December 2020 Regulatory Update: 4 LatAm Offices Report Changes

Four BLH offices reported updates in December

The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Panama, and Peru report the following regulatory updates for December 2020 that could affect your business interests.

At Biz Latin Hub our multilingual teams based throughout Latin America and the Caribbean offer legal, accounting, and back-office support to foreign companies operating in or looking to enter the region.

If you would like to learn more about how we can help you build your business, contact us today.

Table of Contents


The Bolivian government and its institutions introduced four notable regulatory update in December:

Regulatory activityOutcomes for business
Decree Supreme N°4422

Dec 18, 2020
Determines an Extraordinary Regime of Administrative Regularization of Employers and companies obligations in the private sector, in order to promote the generation of employment .
Decree Supreme N°4424

Dec 21, 2020
Authorizes the Ministry of Productive Development and Plural Economy, the constitution of two (2) Trusts for the Reactivation and Development of the National Industry.
Decree Supreme N°4430

Dec 25, 2020
Establishes bio-security standards and measures to prevent the entry of the new strain of COVID-19 into Bolivia from December 25, 2020, to January 8, 2021.
Law N°1357

Dec 28, 2020
Tax on Great Fortunes, which will be applied to the fortune of natural persons from 2020. Public companies, commercial companies, cooperative companies, joint stock companies and any other legal person are excluded from this Tax.


The Chilean government and its institutions introduced two notable regulatory updates in December:

Regulatory activityOutcomes for business
Law 21.288

14 Dec, 2020
Creates the transitory COVID-19 Emergency Fund
Law 21.298

23 Dec, 2020
Modifies the Constitution in order to reserve seats for representatives of indigenous communities in the upcoming Constitutional Convention..


The Panamanian government and its institutions introduced two notable regulatory updates in December.

Regulatory activityOutcomes for business

New type of entity established

The government has sanction the creation of a new entity known as an “Entrepreneurship Society” (Sociedad de Emprendimiento) with the objective of supporting the investment of small businesses by granting tax incentives and fast corporation registry 

This corporation must be incorporated by two to five persons that have residence in Panama and the annual gross income cannot surpass USD 1 million.
Decree N° 1686

28 Dec, 2020
This decree establishes new mandatory lockdown between January 4 and January 14, 2020, to avoid the spread of the COVID-19 virus. 


The Peruvian government and its institutions introduced one notable regulatory update in December.

Regulatory activityOutcomes for business
Law N°31087

05 Dec, 2020
Repeals the Law N° 27360 which approved rules for the promotion of the agricultural sector. (A new Law of Agricultural Promotion has been recently approved by Congress, but it is still pending the official publication by the Government).

At Biz Latin Hub, our multilingual accounting and legal professionals are able to offer expert support to foreign businesses throughout Latin America and the Caribbean. With our comprehensive portfolio of company incorporation and back-office services, our clients do business safely in the knowledge they are fully compliant with current legislation and regulatory requirements.

Contact us now to learn more about how we can help you comply with the regulatory environment in Latin America and the Caribbean.

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

The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.

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Tags: regulatory update

Categories: LATAM

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