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.
Table of Contents
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.
