Regulatory Update: 8 LatAm Offices Report Changes in August 2021

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.

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.

Tags:

Categories: LATAM | Regulatory Update

Pin It on Pinterest

Share This

Share This

Share this post with a friend or colleague!