Regulatory Update: 5 LatAm Offices Report Changes in September 2021

The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Colombia, Ecuador, Panama, and Uruguay reported the following regulatory updates in September 2021 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, 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 one notable regulatory update in September:

Regulatory activity Outcomes for business
Supreme Decree N°4579
Published:
September 2nd, 2021
Regulates Law No. 1391, of August 31st, 2021, establishing  tax incentives for the agricultural, industrial, construction, and mining sectors.

Colombia

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

Regulatory activity Outcomes for business
Law 2155
Published (pdf):
September 14th, 2021
This law modifies measures to promote social investment, tax relief, tax normalization, and aid to companies affected by the pandemic.

Ecuador

The Ecuadorian government and its institutions introduced three notable regulatory updates in September:

Regulatory activity Outcomes for business
Resolution No. 010-2021
Published:
September 1st, 2021
Updating of the list of prohibited products for importation in Ecuador. Examples include explosive products, toxic waste, and materials that affect the ozone layer.
Agreement MPCEIP-DMPCEIP-2021-0062
Published:
August 11th, 2021
New regulation for compliance officers of entities that require control of the Financial Analysis Unit (NGO).
Describes new accreditation process to be listed and qualified as a compliance officer.
Presidential Decree No. 543
Published:
August 26th, 2021
Registered airlines with operating permits in Ecuador will pay a 0% fee for sending foreign currency abroad.
That is, they will not pay the foreign currency exit tax that is normally charged for transferring money from Ecuador abroad.

Panama

The Panamanian government and its institutions introduced two notable regulatory updates in September:

Regulatory activity Outcomes for business

Resolution No. 22706
Published:
September 10th, 2021
As of October 1st, 2021, the legal period of stay for tourists in Panama is restored, which may not be longer than three months.
The resolution 22706  except the effects of resolution 22068 to citizens of the United States and Canada, who will have an authorized tourist period of six months.
Law 238
Published:
September 15th, 2021
The scope of maternity leave is extended to the father and vacations are granted in the event of the mother’s death.
It will take effect the day after the state of emergency is lifted due to the Covid-19 pandemic.

Uruguay

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

Regulatory activity Outcomes for business
Public and private labor activity
Published:
September 10, 2021
Determination of the application of the benefit of Law 19.947, relating to special schedules for public and private workers who choose vaccination done under the immunization plan against the SARS-CoV-2 VIRUS (COVID-19).

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.

The main services offered by BLH include legal services, accounting and taxation, contracting and PEO, due diligence, tax advice and visa processing.

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