The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Panama, and Uruguay reported the following regulatory updates in August 2021 that could affect your business interests.
At Biz Latin Hub our multilingual teams of back-office specialists based throughout Latin America and the Caribbean offer integrated back-office support packages, including legal, accounting, recruitment and other services to assist companies and investors doing business in the region.
If you would like to learn more about how we can help you reach your commercial goals, contact us today.
Table of Contents
Bolivia
The Bolivian government and its institutions introduced seven notable regulatory updates in August:
| Regulatory activity | Outcomes for business |
| Normative Resolution No. 102100000011 Published: August 11th, 2021 | Regulates the invoice system in Bolivia, will enter into force December 1, 2021 |
| Law No. 1386 Published: August 16th, 2021 | Approves the ‘National Strategy to Deal with the Legitimation of Illicit Profits and Terrorism Financing’ |
| Supreme Decree No. 4570 Published: August 18th, 2021 | Regulates the application of special working conditions during the COVID-19 pandemic. |
| Notice N° 032/2021 Published: August 23rd, 2021 | The Ministry of Labor enabled the regularization process for Biosafety Protocols until September 17th for companies that did not comply with their documentation on time. |
| Supreme Decree N°4576 Published: August 25th, 2021 | Exceptionally, it allows the immigration regularization of foreigners in Bolivian territory with an irregular situation, as well as establishing their conditions and requirements. |
| Supreme Decree N°4577 Published: August 26th, 2021 | Extends the time of biosafety measures, actions, and epidemiological surveillance, established in Supreme Decree No. 4451, on January 13th, 2021 |
| Law N°1390 Published: August 26th, 2021 | ‘Strengthening Law for the Fight Against Corruption’ new measures for companies’ criminal liability with penalties such as Revocation of Legal Personality; Economic Sanctions, Penalty fine, among others. |
Chile
The Chilean government and its institutions introduced one notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Law 21.2366 Published: August 25th, 2021 | Improves and modernizes Company / Legal entity registering system and procedures. |
Colombia
The Colombian government and its institutions introduced four notable regulatory updates in August:
| Regulatory activity | Outcomes for business |
| Law 2125 Published (pdf): August 4th, 2021 | In this law, incentives are established for the creation, formalization, and strengthening of micro, small and medium-sized enterprises led by women, and other provisions are issued. |
| Law 2136 Published (pdf): August 4th, 2021 | This Law establishes the definitions, principles, and guidelines for the regulation and orientation of the Integral Migration Policy – PIM, of the Colombian State; in relation to the spaces of direction, institutional coordination, strengthening of competencies for migration management and normative development, in accordance with the international instruments in the field of Human Rights. |
| Law 2141 Published (pdf): August 4th, 2021 | Colombian Congress enacted Law 2114 of 2021 on paternity leave, shared leave, flexible part-time leave, and anti-discriminatory measures. Through this law, the dismissal of any worker whose spouse, partner, or permanent partner that is pregnant or within 18 weeks of childbirth and is not formally employed is prohibited. |
| Law 2145 Published (pdf): August 10th, 2021 | Approves the ‘Temporary Importation Agreement’ done in Istanbul, Turkey made on June 26, 1990. |
Costa Rica
The Costa Rican government and its institutions introduced one notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Digital Nomad Law Published: August 11th, 2021 | One year visas with expedite procedure and tax exemptions |
Ecuador
The Ecuadorian government and its institutions introduced three notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Ministry Agreement No. MDT-2021-214 Published: August 2nd, 2021 | Guidelines for the progressive and safe return to face-to-face work activities in the private sector. |
| Resolution No. SCVS-INMV-DNFCDN-2021-0011 Published: August 11th, 2021 | The superintendency of companies in Ecuador introduces new sanction procedures for companies that have failed to comply, improving its criteria. |
| Regulations Law 165 Published: August 26th, 2021 | The arbitration and mediation procedures that can be used in private contracts and avoid going to common courts are precisely regulated. |
El Salvador
The Salvadoran government and its institutions introduced one notable regulatory update recently:
| Regulatory activity | Outcomes for business |
| Decree No. 9 & 10 Published: July 7th, 2021 | Base salary increased from $304.17 to $360 |
Panama
The Panamanian government and its institutions introduced one notable regulatory update recently:
| Regulatory activity | Outcomes for business |
| Executive Decree No. 226 Published: July 21st, 2021 | Peru is now Included under the friendly nations visa. |
Uruguay
The Uruguayan government and its institutions introduced one notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Telework Promotion and Regulation Law Published: August 11th, 2021 | This bill has been being worked on for many months in Uruguay and seeks to adapt a new telework regime outside the physical environment provided by the employer. |
Biz Latin Hub can support you doing business in Latin America
At Biz Latin Hub, our multilingual company formation, recruitment, accounting, and legal professionals are ready to support you doing business in Latin America and the Caribbean. Our full suite of market entry and back-office services leaves our clients safe in the knowledge they have all commercial bases covered and are fully compliant with current legislation and regulatory requirements.
Contact us now to learn more about how we can help you comply with the regulatory environment in Latin America and the Caribbean.
Learn more about the teams of professionals we have enabling commercial expansion across Latin America.
