If you are planning market entry and company formation in Peru, one of the first things you will need to do is find a good attorney to handle your affairs. An ideal corporate attorney in Peru will have a proven track record of operating in the local market, and will ideally have worked with foreign investors in the past.
Peru is one of the most popular destinations in Latin America for foreign direct investment (FDI), having seen increasing interest among investors since the turn of the century, with FDI as a percentage of GDP rising from 1.57% in 2000 to 3.89% in 2019.
The South American country is perhaps most famous for its deposits of metals, with major reserves of copper and gold driving a mining industry that is a key destination for foreign capital and crucial to the country’s ongoing recovery from the global pandemic.
In 2021, investment in mining hit $5.24 billion (all figures in USD) – a 21.1% increase on the previous year.
The agricultural and fishing sectors are also important to the Peruvian economy, with fruits and nuts, animal fodder (mainly based on soy crops), and seafood among the country’s largest exports by value. Coffee is an agricultural crop of growing importance, with a recent report highlighting how the trade is being driven by demand from China.
Peru is also well known for being a trade hub, with the port of Callao – located less than 12 kilometers from the center of capital Lima – among the busiest ports in Latin America in terms of container throughput.
Peru’s international commerce sector is bolstered by the country’s membership of the Pacific Alliance — an economic association that also includes Chile, Colombia, and Mexico, and to which Ecuador recently formally applied to join.
In a sign of the Pacific Alliance’s increasing influence and ambitions to expand into the Asia-Pacific region, in late-2021 Singapore was inaugurated as an associate member, with Australia, Canada, New Zealand, and South Korea among the nations mentioned as potential future participants.
Peru is also a founding member of the Andean Community of Nations (CAN) along with Bolivia, Colombia, and Ecuador, which has implemented a range of measures to deepen integration in recent years, facilitating cross border business and trade.
If you are interested in entering Latin America’s sixth-largest market, read on to find out more about how to identify a good attorney in Peru, what they will be able to do for you, and the areas of law with which they will be able to provide assistance.
Or go ahead and contact us now to discuss your business needs.
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How will your attorney in Peru be able to help?
Your attorney in Peru will be able to help in the following ways:
Local network: Your attorney in Peru will be established in the local business and legal communities and, as such, will have contacts that could be useful to you.
Decision making: The experience your attorney in Peru has in the local market will mean they will be able to offer ongoing informed advice when it comes to key decisions, such as how to structure your entity.
Compliance guarantee: Getting to grips with a new regulatory regime can be difficult, and your attorney in Peru will guarantee compliance with all legislation, providing you with peace of mind that you will not face legal inconveniences or financial penalties.
Immigration support: Any foreign representatives of the company who will be based in Peru or spending significant time there will need to normalize their immigration status – a process your attorney in Peru will be able to oversee.
What to look for in a corporate attorney in Peru
When seeking out an attorney in Peru to support your business, the following things will be worth taking into account:
- Reputation: A good attorney in Peru will be known in the local legal and business communities, based on their past work, and comments found online should give an indication of past client satisfaction.
- Experience: If you are not from Peru, your attorney will ideally have worked with foreign investors in the past, and will be aware of and able to anticipate the common pitfalls foreigners encounter when entering the market and doing business.
- Communication: While most professionals will have some knowledge of English, it is worth keeping in mind that English proficiency in Peru is moderate, so if you do not speak Spanish, you will need to make sure your attorney has adequate language skills to communicate with you effectively.
- Specialization: If you are entering a sector that is governed by its own set of regulations and norms – such as mining, hydrocarbon extraction, or international trade – you will need to make sure your attorney in Peru has the relevant knowledge.
Specialist areas your attorney in Peru may need to understand
Among the specialist areas of corporate law that your attorney in Peru may need to have expertise in are the following:
Mining law: Anyone entering Peru’s lucrative mining industry will need to find an attorney with understanding of the relevant legislation and a history of having working with similar clients.
Intellectual property: If you will be bringing a brand to the country, or trading in a unique good or service, you will need an attorney in Peru who is able to quickly register trademarks and otherwise protect your intellectual property.
International taxes: Crucial to your success will be your ability to effectively plan your taxes. While you will need accountants in Peru to process your taxes, you will also want to secure the services of an attorney with a good understanding of the tax regime and tax management opportunities available to you.
Trade law: If you are engaged in commerce and international trade, your attorney in Peru should have experience working with the legislation related to it.
Biz Latin Hub can provide corporate legal services in Peru
Biz Latin Hub is a professional services company providing integrated market entry and back office services throughout Latin America and the Caribbean, with offices in 16 major cities around the region.
If you need a corporate attorney in Peru, contact us today for a quote or consultation.
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