Engaging with a registered process agent in Peru is crucial when conducting legal actions that involve parties who do not have local jurisdiction.
Regionally, Peru experienced an above average growth rate compared to its neighbors, expecting to close the year with a 2.5% GDP growth. With the lowest-registered country risk in the region, many investors consider Peru a safe option to make direct and non-direct financial investments.
As foreign investment continues to flow into the country, foreign businesses are increasingly engaging in a variety of legal agreements and international trade deals. From dealing with capital markets to civil demands and transactions that involve commercial agreements, it is essential to appoint a registered process agent that will help you handle your legal transactions swiftly and accordingly.
Learn the role of a registered process agent in Peru and why they are important for your business venture.
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What is a registered process agent in Peru?
A process agent in Peru will help you when handling legal activities in which one or more parties of an agreement don’t have a physical presence or an address in Peru.
International deals are susceptible to a change of positions and terms. In this sense, a process agent in Peru will help you ensure that you are notified of any changes or new correspondence, therefore, allowing you to take action quickly if needed.
A process agent in Peru provides a legal local address, and receives legal notifications from the Peruvian government on behalf of your business. These documents include tax payments, lawsuits, notifications or any type of judgment directed to your business.
Procedures and regulations vary depending on the country. In Peru, a person or business that doesn’t have a registered physical address in the country and wishes to carry out legal actions must appoint a registered process agent, locally known as an ‘apoderado’.
A Power of Attorney is necessary to appoint a process agent. In Peru, there are three types of Power of Attorney:
- Power of attorney with legalized signature (Carta poder con firma legalizada)
- Power out of Registry (Poder fuera de registro )
- Power by Public Deed (Poder por escritura pública).
A process agent should be granted a ‘power by public deed’ and this document should be registered in the National Superintendence of Public Registries (Superintendencia Nacional de los Registros Públicos, SUNARP). With this power the process agent will be able to execute a variety of procedures. For instance, lawsuits, rent, rent collection, purchase of real estate, bank transactions, divorce, amongst others.
The content of the Power of Attorney should specify the concept and extent of the power. For instance, the content should include whether the power grants bank representation, judicial representation or other types of powers that you deem necessary.
Why are process agents important?
Process agents provide a legal address and assure your business is on top of their legal notifications.
Process agents are important to carry out international business deals. As terms of agreements and even business’ positions can change, it is important to have a process agent to quickly take actions that will ensure your business operations are up and running before any unpredicted change occurs. Additionally, if a change occurs, you will be quickly notified and, therefore, will be able to respond swiftly and in accordance.
In Peru, there is no such thing as “serving” documents or lawsuits in-person. In the country, lawyers or representatives present a lawsuit to the court, who is then in charge of notifying other relevant parties to the court case through the post or other means. It’s therefore crucial for businesses to have a registered address in the country. The registered process agent in Peru can be this address for you, and receive these documents on your behalf.
Aside from providing a legal address, a registered process agent in Peru will keep track of your notifications and demands accordingly, and make sure all correspondence is received and returned in time and in compliance with local Peruvian law.
Important aspects when choosing a process agent
There are many factors investors should consider before choosing their registered process agent in Peru.
Process agents registered under a trustworthy company give businesses assurance of quality credentials and experience, consequently, playing a key role in giving you peace of mind regarding your legal affairs.
Availability is also an important aspect to consider. It is important that you hire an agent who has full-time availability in the country as notifications could arrive anytime. Additionally, being physically present in the country assures your business’ swift legal responses when needed.
Doing business in Peru
Peru is becoming more attractive as the country has managed to maintain consistent economic and political stability in recent years.
In the second quarter of 2019, the country received US$3.094 billion in foreign direct investment (FDI). With reported higher concentrations in energetic investments, non-financial services, mining, manufacturing, financial sectors, and hydrocarbons. Additionally, the country’s GDP is expected to grow by 3.2% in the coming year. Investors seeking to enter the rich Peruvian market, without being physically present in the country, should engage with a registered process agent.
Investors seeking to engage in non-direct investments regarding stocks, bonds, cash, real estate, and other options should meet their process agent needs with a local, experienced partner that will play a key role in guaranteeing the success of their financial operations.
Engage with a registered process agent in Peru
When dealing with international legal actions, investors rely heavily on their consultants and local partners. In this sense, it is vital to engage with a trustworthy partner that is knowledgeable on how to deal with legal procedures in Peru.
At Biz Latin Hub, we have vast experience helping investors from all over the world handle their corporate legal processes in Peru accordingly.
Our team of local corporate lawyers in Peru has a wealth of experience handling diverse legal transactions including commercial representation, company incorporation, immigration services and more. Rest assured that your legal transactions are in professional hands and will be handled with confidentiality and efficiency.