Regulatory update: 6 LatAm offices report changes in March 2022

The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Colombia, Costa Rica, El Salvador and Uruguay reported the following regulatory updates in March 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.

Bolivia

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

Regulatory activity Outcomes for business
Decree Supreme N° 4596

Published: February 1st, 2022
New Plurinational Commercial Registry Service (SEPREC) starts activities as of April 1, replacing Fundempresa.

Chile

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

Regulatory activity Outcomes for business
Law 21.431

Published: March 11th, 2022
Updates the Labor Codex extending its protection and reach to workers from “digital services platforms” (Apps).

Colombia

The Colombian government and its institutions introduced one notable regulatory update in March:

Regulatory activity Outcomes for business
Resolution 37, DIAN
Published: March 17th, 2022
“Whereby articles 4, 10 and 13 of Resolution 164 of 2021 (Beneficial owner) of the DIAN are amended.”

Changes made:
1. Foreign legal entities whose total investment in Colombia is not made in legal entities, permanent establishments and/or structures without legal personality must declare their beneficial owner.
2. The term to declare the RUB changes: The term will be from September 30 to December 31, 2022.

Costa Rica

The Costa Rican government and its institutions introduced one notable regulatory update in March:

Regulatory activity Outcomes for business
Law No. 10.113

Published: March 2nd, 2022
The law seeks to regulate and allow access to and use of cannabis and its derivatives exclusively for medicinal and therapeutic use and authorizes the production, industrialization and commercialization of hemp for industrial and food use.

El Salvador

The Salvadoran government and its institutions introduced one notable regulatory update in March:

Regulatory activity Outcomes for business
Emergency regime decree, effective for 30 days

Published: March 27th, 2022
Although the emergency regime does not directly affect businesses, they have been indirectly affected as foreign investors see the security crisis in El Salvador as a risk.

Uruguay

The Uruguayan government and its institutions introduced one notable regulatory update in March:

Regulatory activity Outcomes for business
Decree No. 86/022

Published: March 17th, 2022
REGULATION OF LAW 19.978 CONCERNING TELEWORKING
A law was created in Uruguay to regulate some concepts related to teleworking.

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 comprehensive portfolio of market entry and back-office services means our clients operate 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 assist you doing business.

Or learn more about the teams of professionals we have enabling commercial expansion across Latin America.

A Biz Latin Hub infographic of the key services pro
Key services offered by Biz Latin Hub

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