If you are doing business in the Bolivian market or planning to launch there, you will need to find a good corporate legal firm in Bolivia and secure the services of a lawyer with a strong track record of assisting investors in the market.
Because your corporate lawyer in Bolivia will represent you in front of local authorities, guaranteeing your compliance in every aspect of your market entry and ongoing operations, thereby having significant influence over the good standing of your company.
Your lawyer will also be responsible for overseeing any trademark registration in Bolivia that you may require, meaning that you will want to hire a legal firm with a firm understanding of intellectual property (IP) law.
Spanish is the most widely-spoken of 37 official languages in Bolivia, and most government processes and documentation will require its usage, so if you do not know the language well, you will also need to find a lawyer who can speak English, or any other language you are proficient in.
Contact us today to find out more about how we can support you with corporate legal services in Bolivia.
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Bolivia: an untapped market with many opportunities
While not being the first country people think of when considering investing in Latin America, Bolivia has seen considerable growth over recent years, with gross domestic product (GDP) increasing more than four-fold between 2005 and 2019.
Like most countries worldwide, the COVID-19 pandemic caused severe disruption to the Bolivian economy, however recent estimates published by the World Bank suggest that GDP will grow 5.5% in 2021 and continue to increase in the following years.
For investors, the hydrocarbon sector has traditionally been a major draw, while Bolivia also sits on rich deposits of lithium, ores, and precious metals. For anyone planning to invest in the extractive industries, they will want to secure the services of a lawyer in Bolivia with specialist knowledge of the relevant legislation.
Beyond that, Bolivia is known for its considerable agricultural output, with cereals and animal fodder among some of its key exports. The country is also home to growing manufacturing and innovation industries, with tech expected to contribute to post-pandemic economic recovery.
Notably, Bolivia has one of the highest rates of English proficiency in Latin America, making it all the more attractive for English-speaking investors.
Bolivia is also currently awaiting official acceptance into the Southern Common Market (Mercosur) — 30-year-old economic association that includes Argentina, Brazil, Paraguay, and Uruguay — through which resident companies will gain preferential access to a number of key global markets.
Legal fields covered by a corporate lawyer in Bolivia
Depending on your needs and the focus of your business, your legal firm in Bolivia should be able to assist you in the following areas of law:
Tax law: Managing your taxes in the most efficient way is essential to business success, so you will need to obtain the services of a lawyer in Bolivia with experience dealing with the taxes of foreign corporations.
Corporate law: Your lawyer in Bolivia will obviously need to have a firm understanding of corporate law in the country, and be able to study and draw up contracts related to your business.
Labor law: An essential extension of corporate legal knowledge for anyone planning to hire local staff is good comprehension of local labor law, and the guarantee that all statutory obligations related to local staff will be met.
Commercial law: In the event that you will be engaged in import and export of goods, you will need a law firm in Bolivia that has experience dealing with commercial law.
Mining law: Should you be interested in entering the extractive industries, you will need a lawyer in Bolivia with experience and knowledge of mining law.
What to seek from a corporate lawyer in Bolivia
For foreign corporations and investors, a corporate lawyer in Bolivia should be able to offer the following:
Strategic advice: With knowledge of the market and experience assisting investors, your lawyer in Bolivia should be able to offer you valuable advice to support your market entry and ongoing operations, including on the type of entity you establish, as well as on which local providers and partners to work with.
Valuable connections: By working with a law firm in Bolivia that is well established in the market, you will tap into their network in both the business and legal communities, which could be extremely beneficial to you as you get established in the market, as well as during your ongoing operations.
Bilingual support: With a good level of English proficiency in the country, almost every corporate lawyer in Bolivia that you encounter will speak some English, however based on your language skills, you may want to make sure that they can communicate effectively on a range of complex matters.
IP protection: Protecting your IP can be critical to your success, so you will need to find a law firm in Bolivia with a track record of dealing with trademarking and registrations of brands and products, who will be able to guide you through the related administration in the shortest time possible.
Choose a law firm in Bolivia that offers further support
If you are investing in the Bolivian market for the first time, you may prefer to seek out a law firm in Bolivia that can provide a more comprehensive package of professional services to support your market entry and ongoing operations.
By choosing a provider with a broader portfolio of services, including support in accounting and recruitment, you can cover all of your needs with one service agreement, or have the option to expand your service provision later down the line.
In some cases, that provider will be able to act as professional employer organization (PEO) in Bolivia, hiring staff on your behalf, allowing you to get to know the market before committing to company formation, or providing you with staff as you go through the process of establishing your entity.
Biz Latin Hub has a lawyer in Bolivia to assist you
At Biz Latin Hub, our team of professional support experts is on hand to support you entering and doing business in the Bolivian market, or any of the other 16 markets around Latin America and the Caribbean where we have teams in place.
We offer a comprehensive portfolio of services, including company formation, accounting & taxation, and hiring & PEO, while our corporate legal services expertise means that we can provide you with a lawyer in Bolivia to meet your business needs.
Contact us today to find out more about how we can support you doing business in Bolivia.
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