The environment for ecommerce in Chile is more advanced than in other Latin American nations, according to the Economist Intelligence Unit, due to greater use of credit cards, personal computers, and the Internet. E-commerce related activities were valued at $14.5 billion in 2008, according to a study done by the Santiago Chamber of Commerce’s Digital Economy Center. Of this, business-to- consumer (B2C) activity accounted for US$380 million, while business-to-business (B2B) activity was approximately US$14 billion. These levels represent a 20 percent increase in overall ecommerce since 2007.
Chile has no restrictions on incoming and outgoing foreign capital. Reserve requirements for external capital, along with the prior authorization requirement to enter funds associated with external loans, investment, working capital, bonds and ADRs, have been eliminated. Limitations on capital and profit repatriation do not exist. Foreign trade finance operations (both import and export) are allowed to perform their foreign exchange transactions in the open market. Foreign exchange operations are relatively active and efficient in Chile. As a general rule, currency may be freely traded in two markets: the informal market and the interbank market (formal). Prior to receiving authorization, Chile’s Central Bank requires confirmation that the trade finance transactions, foreign loans, capital flows, and profit repatriation will be executed through a commercial bank (formal market).