Expanding into
Guatemala
Global expansion is a step to make for any business, regardless of what you wish to achieve. The opportunities that can come with an expansion can be both incredibly exciting as well as intimidating and confusing, especially when you consider all the registration procedures that need to be done and the documentation required.
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The Republic of Guatemala is Central America’s strongest economy and holds a strategic location with coastlines on the Pacific Ocean and the Caribbean Sea. To the south of Mexico – historically considered part of North America – Guatemala also has borders with Belize, Honduras and El Salvador.
The World Bank assessed Guatemala’s Gross Domestic Product at 85.99 billion US dollars in 2021, with nominal GDP predicted to be around 91.32 billion US dollars for 2022 on growth of 3.4%. The International Monetary Fund expected Guatemala’s economy to grow by 3.2% through 2023.
Each new markets bring new challenges, and these can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, especially through our Employer of Record (EOR) framework.
This can be best utilised when businesses are just beginning their expansion process and require more information before committing to incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Guatemala
International companies expanding into the Republic of Guatemala will be entering an economy advancing from its traditional strengths of agricultural produce – still crucial for its exports and the most labour-intensive sector – into developing the areas of mining, tourism, hydroelectric power, geothermal development and its digital footprint.
Exports are still based on agricultural production. Guatemala was the world’s largest exporter of nutmeg in 2020, and exports also include bananas, coffee, raw sugar and palm oil. Sugarcane and palm oil are also important for the growing biofuels economy.
Guatemala’s vision of becoming a regional hub and increasing its position as Central America’s strongest economy, is based on proximity to the US and Mexico, with which it shares a border, and having international connectivity with coastlines on the both the Pacific Ocean and Caribbean Sea. There are three ports on the Pacific and two on the Caribbean, with access to sea routes across the Atlantic to Europe and Africa.
Foreign Direct Investment (FDI) has attracted funds into manufacturing, utilities, finance and insurance services. The government encourages FDI, although regulatory procedures and other obstacles can deter investors, and there are eight economic free zones with tax incentives.
The economy has shown steady growth since emerging from the pandemic at a faster rate than most regional neighbours. The International Monetary Fund expected Guatemala’s economy to grow by 3.2% through 2023, building on Gross Domestic Product of 91.32 billion US dollars in 2022.
Guatemala has cemented its position with a number of international memberships, including: the Association of Caribbean States, the Organisation of American States, the Community of Latin American and Caribbean States and the Central American Integration System.
Hiring Staff
in Guatemala
International companies expanding into the Republic of Guatemala will be entering an economy advancing from its traditional strengths of agricultural produce – still crucial for its exports and the most labour-intensive sector – into developing the areas of mining, tourism, hydroelectric power, geothermal development and its digital footprint.
Exports are still based on agricultural production. Guatemala was the world’s largest exporter of nutmeg in 2020, and exports also include bananas, coffee, raw sugar and palm oil. Sugarcane and palm oil are also important for the growing biofuels economy.
Guatemala’s vision of becoming a regional hub and increasing its position as Central America’s strongest economy, is based on proximity to the US and Mexico, with which it shares a border, and having international connectivity with coastlines on the both the Pacific Ocean and Caribbean Sea. There are three ports on the Pacific and two on the Caribbean, with access to sea routes across the Atlantic to Europe and Africa.
Foreign Direct Investment (FDI) has attracted funds into manufacturing, utilities, finance and insurance services. The government encourages FDI, although regulatory procedures and other obstacles can deter investors, and there are eight economic free zones with tax incentives.
The economy has shown steady growth since emerging from the pandemic at a faster rate than most regional neighbours. The International Monetary Fund expected Guatemala’s economy to grow by 3.2% through 2023, building on Gross Domestic Product of 91.32 billion US dollars in 2022.
Guatemala has cemented its position with a number of international memberships, including: the Association of Caribbean States, the Organisation of American States, the Community of Latin American and Caribbean States and the Central American Integration System.
The Main Sectors of the Guatemalan Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Guatemalan Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
Guatemala
Commercial Laws in
Guatemala
