Regulatory update: 7 LatAm offices report changes in July 2022

The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Bolivia, Chile, Costa Rica, Dominican Republic, Ecuador and Puerto Rico reported the following regulatory updates in July 2022 that could affect your business interests.

At Biz Latin Hub our multilingual teams of corporate support specialists based throughout Latin America and the Caribbean offer tailored packages of integrated back-office services, including legal, accounting, and recruitment, among other solutions to assist companies and investors doing business in the region.

If you are interested in doing business in Latin America and would like to learn more about how we can help you bridge cultural and linguistic barriers when entering the region, as well as support ongoing operations, contact us today.

Argentina

The Argentinean government and its institutions introduced one notable regulatory update in July:

Regulatory activity Outcomes for business
Resolution I.G.J. Nº 8/22

Published: 14.06.2022
It establishes the end of the exception period provided for meetings of administrative or government bodies held remotely, in the cases in which the bylaws have not been provided for them.

Bolivia

The Bolivian government and its institutions introduced five notable regulatory updates recently:

Regulatory activity Outcomes for business
RA AEMP N°037/2022

Published: 30.06.22
Corporations must keep a share registry book with the data indicated in the resolution and updated as of the date of the resolution.
RM 731/2022

Published: 30.06.22
A continuous 8-hour work schedule is established in the public and private sectors.
RA AEMP N°10/2022,

Published: 04.07.22
Approves the procedure for the supervision of the share register and register book of public limited companies.
Law 1448

Published: 25.07.22
In order to contribute to economic reconstruction by facilitating compliance with tax obligations, the purpose of this Law is to amend Laws No. 2492 of August 2, 2003, Bolivian Tax Code, and No. 843 (Current Ordered Text).
Decree Supreme N°4770

Published: 27.07.22
With the purpose of adapting the regulations to the Bolivian Tax Code within the framework of the provisions of Law No. 1448 of July 25, 2022, which amends Law No. 2492 of August 2, 2003, regarding effective repentance and penalties for omission of payment, the purpose of this Supreme Decree is to amend Supreme Decree No. 27310 of January 9, 2004.

Chile

The Chilean government and its institutions introduced one notable regulatory update recently:

Regulatory activity Outcomes for business
Law 21.458

Published: 14.06.2022
Modifies procedures regarding the division of rural plots of land to guarantee access to Public Spaces.

Costa Rica

The Costa Rican government and its institutions introduced two notable regulatory updates recently:

Regulatory activity Outcomes for business
Regulation of the Law to Attract Workers and Remote Providers of International Services

Published: 14.06.2022
The Regulation of the Law No. 10008 has been finally signed by the Costa Rican Presidente Rodrigo Chaves, in which Digital Nomads may apply for a 1 year visa.
Amendment of Article 27 of the Regulatory Law of Condominium Property

Published: 28.06.22
It modifies the voting system regarding the agreements to vary the proportional area of the subsidiaries in relation to the total area of the condominium or the area of common property; and also modifies the voting system regarding the agreements to vary the clauses of the articles of incorporation or the condominium and administration regulations.

Dominican Republic

The Dominican Republic government and its institutions introduced one notable regulatory update in July:

Regulatory activity Outcomes for business
Decree 31-22 

Published: 06.07.22
Issued in January but implemented in July, the decree instructs all public institutions in charge of food programs, poverty alleviation, or the protection of women, people with disabilities, elderly, children and adolescents, to purchase goods and products  produced in the Dominican territory exclusively from industrial MSMEs.

Ecuador

The Ecuadorian government and its institutions introduced two notable regulatory updates in July:

Regulatory activity Outcomes for business
Resolution No. SCVS-INC-DNCDN-2022-0010

Published: 06.07.22
New rules for holding company shareholder and partner meetings.

The Superintendence of Companies is given new capacities to intervene in corporate conflicts.
Resolution No. SCVS-INC-DNCDN-2022-0008

Published: 06.07.22
Regulation on the requirements to be included in the appointment of the legal representative and the power of attorney of the commercial companies.

New requirements are included in the appointment of company representatives:

1. Fingerprint if you are a natural person.

2. Company data and RUC number if it is a company.

Electronic signature is established as a valid means to accept documents.

Puerto Rico

The Puerto Rico government and its institutions introduced one notable regulatory update recently:

Regulatory activity Outcomes for business
Ley 41-2022  

Published: 20.06.22
Labor law reform changes. Gives employees in the private sector greater benefits (Eg. vacation days, sick days, etc.)

Biz Latin Hub can support you and your business in Latin America

At Biz Latin Hub, we have a multilingual team for legal, accounting, recruitment and company formation services, ready and waiting to support your business efforts in the Caribbean and Latin America. Our broad range of services allow our clients to do business with the peace-of-mind that they have checked all the commercial boxes, and that they are compliant with all the relevant legislative and regulatory criteria.

To learn more about how we can assist you in doing business in Latin America, contact us.

Also, you can learn more about our team of professionals and how they are enabling commercial growth across Latin America.

A BLH infogrpahic showing key services offered by the company for a regulatory updates article.
Key services offered by BLH

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