Utilizing professional business accounting services in Peru is an important step to comply with your fiscal duties. When expanding your business into a new country, it can be complex to understand and have the resources to take care of all accounting procedures. In this sense, seeking professional help from local accountants becomes a great asset.
Key activities that your business must comply with include bookkeeping, payroll processing, auditing, and international taxation. Find out about the available business accounting services in Peru that you should take advantage of to ensure your own commercial success.
Business Accounting Services in Peru: Bookkeeping
Bookkeeping is a basic accounting process for any business. It includes keeping a daily record of business incomes and expenses. Additionally, it involves the drafting of financial statements that outline your business’ financial condition. These statements must be presented to the national tax authority in Peru, called SUNAT (National Customs Superintendence and Tax Administration).
Bookkeeping services also take care of local tax compliance. In Peru, businesses are required to file monthly and annual taxes to the local authority. In addition to this, an experienced accountant will make sure your accounting registries are in compliance with local laws and regulations.
An important part of business accounting services in Peru is payroll. To comply with labor legislation in Peru, it is highly recommended you seek expert assistance to manage payroll. Payroll services include calculation, presentation and payment of remuneration to employees.
Payroll services also include calculating labor tax and preparing the documentation required for submission before the pension administration authority (AFP). Since 2012, it is compulsory to utilize AFPNET for companies with 5 or more employees registered under this institution. AFPNET is an online service provided by AFP to present and pay your employees’ pension fund online, instead of doing the process in person at banks.
When conducting an audit for your company, it is crucial to obtain bespoke and tailored services that will make sure your business meets the legal and financial compliance requirements.
There are different types of audits that your business may need, important types include:
- Audit of annual accounts or financial statements: This entails the verifications of the financial statements of your legal entity, the auditing will make sure that your statements reflect a faithful image of the real state of your financial and patrimonial assets in compliance with current regulation.
- Audit by legal requirement: Auditing by legal requirement is performed when they are required for the operations of certain activities. For instance, capital increases and reduction, issuance of convertible bonds, valuation of shares, and mergers and divisions.
- Fiscal audit: This audit is carried out with the objective of ensuring compliance with tax laws so that companies and organizations pay their taxes correctly. In addition, it helps uncover any unnecessary payments that were incurred and ensure compliance with prevents issues with local authorities.
Professional business accounting services in Peru can help you with your international taxation needs. International tax planning includes understanding and complying with tax regulations in multiple jurisdictions, hence it can be complex to navigate.
This service entails the structuring, planning, and submission of documents for international compliance in the involved jurisdictions. Through this service, you can avoid double taxation issues and you can manage your tax exposure to an efficient level.
When operating branches of a company in Peru, it is important to understand the regulations that govern tax compliance for branches and legal responsibilities. Similarly, it’s vital to obtain assistance for mergers and acquisitions.
Doing business in Peru
Peru is one of the best performers in South America, in terms of Gross Domestic Product (GDP) growth. In 2020, it is expected that the country will grow at a rate of 3%, which is above the regional average. In addition, Peru is a Pacific Alliance member country, which directs an open view towards foreign investment. Recently, the country accumulated 21 years of consecutive growth, which is a positive sign of stability.
Peru has diverse opportunities for investment in relatively new sectors in the country. In this sense, early market entrants can benefit from a less saturated market. In addition, the agribusiness industry has presented positive growth over the last year, with superfoods as one of the main characters. Other opportunities for investment exist in mining, hiring skilled labor at competitive prices and import and export activities.
Obtaining professional accounting services in Peru will ensure you can operate in the attractive Peruvian market in full compliance with the country’s fiscal and legal regulations.
Looking for professional business accounting services in Peru? – Contact Biz Latin Hub
Compliance with Peru’s fiscal and legal regulations is essential for businesses to avoid unnecessary issues with local authorities while conducting commercial activities. Seek out trusted corporate accounting service providers to ensure all your bases are covered, and you can focus on growing your business.
At Biz Latin Hub we have vast experience performing accounting services such as auditing, international taxation, due diligence, amongst others. We help entrepreneurs from around the world conduct their business operations in compliance with Peruvian law.
Our team of lawyers and accountants is ready to assist you – contact us today here to get started with your venture.
Learn more about our team and expert authors.