Nowadays, creativity and innovation are key aspects in the competitiveness of EU SMEs. However, according to the latest EUIPO ́S scoreboard, fewer than one tenth of them are using Intellectual Property Rights (IPRs) to protect their intangible assets. Moreover, the report shows that, despite being innovative, EU SMEs still consider Intellectual Property Rights a cost rather than an investment, as they cannot see the value that it adds, and there is a general lack of understanding about how to maximise the potential of IPRs. Bear in mind that Intellectual Property (IP) is also vital for the international competitiveness of EU businesses. IPR-intensive industries account for most of the EU trade with the rest of the world and generate a trade surplus for the EU economy. More specifically, having an intellectual property strategy implemented helps: differentiate your products and services from the ones offering by your competitors; generate income through other business models such as licensing or franchising; attract more potential investors or financial institutions; increase the competitiveness of the company in the market; improve future profitability; enhance the company's image. Therefore, it is vital for EU businesses considering, or already operating in Latin America, to design an appropriate identification and also a managing strategy to fully benefit from the exploitation of their IP assets. This guide will help you better understand the relevance of IPRs and it will provide some useful tips on how to implement an IP identification and management strategy.