Legal- Tag Archives - Business News and Updates

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What are Companies’ Corporate Compliance Requirements in Peru?

by Legal Team Peru | Aug 15, 2020

The Peruvian economy has enjoyed two distinct phases of economic development in the last century. Between 2002 and 2013, Peru’s outstanding GDP growth with a rate of 6.1 percent annually and is now considered one of the fastest-growing economies in Latin America. Nevertheless, in order to take advantage of business opportunities in the country, foreign executives must be aware of all corporate compliance requirements when establishing a company. Regarding local industries, Peru’s extensive mining sector, containing base and precious metals, makes the country a mining global leader. Likewise, its continuous effort to promote a friendly investment environment makes Peru the third country in the regional ranking of ease of doing business in Latin America. More specifically, foreing executives receive the same treatment as local business executives. There is free transfer of capital and there is unrestricted access to most economic sectors. Consequently, it is an optimal country to expand your business. Learn about the corporate compliance requirements to do business in Peru. Legal structures in Peru to understand corporate compliance Foreign executives doing business in Peru must be aware of all corporate compliance requirements and legal structures available to establish a business in the country, such as Joint-Stock Companies, Closely-Held Corporations, Publicly Held Corporations, and Limited Liability Companies. Different legal structures allow you to establish a company in Peru. The following are some of the main characteristics of legal structures in Peru:...

Biz Latin Hub Expands: Leading Market Entry and Back-Office Services in Guatemala

by Legal Team Guatemala | Jun 8, 2020

Biz Latin Hub is now offering multilingual and multidisciplinary market entry and back-office services in Guatemala. Guatemala has demonstrated consistently positive GDP growth since 2009, and serves as a strategic hub for businesses operating across the Americas. Growth in certain Central American economies in recent years has attracted a number of foreign companies to the region, especially those interested in manufacturing, technology, and establishing trade channels to both Northern and Southern markets. Within the region, Guatemala has demonstrated consistently positive GDP growth since 2009, and serves as a strategic hub for businesses operating across the Americas. In December 2019, the Global Entrepreneurship Monitor identified Guatemala as a country with high entrepreneurial spirit and Established Business Ownership. Biz Latin Hub’s Managing Director, Craig Dempsey, says, “as a market leader for end-to-end market entry and back-office services in Latin America, we couldn’t overlook the potential for international business community in this entrepreneurial nation.” “Guatemala is a top economic performer in Central America, and offers a number of incentives to help businesses thrive. We are excited to be able to support our clients entering this emerging market.” Explore our full range of market entry and back-office services in Guatemala Founded in Colombia in 2014, Biz Latin Hub now operates across 16 countries in Latin America and the South Pacific. With our team of legal, accounting, payroll and trade specialists, we can offer end-to-end support for foreign...

Opportunities for Fintech Business in Guatemala

by Legal Team Guatemala | Jun 3, 2020

Opportunities for Fintech business in Guatemala are growing as the country has seen a significant increase in Fintech start-ups and operational companies. Guatemala is one of the most popular countries in Central America to start your business in. In Latin America, the biggest Fintech countries Mexico with 238 start-ups, Brazil with 219, Colombia with 124, Chile with 75, Argentina with 60, Perú with 47 and Ecuador with 31. Guatemala still offers many niches for Fintech start-ups. Gain insight into the opportunities for the Fintech business in Guatemala. Find out about opportunities for fintech business in Guatemala, an up and coming economy in Central America. A breakdown of Fintech in Guatemala The function of these financial companies is to offer more dynamic tools: fast money transfers, loans, purchase and sale of properties, investments, and financial advice. Fintech, also known as “Financial Technology”, refers to all companies that offer banking or financial products and services adapted to modern technology to provide more efficient services to all users. The greatest strength of fintech companies is that they offer a business model focused on existing and new clients. The function of these financial companies is to offer more dynamic tools: fast money transfers, loans, purchase and sale of properties, investments, and financial advice. This guarantees a simpler process for the user and a reduction in costs for the company through virtual processes. Some emerging fintech segments in Guatemala include: Payment and remittanceBusiness financial...

May 2020 Regulatory Update: Bolivia, Colombia, Costa Rica, Panama, Paraguay

by Team Latin America | May 28, 2020

Our senior legal and accounting experts deliver monthly updates on regulatory and other changes in their respective countries in Latin America. Find out regulatory changes occurring across Latin America that may impact you and your business. Extension for Registry of Commerce renewal in Bolivia Bolivia's response to the COVID-19 includes an extension of the deadline for commercial renewal with the Registry of Commerce. In Bolivia, the government’s response to the COVID-19 pandemic has included an extension of the typical deadlines for companies to provide certain documents to government agencies out to 29 May. These documents include: Annual Financial Statements,the company’s Annual Report 2019, andIncome Tax Declaration. As such, the deadline for commercial renewal with the Registry of Commerce (Registro de Comercio) will be rescheduled. The official due date is pending confirmation from government officials. Colombia reduces contributions from employees and employers In Colombia, Decree 558 of 2020 reduced the required pension contributions from employers and employees in order to increase business cash flow and disposable income for individuals. This is part of Colombia’s overall initiative to prevent mass job loss. These pension contributions are reduced from 16% to 3% - 2.5% from employers and 0.5% from employees). Other Decrees and Circulars announced by Colombia during their COVID-19 Pandemic response include: Circular 021: outlines options for flexible working arrangements, and options to take vacations in advance to avoid further layoffs.Circular 022: confirms...

Expand with Expert Corporate Legal Services in Latin America

by Team Latin America | Mar 9, 2020

Latin America offers plenty of opportunities for foreign businesses. The region develops rapidly and attracts the attention of many overseas companies. Opportunity-seekers take advantage of unsaturated markets, a talented labor pool, and a steadily growing GDP. While expanding your market to Latin America, you have to coordinate through laws and regulations that can differ tremendously from your familiar environment. That’s why legal services in Latin America are invaluable. Outsourcing functions such as market research, human resources, and administrative paperwork reduces the pressure on your employees. Additionally, outsourcing functions eliminates the risk of non-compliance in a new market with unfamiliar regulations. When seeking externally provided legal services in Latin America, local experts take to handle your non-revenue related work. Find out about the services and value of externally-provided back-office services in Latin America, and how they can support your successful expansion in the region. Why expand your business to Latin America? After LATAM has grown its GDP by 0.6% in 2019, the region is likely to rise by another 1.4% in 2020, topped by 2.1% in 2021, as forecasted by BBVA Research, a firm that publishes economic analyses since 1932. Latin America offers business expansions for many sectors, but especially for global tech companies. By 2020, almost 100% of the Latin American population will have access to the internet via a mobile device. That is a market of 450 million people. Latin America offers prosperous opportunities for tech companies...

Labor Laws to Consider When Hiring Employees in New Zealand

by Legal Team New Zealand | Jun 21, 2019

As the third-freest economy in the world, New Zealand is an attractive environment for the incorporation of a company. The small country receives large sums of foreign direct investment, global trade, and has its fair share of free trade agreements. Given all these enticing characteristics of the economy, it’s no wonder so many foreign investors and entrepreneurs are looking to set up in New Zealand. However, there are a host of new labor laws and regulations in the country to be aware of when moving a business to New Zealand. Since the instatement of Prime Minister Jacinda Ardern in 2017, new labor laws and union activity are changing the way people do business. Ardern, the leader of New Zealand’s Labour Party, is working to make working conditions and labor union rights more fair. Experts say the changes she made are some of the most influential changes in the New Zealand employment law. We give a comprehensive overview of the recent changes and regulations below. General changes to employment law In terms of general changes to employment law, the New Zealand government established a handful of new laws in the overall employment law sector. These changes include adjustments to wages, leave, and employee protections. The Minimum Wage Act could be one of the most influential changes for businesses. Recently, the minimum wage increased to $17.70 on April 1, 2019. The government is committed to increasing the wage further. By April, 2021, the national minimum wage will be $20.00. As for paid-leave, rules and regulations are favorable for employees due to the Parental Leave...

Apply to Produce Cannabis in Colombia

by Our Cannabis Sector Experts | Jun 18, 2019

Biz Latin Hub's legal experts on cannabis follow legislative changes closely and provide expert advice to businesses moving into the industry. As researchers uncover more positive medicinal uses for cannabis and prejudice surrounding the plant falls, a wealth of business opportunities are blooming. At the forefront of this industry is Colombia, a country with progressive legislation and an attractive environment conducive to a cannabis boom. Through a specialized team with extensive experience in the legalities surrounding cannabis, Biz Latin Hub is offering companies a professional process to getting licenses, registration, and approval. With our team of cannabis legal experts, companies can start operations and generate revenue quickly. Biz Latin Hub's team follows legislative changes closely and provides expert advice to businesses moving into the industry. The culmination of Colombia’s ideal environment, structured legislation, and Biz Latin Hub’s streamlined application process makes getting involved in the cannabis market a no-brainer. The potential to become the world’s leading medicinal cannabis supplier continues to excite and attract foreign investors and business people to Colombia. Colombia’s legislation surrounding cannabis production In 2015, Colombia’s government legalized the cultivation, sale, and use of cannabis for medicinal purposes. This prompted a wave of guidelines and regulations to surface to ensure the safety and legality of the industry. Currently, the law requires companies and/or individuals to obtain one of four licenses available for...