Bolivia- Tag Archives - Business News and Updates


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Why Outsource Corporate Secretarial Services in Bolivia?

Why Outsource Corporate Secretarial Services in Bolivia?

Find out what corporate secretarial services in Bolivia are available to your business from third-party providers, and how they can relieve pressures on your expanding commercial activities. One of the most important things to take into consideration when doing business in Bolivia is to ensure your company stays compliant with local corporate obligations at all times. These services will help companies to develop their activities without legal hurdles.  Any company needs the best legal, accounting and financial advice, in order to fulfil all requirements before regulatory entities on time. Being a constant support to manage companies’ compliance, corporate secretarial services will help a company in Bolivia to avoid penalties.  What are the available corporate secretarial services in Bolivia? One of the most important corporate secretarial service in Bolivia is the analysis of all company documents. Legal and financial audit One of the most important corporate secretarial service in Bolivia is the analysis of all company documents; a legal and financial audit will detect any problems in the company’s compliance with its annual obligations. Once the audit is completed, a legal report will determine if the company’s compliance is faultless. If the audit detects some pending obligations actions can be taken immediately to avoid any kinds of penalties from public entities, such as the Bolivian Tax Office. Payroll and personal Each month, the Ministry of Labor and social security demand a payroll declaration. Having corporate secretarial services in Bolivia for your...

Latest Developments in MERCOSUR Trade Deals and Negotiations

Latest Developments in MERCOSUR Trade Deals and Negotiations

The Southern Common Market (MERCOSUR) brings new trade deals and negotiations to its participating countries Argentina, Brazil, Paraguay, and Uruguay. Its goal is to generate business and investment opportunities. It has driven agreements with other countries, and the so-called Associated States, which lead to meetings and activities between those South American countries. on top of that, MERCOSUR has also brought commercial and political partnerships with countries all over the world. We point out the trade deals and negotiations that MERCOSUR member countries have set and how buinesses in MERCOSUR member countries can benefit from them.  Formal trade agreements between MERCOSUR countries Argentina-Paraguay deal supports automotive sectors In October 2019, the governments of Paraguay and Argentina signed a bilateral free trade agreement for the automotive sector, which provides for the tariff reduction for all cars that Argentina exports to Paraguay. Trade brings in new automotive products produced in the territory of both countries benefit from a 100% preference, with the exception of passenger cars and cars designed for the transport of people, to which a reduction schedule will be applied annually and automatically as follows:  The Ministries of Finance for Argentina and Paraguay signed a Memorandum of Understanding on bilateral cooperation in fiscal, economic, and integration policies to favor the creation of joint work mechanisms. 2019: 25% 2020: 50%2021: 75% 2022: 100%. The total market for new cars sold per year in Paraguay is 40,000 units....

How to Form an NGO in Bolivia

How to Form an NGO in Bolivia

Non-profit organizations (NGOs) in Bolivia emerged 30 years ago. However, to this day they still contribute significantly to the country's welfare. In a global comparison, Bolivia is an emerging country with a median average income per capita. However, Bolivia does face certain challenges in areas such as government services, climate change, industrial development, and access to drinking water and electricity in more isolated parts. With the help of NGOs, the Bolivian Government has set a series of key goals that include providing greater drinking water supplies and sanitation improvement by 2025. For this reason, it can be very profitable to gain insight into the procedure of how to form an NGO in Bolivia when doing business in the country. This article outlines briefly what you need to know about NGOs in Bolivia, the formation process and key maintenance requirements to protect and secure your operations. What is an NGO in Bolivia? With the help of NGOs, the Bolivian Government has set a series of key goals that include providing greater drinking water supplies and sanitation improvement by 2025. An NGO is a non-profit organization that works for a goal that society perceives as meaningful. NGOs usually work on a non-profit basis and operate with money collected from donations and fundraising.   Thanks to the Supreme Decree N°22409 that was issued in 1990, NGOs in Bolivia are formally recognized as “non-profit legal entities, nationals or foreigners, religious or secular nature, carrying out assistance and development activities”. All NGOs in Bolivia have the...

Changes to Bolivia’s Tax System During COVID-19 Response

Changes to Bolivia’s Tax System During COVID-19 Response

Understand key changes to Bolivia's tax system during the government's response to COVID-19. Importantly, deadlines for filing certain key corporate compliance documents have been deferred. Temporary measures aim to support businesses facing challenges with cash flows or having problems reporting their monthly and annual obligations In order to confront the consequences of the government's response to the COVID-19 outbreak, these temporary measures aim to support companies, small businesses and individuals facing difficult times with their cash flows or having problems reporting their monthly and annual obligations at the country's Tax Office (Servicio de Impuestos Nacionales). Find out these new deadlines and how your business may be impacted by these measures, and seek expert local accounting guidance to get support for your business during this time. Deadlines deferred in Bolivia’s tax system The government has announced a number of changes to Bolivia’s tax system to help the taxpayers affected by quarantine regulations in the country. Key relevant changes for businesses to take note revolve around tax declarations. The government has set the following deferred deadlines for tax declarations in Bolivia: Taxes and other obligationsRegular date for declarationNew date for declarationValue Added Tax (VAT)February-May 2020July 2020Transfer TaxFebruary-May 2020July 2020Income Tax Fiscal year 201929 April 2020 For taxpayers with fiscal year ending on 31 December 201929 May 2020  for Great and Main Contributors (GRACO and PRICO).31 July 2020 for taxpayers catalogued as...

Manage Your Business Risks With Due Diligence in Bolivia

Manage Your Business Risks With Due Diligence in Bolivia

Due diligence in Bolivia is the best way to ensure the safety and security of your business operations in the country. Future business executives should be aware of the challenges they may face when doing business in Bolivia, such as the local legislation, market behavior, and appropriate risk management. Undertaking due diligence processes will significantly improve your ability to make informed decisions when doing business in Bolivia. These processes provide business owners with critical information about companies and partners, including an extensive analysis of financial, legal, labor information, or even environmental practices. Carrying out due diligence will significantly improve your possibilities of making better decisions when doing business in Bolivia. Understanding due diligence in Bolivia Processes for due diligence in Bolivia for market entrants include in-depth investigations to analyze the profitability of expanding a new business. Collected information helps to evaluate the risks that executives may face. A local third party can carry out the appropriate market research to give comprehensive and knowledgeable feedback to the company. Both parties can operate under a confidentiality and exclusivity agreement to undertake this work. With the information gathered from due diligence research, executives can understand potential strategies, liabilities and contingencies to enter the market. Why is due diligence important in Bolivia? Bolivia’s economy has grown considerably in the last few years due to the extraction and export of natural gas, silver, zinc,...

Overview of Import and Export Regulations in Bolivia

Overview of Import and Export Regulations in Bolivia

When your business expands, you may consider importing and exporting goods as the next step. Bolivia is a resource rich country, benefitting from its geographical location within the Andean Community. Its gross domestic product (GDP) was US$39 billion in 2019 according to the World Bank. Before expanding, understanding import and export regulations in Bolivia is necessary to ensure legal compliance and positive economic returns. Bolivia’s economy has been growing in the last few years, mainly due to its exports of commodities such as natural gas, silver, zinc and soy. Another important sector is the manufacturing industry which corresponds to 14-15% of Bolivia’s gross domestic product annually. Imports and exports in Bolivia Bolivia has signed regional, sub-regional and bilateral trade agreements with the goal of opening the country to foreign investors. These agreements create new and favourable regional import and export regulations for Bolivia, making it more investor friendly. Bolivia's exports represent 26% of its GDP and imports represent 31.1%. This legal framework sparks the interest of new investors to Bolivia, a country with manageable risk levels. According to the World Integrated Trade Solution, Bolivia's openness to foreign trade generates export volumes that represent 26% of its GDP and imports representing 31.1% of its GDP. Major Bolivian exports are petroleum gas and other gaseous hydrocarbons (US$2.59 billion); zinc ores and concentrates (US$1.34 billion); gold, including gold plated with platinum, in bulk, semi-manufactured or in powdered form (US$1.04...

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