The dress code tends to be more formal than in North America. People recognize hierarchy or authority through the way a person dresses. In the professional and working environment it is advisable to dress formally. Dress less formally but appropriately at social events (business casual).

Chileans typically dress in fairly dark tones and colors and many establishments and professions have uniforms for staff, as do all public schools in Chile. Many work environments are quite rigid in dress code and what they expect in terms of punctuality and working hours. Men are expected to wear suits and ties in most office environments.

Only in the last generation has it become acceptable for women to wear more revealing clothing in hotter weather, although to the casual observer it might appear to be the norm. Also, women in the workplace are encouraged to dress in a flattering way. Given that it is not always particularly clear what is appropriate and what is not as a woman, it is best to dress relatively conservatively and to decide what is most comfortable for you.

http://www.intercultures.ca/cil-cai/intercultural_issues_print-en.asp?lvl=0&ISO=CL

http://www.flickr.com/photos/flexic/384079643/

Hope this helped!