Product registration in Peru is essential if you wish to import, distribute, or commercialize a product in the country, with a range of regulations to comply with in order to maintain your company in good standing with local authorities. When doing business in Peru that involves selling a product on the market, you will need to register it if you want to protect your brand and give yourself the greatest chance of commercial success.
Peru has witnessed political and economic stability in recent years, contributing to consistent growth in its gross domestic product (GDP), which reached $226.8 billion (all figures in USD) in 2019. The Andean country is currently the sixth-largest economy in Latin America and has one of the lowest inflation rates in the region.
In addition, Peru has enjoyed positive foreign direct investment (FD) inflows, which hit $8.9 billion in 2019. The country has also reached free trade agreements (FTAs) with countries in Asia, Europe, and North America and since 2011 the country has been a member of the Pacific Alliance — a regional trade integration bloc that offers foreign companies operating in Peru privileged access to the markets of the other members, Chile, Colombia, and Mexico.
Peru has experienced an increase in its export operations of agricultural products, a situation that has considerably reduced poverty rates in rural areas. The country’s main export commodities include copper ore, gold, and refined petroleum, while its main export destinations are Canada, China, South Korea, Switzerland, and the United States.
If you are thinking of entering the Peruvian market, or have already established a commercial presence in the country, read on to learn about product registration in Peru. Or go ahead and contact us now to discuss your business options.
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Understanding product registration in Peru
Product registration in Peru involves a thorough assessment of the specifications of your product, with the aim of verifying if it complies with the local trade requirements to guarantee the safety of consumers. Note that in addition to registering a product, you can also register a logo, trademark, number, or literary and artistic works.
By registering a product in Peru, or other type of intellectual property, you will become its sole owner in the eyes of the government and your organization will be the only one authorized to market it in the country. Keep in mind that the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) is the public body that protects intellectual property and consumer rights in Peru. You must go to this entity to register your product.
Main advantages of patenting your product in Peru
By patenting a product in Peru, the government will grant you the sole right of commercialization and will exclude other people who may otherwise seek to benefit from it. For this reason, knowing about product registration in Peru is vital to protecting your patent and mitigating any risk of plagiarism. Some of the main advantages of patenting your product in Peru include:
- By patenting a product, you will be able to access benefits that the government grants to encourage innovation and the progress of entrepreneurs in the country.
- If you decide to patent a product in Peru, you will be the only one with the right to market said product in the country, which gives you a considerable advantage over other companies, increasing the chances of commercial success.
- By enjoying the sole endorsement of the state for the commercialization of your product, you will be able to apply a much more relaxed pricing policy, which allows you to adjust the price to recover your investment.
- By patenting a product, you will be able to form alliances with other investors, expanding your business to other destinations.
Note that there are two types of patents in Peru, including patents for invention and patent for utility models. The first protects a product that must be novel and for industrial application, while the second protects any new invention or product that is useful.
Product registration in Peru: patent application
According to the regulations of product registration in Peru, the documents required to patent a product in the country include:
- Application form F-DIN-01, which contains specific data of the product or invention to be patented
- Technical documents: descriptions and drawings that facilitate understanding of the invention, claims, and summary
- Proof of payment of the fee
In addition, the following documents may be required:
- Power of attorney, in the event that an authorized representative is appointed to represent you
- Transfer of patent rights to the applicant, in the event that the applicant is different from the inventor
- Documents that certify the license or authorization for the use of traditional knowledge of indigenous, Afro-American, or local communities
- Certificate of deposit of biological material issued by the competent entity
Register your products in Peru with the help of Biz Latin Hub
At Biz Latin Hub, our multilingual team of corporate legal services specialists has vast experience assisting foreign investors with product registration in Peru, as well as with company formation, commercial representation, HR services, and many other types of commercial support. With our full suite of market entry and back-office services, we can be your single point of contact to develop commercial operations in Peru, or in any of the other 15 countries across Latin America and the Caribbean where we are present.
Reach out to us now to start your commercial expansion.
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