Questions about duplicate site in Spanish

hi. I don't know if you can help me on this but I thought I would ask.

Our company http://skymarkrefuelers.com/ is going to get into the latin american market and we are going to have our site translated into Spanish.

Are there any SEO considerations or anything else like that I should keep in account? Will there be any duplicate content issues since its the same but in 2 languages?

Thanks,

John