN Global Compact’s Ten Principles, and the ISO 26000 Guidance on Social Responsibility. The government established a National Contact Point (NCP) for OECD MNE guidelines located within the Undersecretariat for International Economic Relations, and has a Responsible Business Conduct Division, whose chief is also the NCP. In August 2017, Chile released its National Action Plan on Business and Human Rights based on the UN Guiding Principles. Separately, the Council on Social Responsibility for Sustainable Development, coordinated by Chile’s Ministry of Economy, is currently developing a National Policy on Social Responsibility.

Regarding procurement decisions, ChileCompra, the agency in charge of centralizing Chile’s public procurement, incorporates the existence of a Clean Production Certificate and an ISO 14001-2004 certificate on environmental management as part of its criteria to assign public purchases.

No high profile or controversial instances of corporate impact on human rights have occurred in Chile in recent years.

The Chilean government effectively and fairly enforces domestic labor, employment, consumer, and environmental protection laws. There are no dispute settlement cases against Chile related to the Labor and Environment Chapters of the Free Trade Agreements signed by Chile.

Regarding the protection of shareholders, the Superintendence of Securities and Insurance (SVS) has the responsibility of regulating and supervising all listed companies in Chile. Companies are generally required to have an audit committee, a directors committee, an anti-money laundering committee and an anti-terrorism finance committee. Laws do not require companies to have a nominating/corporate governance committee or a compensation committee. Compensation programs are typically established by the board of directors and/or the directors committee.

Independent NGOs in Chile promote and freely monitor RBC. Examples include NGO Acción Empresas Inicio – Acción Empresas (accionempresas.cl) , Chilean chapter of the World Business Council for Sustainable Development (WBCSD); the Catholic University of Valparaiso’s Center for Social Responsibility and Sustainable Development VINCULAR: http://www.vincular.cl/; ProHumana Foundation; and the Andres Bello University’s Center Vitrina Ambiental.

Chile is an OECD member but is not participating actively in the implementation of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Afflicted and High-Risk Areas.

Chile is not part of the Extractive Industries Transparency Initiative (EITI). Chile joined The Montreux Document on Private Military and Security Companies in 2009. However, there are no private security companies based in Chile participating in the International Code of Conduct for Private Security Service Providers’ Association (ICoCA).

Additional Resources

Department of State

Country Reports on Human Rights Practices ( https://www.state.gov/reports-bureau-of-democracy-human-rights-and-labor/country-reports-on-human-rights-practices/ )
Trafficking in Persons Report ( https://www.state.gov/trafficking-in-persons-report/ )
Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities ( https://www.state.gov/key-topics-bureau-of-democracy-human-rights-and-labor/due-diligence-guidance/ )
U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises ( https://www.state.gov/u-s-national-contact-point-for-the-oecd-guidelines-for-multinational-enterprises/ )
Xinjiang Supply Chain Business Advisory ( https://www.state.gov/xinjiang-supply-chain-business-advisory/ )

Department of the Treasury

OFAC Recent Actions ( https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions )

Department of Labor

Findings on the Worst Forms of Child Labor Report ( https://www.dol.gov/agencies/ilab/resources/reports/child-labor/findings )
List of Goods Produced by Child Labor or Forced Labor ( https://www.dol.gov/agencies/ilab/reports/child-labor/list-of-goods )
Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World ( https://www.dol.gov/general/apps/ilab )
Comply Chain ( https://www.dol.gov/ilab/complychain/ )
Climate Issues

Chile is one of the signatories of the Paris Agreement. The Environment Ministry published its 2050 Long-Term Climate Strategy (ECLP), a roadmap that details how Chile will fulfill its commitments, considering a 30-year timeframe. It was incorporated into Law 21.455, known as the Framework Law of Climate Change, enacted on June 13, 2022. The law also includes the Nationally Determined Contribution (NDC), which contains Chile’s commitments to the international community in mitigation and adaptation to climate change, which will be updated every five years. In 2022, Chile joined the Regional Escazu Agreement, which aims to guarantee full and effective access to environmental information, public participation in environmental decision-making process, and access to environmental justice.

The main climate-related policy measures introduced by the government belong to six categories: sustainable industry and mining; green hydrogen production; sustainable construction of housing and public/commercial buildings; electromobility in the public transport system; phasing out coal-fired power generation plants; and other energy efficiency measures.

Under the Framework Law of Climate Change, the Environment Ministry is responsible for drawing up an emissions mitigation plan with limits for each productive sector. There will be specific strategies and goals for the main sectors contributing to greenhouse gas emissions, some of them already in place. These will include: in the energy sector, phasing out coal-based power generation plants, with an aim to have closed 18 plants by 2025 and all of them by 2040; in the mining sector, reduction of greenhouse gas emissions to a minimum level by 2050 under the ECLP (both for emissions generated from the extraction and production processes, and indirectly, such as from electric power consumption); in the agricultural sector, Chile adhered to the COP26 goal to reduce methane (CH4) emissions by 30% by 2030, and joined the U.S. sponsor Global Methane Pledge.

In 2023, Chile passed the Nature Law that creates the Service for Biodiversity and Protected Areas (SBAP) complying with international protection and conservation commitments. Through SBAP, Chile standardizes the classification of protected areas based on the six categories defined by the International Union for Conservation of Nature (IUCN). Three of the categories – strict nature reserve (Ia) and wilderness area (Ib), national park (II), natural monument or feature (III) – prohibit all commercial exploitation of natural resources and industrial infrastructure.

Chile introduced in 2020 an emissions compensation mechanism for companies that pay green taxes, which are currently applied to emissions of particulate matter, sulfur dioxide, nitrogen oxide and carbon dioxide. This mechanism created a regulated carbon market, which allows industries to reduce their tax burden by financing emission reduction or emission absorption projects carried out by NGOs, foundations, or other institutions. Some examples of projects that can use this mechanism include energy efficiency initiatives, heater replacement, clean transportation, and reforestation.

There is increasing incorporation of environmental considerations into public procurement. In 2012, the government published the Socially Responsible Purchasing Policy, containing strategic sustainability guidelines, which are non-binding recommendations. In 2016, the Ministry of the Environment launched a public procurement policy with environmental criteria, both for the bidder’s operations and the characteristics of the products purchased.

9. Corruption

Chile implements various laws to combat public corruption, including the 2009 Transparency Law that mandates disclosure of public information related to all areas of government and created an autonomous Transparency Council in charge of overseeing its implementation. Subsequent amendments expanded the number of public trust positions required to release financial disclosure, mandated disclosure in greater details, and allowed for stronger penalties for noncompliance.

In March 2020, the government proposed new legislation aimed at combatting corruption, as well as economic and electoral crimes. Four new pieces of legislation seek to strengthen enforcement and increase penalties for collusion among firms; increase penalties for insider trading; provide protections for whistleblowers seeking to expose state corruption; and expand the statute of limitations for electoral crimes. This legislation remains under discussion in the Chilean Congress.

Anti-corruption laws, in particular mandatory asset disclosure, do extend to family members of officials. Political parties are subject to laws that limit campaign financing and require transparency in party governance and contributions to parties and campaigns.

Regarding government procurement, the ChileCompra (central public procurement agency) website allows users to anonymously report irregularities in procurement. An executive decree defines sanctions for public officials who do not adequately justify direct contracts. The Corporate Criminal Liability Law provides that corporate entities can have their compliance programs reviewed by domestic firms authorized by Chile’s Financial Market Commission (CMF) to certify them as sufficient. The General Comptroller’s office oversees the control of the legal aspects, management, pre-audit and post-audit functions of all civil service activities. Private companies have increasingly incorporated internal control measures, as well as ethics committees as part of their corporate governance, and compliance management sections. Additionally, Chile Transparente (Chilean branch of Transparency International) developed a Corruption Prevention System to facilitate private firms’ compliance with the Corporate Criminal Liability Law.

Chile signed and ratified the Organization of American States (OAS) Convention against Corruption. The country also ratified the UN Anticorruption Convention on September 13, 2006. Chile is also an active member of the Open Government Partnership (OGP) and, as an OECD member, adopted the OECD Anti-Bribery Convention.

NGOs that investigate corruption operate in a free and adequately protected manner. U.S. firms have not identified corruption as an obstacle to FDI.

Resources to Report Corruption

Dorothy Perez Gutierrez General Comptroller Comptroller General’s Office Teatinos 56, Santiago de Chile +56 2 32401100

David Ibaceta Medina Director General Consejo para la Transparencia Morande 360 piso 7 (+56)-(2)-2495-2000 [email protected]

Michel Figueroa Executive Director Chile Transparente (Chile branch of Transparency International) Perez Valenzuela 1687, piso 1, Providencia, Santiago, Chile (+56)-(2)-2236 4507 [email protected]

Octavio Del Favero Executive Director Ciudadania Inteligente Holanda 895, Providencia, Santiago, Chile (+56)-(2)-2419-2770 https://ciudadaniai.org/contact

Benjamín García Executive Director Espacio Publico Orrego Luco 087, Piso 3. Providencia, Santiago, Chile T: (+56) (9) 6258 3871 [email protected]

Observatorio Anticorrupción (Run by Espacio Publico and Ciudadania Inteligente) https://observatorioanticorrupcion.cl/

Ma nuel Henriquez Executive Director Observatorio Fiscal (focused on public spending) Don Carlos 2983, Oficina 3, Las Condes, Santiago, Chile (+562) (2) 4572 975 [email protected]

10. Political and Security Environment

Pursuant to a political accord in response to the 2019 civil unrest, Chile held a plebiscite in October 2020 in which citizens voted to draft a new constitution. In September 2022, Chileans rejected by a nearly 62 to 38 percent margin a draft constitution that reflected the vision of the political left. In December 2022, lawmakers established a second constitutional process. Voters also rejected, in December 2023, the second constitutional draft, penned by the political right, by a nearly 55 to 44 percent margin. In January, President Boric closed discussions on constitutional reform during his administration, leaving the current constitution unaltered.

Prior to 2019, there were generally few incidents of politically motivated attacks on investment projects or installations except for the southern areas of Araucania region and Arauco province in neighboring Bio Bio region. This area, home to nearly half a million indigenous inhabitants, has seen an ongoing trend of politically motivated violence and organized criminal activity. Land claims and conflicts with forestry companies are the main grievances underneath the radicalization of a relatively small number of indigenous Mapuche communities, which has led to the rise of organized groups that pursue their demands by violent means. Incidents include arson attacks on churches, farms, forestry plantations, forestry contractors’ machinery and vehicles, and private vehicles, as well as occupation of private lands, resulting in over a half-dozen deaths (including some by police forces), injuries, and damage to property. Since October 2021, the Chilean Congress has extended the State of Emergency in the Araucanía Region every 15 days. The State of Emergency permits the Chilean army to support Carabinero police actions, specifically to secure important transportation corridors. Government data suggests the State of Emergency’s success – pointing to a 30 percent reduction in rural violence. President Boric announced the creation of a Presidential Commission for Peace and Understanding on June 21, 2023, to find a solution to Mapuche land claims.

Since 2007, Chile has experienced several small-scale attacks with explosive and incendiary devices, targeting mostly banks, police stations, and public spaces throughout Santiago, including metro stations, universities, and churches. ATMs have been blown up in the late evenings or early mornings. Attacks generally occur during times of minimal civilian foot traffic and have generally avoided causing civilian casualties. Eleven incidents of bombs that either exploded, were defused by authorities, or failed to detonate have occurred since May 2019. Anarchist groups often claim responsibility for these acts, as well as violent incidents during student and labor protests. According to analysts and media reports, these anarchist groups do not have a unified manifesto, but their motives revolve around general anti-government sentiment, including environmental degradation; restitution of public lands to indigenous groups; imprisoned acquaintances; protest of public transportation costs; and denunciation of “corporate greed.” Half a dozen activists are currently convicted and imprisoned for attacks that claimed about 15 injuries among civilians and police officers.

While the security environment is generally safe, street crime, carjackings, telephone scams, and residential break-ins are common, especially in larger cities. Law enforcement agencies have observed an increase in transnational criminal activity and attempts by narcotics organizations to gain footholds in Chile. Vehicle thefts are a serious problem in Valparaiso and northern Chile (from Iquique to Arica), with most of those vehicles allegedly smuggled into neighboring Bolivia. On occasion, illegal activity by striking workers resulted in damage to corporate property or a disruption of operations. Some firms have publicly expressed concern that during a contentious strike, law enforcement has appeared reluctant to protect private property.

Chilean authorities have attributed an increase in violent crime in Chile, in part, to an increase in Chile of migrants connected to transnational criminal organizations. President Boric and the Interior Ministry view border control as one of the primary methods to reduce crime in Chile. In July 2023, President Boric introduced a new National Policy on Migration and Foreigners. In June 2023, President Boric announced that he would fast-track a bill to create a new Ministry of Public Security, and Chile’s Congress continues to debate numerous security-related bills.

Chilean civil society is active, and demonstrations occur frequently. Although most demonstrations are peaceful, criminal elements have taken advantage of civil society protests to loot stores along protest routes and clash with the police. Annual demonstrations to mark March 29, the Day of the Young Combatant; September 11, the anniversary of the 1973 coup against the government of President Salvador Allende; and October 18, the anniversary of the outbreak of the 2019 civil unrest, have resulted in damage to property, looting, and scuffles between police and protestors.

11. Labor Policies and Practices

Unemployment in Chile averaged 8.6 percent of the labor force during 2023, while the labor participation rate was 62.1 percent of the working age population, estimated as 16.3 million people in December 2023. The labor participation of migrants was 75.8 percent of the working age foreign population in Chile, estimated at 1.0 million people in December 2023. Chilean workers are adequately skilled and some sectors such as mining, agriculture, and fishing employ highly skilled workers. In general, there is an adequate availability of technicians and professionals. The National Institute of Statistics (INE) estimates informal employment in Chile in 27.6 percent of the workforce as of December 2023.

Article 19 of the Labor Code stipulates that employers must hire Chileans for at least 85 percent of their staff, except in the case of firms with less than 25 employees. However, Article 20 of the Labor Code includes several provisions under which foreign employees can exceed 25 percent, independent of the size of the company.

In general, employees who have been working for at least one year are entitled to statutory severance pay, upon dismissal without cause, equivalent to 30 days of the last monthly remuneration earned, for each year of service. The upper limit is 330 days (11 years of service) for workers with a contract in force for one year or more. The same amount is payable to a worker whose contract is terminated for economic reasons. Upon termination, regardless of the reason, domestic workers are entitled to an unemployment insurance benefit funded by the employee and employer contributions to an individual unemployment fund equivalent to three percent of the monthly remuneration. The employer’s contributions shall be paid for a maximum of 11 years by the same employer. Another fund made up of employer and government contributions is used for complementary unemployment payments when needed.

Labor and environmental laws are not waived to attract or retain investments.

During 2022 (latest data available), Labor Directorate data showed that 11,256 unions and 2,493 workers federations were active. In the same period, 411,390 workers were covered by collective bargaining agreements. Unions can form nationwide labor associations and can affiliate with international labor federations. Contracts are normally negotiated at the company level. Workers in public institutions do not have collective bargaining rights, but national public workers’ associations undertake annual negotiations with the government.

The Labor Directorate under the Ministry of Labor is responsible for enforcing labor laws and regulations. Both employers and workers may request labor mediation from the Labor Directorate, which is an alternate dispute resolution model aimed at facilitating communication and agreement between both parties.

Labor Directorate data shows that 661 legal strikes occurred in 2022 (latest data available), involving 106,821 workers during the same period. As legal strikes in Chile have a restricted scope and duration, in general they do not present a risk for foreign investment.

Chile has and generally enforces laws and regulations in accordance with internationally recognized labor rights of freedom of association and collective bargaining, the elimination of forced labor, child labor, including the minimum age for work, discrimination with respect to employment and occupation, and acceptable conditions of work related to minimum wage, occupational safety and health, and hours of work. On January 1, 2023, Chile raised its monthly minimum wage to CLP 410,000 – US$ 496– for all occupations, including household domestic staff, more than twice the official poverty line. Workers older than 64 or younger than 19 years old or younger are eligible for a special minimum wage of CLP 305,851 (US$ 370) a month. Information on potential gaps in law or practice with international labor standards by the International Labor Organization is pending.

Collective bargaining is not allowed in companies or organizations dependent upon the Defense Ministry or whose employees are prohibited from striking, such as in health care, law enforcement, and public utilities. Labor courts can require workers to resume work upon a determination that a strike causes serious risk to health, national security, the supply of goods or services to the population, or to the national economy.

The U.S.-Chile FTA, in force since January 1, 2004, requires the United States and Chile to maintain effective labor and environmental enforcement.

In April 2023, congress passed a law to enact a 40-hour work week by May 2028 by gradually decreasing the 45-hour work week. The lowering of the maximum number of labor hours is implemented gradually from 44 hours since its promulgation, 42 hours the second year, and 40 hours starting the third year of its promulgation. Provisions on premium compensation for overtime work are not affected by the new law. The law provided exemptions from restrictions on hours of work for some categories of workers such as managers; administrators; employees of fishing boats; restaurant, club, and hotel workers; drivers; airplane crews; telecommuters or employees who worked outside of the office; and professional athletes.

12. U.S. International Development Finance Corporation (DFC), and Other Investment Insurance or Development Finance Programs

Since 2013, Overseas Private Investment Corporation (OPIC) partnered with U.S. solar energy developers to finance five large-scale power facilities throughout the Atacama Desert in northern Chile, one of which remains operational. Other OPIC-financed projects in the country include the run-of-river hydropower project Alto Maipo, and the toll road Vespucio Norte Express. There are no investment incentive agreements between Chile and the United States that support them. Since the World Bank categorized it as a high-income country, Chile is ineligible for U.S. International Development Finance Corporation financing.

13. Foreign Direct Investment Statistics




Host Country Gross Domestic Product (GDP) (USD billion)	2022	302.5	2022	301.7

U.S. FDI in host country (USD billion, stock positions)	2022	25.2	2022	29.2	BEA data available at
Host country’s FDI in the United States (USD billion, stock positions)	2022	14.4	2022	5.1	BEA data available at
Total inbound stock of FDI as % host GDP	2022	88.7	2022	84.9%	UNCTAD data available at

* Source for Host Country Data: Central Bank of Chile, 2022 year-end data released in March 2023.





Total Inward	256,517	100%	Total Outward	136,011	100%
Canada	35,537	13.9%	Brazil	15,067	11.1%
United States	22,758	8.9%	United States	11,980	8.8%
The Netherlands	21,221	8.3%	Peru	9,768	7.2%
United Kingdom	19,675	7.7%	Germany	9,754	7.2%
Spain	18,268	7.1%	Colombia	7,053	5.2%
“0” reflects amounts rounded to +/- USD 500,000.

According to the IMF’s Coordinated Direct Investment Survey (CDIS), total stock of FDI in Chile in 2022 amounted to US$ 256.5 billion, compared to US$ 237.0 billion in 2021. Canada, the United States, and the Netherlands are the main sources of FDI to Chile (same rank order as in 2021) with US$ 35.5 billion, US$ 22.8 billion and US$ 21.2 billion, respectively, concentrating 31.1 percent of the total.

Chile’s outward direct investment stock in 2022 amounted to US$ 136.0 billion, compared to US$ 132.5 billion in 2021. It is less concentrated in South America than in previous years, with Brazil, Peru, and Colombia combined representing nearly 23.5 percent of total Chilean outward FDI. The United States and Germany are the second and fourth destination, respectively, of Chilean FDI with 16 percent of the total, combined.

The data below is consistent with host country statistics. Although less prominent than in previous years, some tax havens are relevant sources of inward FDI to Chile, with Bermuda, the British Virgin Islands, and Luxembourg ranking eleventh, twelfth, and sixteenth, respectively, according to the Central Bank of Chile. However, the category “Not Specified (including Confidential)” totals US$ 93.9 billion, more than any other country source of inward FDI into Chile.

14. Contact for More Information

Alexis Gutiérrez Economic Specialist Avenida Andrés Bello 2800, Las Condes, Santiago, Chile (56-9) 4268 9005 [email protected]

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