If you are considering company formation in Peru, you will want to find a good corporate lawyer. Because, even though starting a business is relatively straightforward, a reliable corporate lawyer in Peru will have extensive experience of operating in the market and be able to guide you through the process in the shortest time possible.
Peru has been one of the fastest-growing economies in Latin America and the Caribbean over the past ten years, and its economy is the fifth-largest by gross domestic product (GDP), which was registered at $226.8 billion in 2019 — more than quadruple the figure registered in 2001 (all figures in USD).
That rise in GDP has been met by a corresponding increase in prosperity, with gross national income (GNI) more than tripling during the same period to reach $6,740 per capita in 2019, a figure that places the country as an upper-middle income nation by international standards.
Peru is also one of the prime destinations for foreign direct investment (FDI) in the region, with FDI inflows of $8.89 billion recorded in 2019. One of the biggest draws for foreign investors is the country’s famed mining industry, with abundant reserves of copper and precious metals, while petroleum oil represents another key export product.
However, the country also boasts a diversified economy offering many other investment opportunities, including a large agricultural sector accounting for almost 7% of GDP and responsible for important export products including fruits, nuts, and soy for animal fodder. Meanwhile, manufacturing accounts for more than 31% of GDP, with the garments industry important to the export economy.
However, it is the fast-growing services industry that generates the most GDP — rising from under 49% to almost 54% between 2008 and 2018 — with the country boasting a growing tech industry that can be expected to contribute significantly to post-pandemic recovery.
That recovery is already in march, with Peru exports surpassing pre-pandemic levels in the first quarter of 2021.
If you are interested in doing business in this fast growing Andean economy, read on to understand how to find a good corporate lawyer in Peru, as well as some of the areas in which they will be able to assist you. Or go ahead and contact us now to discuss your business needs.
Find a good corporate lawyer in Peru
If you are a foreign executive or business owner looking to enter the Peruvian market, you will want to select an attorney with the experience and know-how to turn your commercial plans into reality.
That means securing a lawyer in Peru with a strong track record of assisting foreign investors, and a sound knowledge of the type of business you are intending to establish.
Depending on your business needs, you may wish to seek a dedicated law firm. However, many investors find that a provider with a broader portfolio of services — including the likes of accounting, recruitment, and commercial representation — suits them best, because it allows them to use one provider to cater to a wider range of needs.
Furthermore, while almost every corporate lawyer in Peru will have a grounding in English, the country has one of the lowest English proficiency levels in the region, meaning that standards can vary widely among professionals. As such, if you do not have a sound grasp of Spanish — the most widely spoken official language in the country — you will want to seek out a provider who can communicate effectively in English.
Areas a corporate lawyer in Peru can assist with
A corporate lawyer in Peru will be able to assist you in a wide range of matters, including but not limited to:
Intellectual property: In order to protect your brand or commercial ideas, you will need to secure your intellectual property via trademark and product registration — something your corporate lawyer in Peru should have experience doing.
Labor law: Assuming that your business will need a local workforce, your corporate lawyer in Peru should also have a deep knowledge and strong track record in dealing with local labor and employment law, in order for you to manage those employees in a fair and compliant manner.
Trade law: Where your business is engaged in international trade, your attorney in Peru should be able to assist in a wide range of areas, including import/export invoicing and registrations, transfer pricing, and other aspects of international commerce.
Tax law: Effectively planning your taxes can be critical to the success of your business, and your corporate lawyer in Peru should have a sound understanding of the legislation and opportunities on offer, based on the type and structure of your business.
Mining law: If you are planning to enter Peru’s large and lucrative mining industry, you will want to seek out a legal services provider with the necessary expertise and knowledge of local mining law in order to help you manage your operations effectively and in full compliance with Peruvian regulations.
Biz Latin Hub can provide corporate legal services in Peru
At Biz Latin Hub, our multilingual team of legal services experts has the specialist knowledge and experience to guarantee that your business runs smoothly. With our complete portfolio of corporate support services, including accounting, visa processing, recruitment, and commercial representation, we can be your single point of contact for entering and operating in Peru, or any of the other 17 jurisdictions in Latin America and the Caribbean where we operate.
Reach out to us now for a consultation or free quote.