August 2020 Regulatory Update: South and Central America

Biz Latin Hub staff discussing regulatory updates in August 2020
Our legal and accounting professionals report notable regulatory updates for August 2020.

At Biz Latin Hub, our team of accounting and legal professionals operating across key markets in Latin America report the following notable regulatory updates for August 2020 in Argentina, Bolivia, Costa Rica, Ecuador, El Salvador and Panama.

We enable foreign companies operating in Latin America to comply with all their corporate legal, accounting, and tax obligations to ensure their ongoing success and growth in new markets.

For more information on how we can support your regulatory and annual compliance needs, contact us today.

Argentina

The Argentine government and its institutions introduced several regulatory updates in August.

RegulationDetails
Prohibition of dismissalsThis decree prohibits employers “making dismissals without just cause and for the reasons of lack or reduction of work and force majeure”, until 30 September.
Remote work regulation law (home office)New law regulation the remote work aspects and relation, between employer and employee. Terribly regressive and counterproductive for both parts.

Bolivia

The Bolivian government and its institutions introduced several regulatory updates in August.

RegulationDetails
Supreme Decree N° 4298Establishes tax incentives for economic reactivation, and promotes the creation of new companies through a tax system to support entrepreneurship.
Law 1315 Sets October 18 as the deadline for elections in Bolivia

Costa Rica

RegulationDetails
Country shut down commercial activities between 10-21 August.Public institutions closed operations between 10-21 August and work reduced the rest of the month. Very restricted public or private transportation was allowed during this time.

Costa Rica opened commercial activities from 1-9 August, and again from 22-31 August.

Ecuador

RegulationDetails
Pandemic phases advanceAt least half of the country’s cities are expected to go into the ‘green phase‘ by the last week of August.

El Salvador

The Ecuadorian government and its institutions introduced several regulatory updates in August.

RegulationDetails
Economic reopening by Presidential OfficeCurrently, the country remains in Phase 1 of economic reopening, with a possibility to move to Phase 2 by 20 August.

Panama

The Panamanian government and its institutions introduced several regulatory updates in August.

RegulationDetails
Economic and commercial openingBusinesses in the following industries were permitted to reopen from 17 August:
– Retail
– Beauty salons and barbershops
– Non-governmental organizations
– Car sales
– Private construction. 

The return of Panamanians and foreign residents of Panama is permitted, provided individuals comply with sanitary regulations.

All employees who require safe passage through the country must first be authorized by the Ministry of Commerce.

Work with trusted experts to adapt to regulatory changes in Latin America

At Biz Latin Hub, we provide expert support to foreign multinational companies expanding into and operating in Latin America. We ensure our clients are fully compliant with their regulatory requirements every step of the way to mitigate risk and support sustainable growth. Additionally, we monitor any regulatory updates that could impact business.

Contact our team to understand how we can help you comply with these August 2020 regulatory updates and the wider regulatory environment with our full suite of multilingual market entry and back office services, including:

  • Local and international tax advisory
  • Accounting and taxation
  • Company formation
  • Hiring and Professional Employer Organization (PEO) services
  • Visa processing
  • Due diligence
  • Legal services, including legal representation, trademarks and liquidation
  • Market entry and commercial representation.

Learn more about our team of professionals driving successful compliance practices and enabling commercial expansion across Latin America.

Infographic: Biz Latin Hub services, including regulatory compliance in Latin America

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