Peruvian entrepreneurs and those who intend to start a business there must adhere to the financial regulations in Peru. This will ensure that they are in good standing, as well as avoid any legal problems.
Corporate compliance includes financial regulatory compliance. This is why third-party suppliers offer cosec packages that include corporate secretarial service (cosec).
Get your corporate lawyer in PeruWe will connect you with an a reliable accounting firmYou can also contract an provider who offers many professional services. If they offer financial regulation compliance, the package will include integrated back-office service.
You may be interested in company incorporation in PeruContinue reading to find out the fundamentals of South American financial regulation compliance.
Or contact us nowFind out how our teams can help you do business in Peru or any other Latin America market.
Peruvian Market is a top destination for investments
Peru was ranked as one of the top destinations for international direct investment (FDI) in Latin America, the Caribbean and Latin America. registered at $8.89 billion in 2019
Notably, FDI as a percentage of GDP has followed a general upward trajectory over recent years — rising from 1.57% of GDP in 2000 to 3.89% of GDP in 2019 — highlighting increasing interest from international capital.
Since 2019, the Peruvian economy — like most — has suffered disruption due to the COVID-19 pandemic, with gross domestic product (GDP) declining from $228.4 billion in 2019Up to $202.01 Billion in 2020
But, according to the World Bank, GDP growth will be at least 5% by 2021. will have grown 11.3% — a figure only exceeded in the region by Guyana, which points to Peru’s strong recovery.
Peru is a major producer of gold and copper as well agricultural products. Peru’s main exports include fruits, nuts, animal fodder, and dairy products. It is important to export seafood and the fishing industry.
Nevertheless, services are becoming more important for the economy. generating 54% of GDP in 2019It is. This sector also includes providers of compliance with Peru’s financial regulations.
Peru also has the Port of Callao in Lima. It is a major hub for international trade. among the top six portsFor container throughput, Latin America and Caribbean are the best. That is bolstered by Peru’s status as a founding member of the Pacific Alliance — a decade-old economic associationThis includes Mexico, Chile and Colombia. It recently admitted Singapore as the first Associate Member as it seeks to grow beyond Latin America.
Peru is also a member of the Andean Community of Nations (CAN) — a regional integration initiative that also includes Bolivia, Colombia, and Ecuador.
All of this contributes to the Peruvian market’s popularity as an investment destination, however to take full advantage of it, you must understand and be in line with financial regulatory compliance in Peru.
Peru’s financial regulatory compliance: Key responsibilities and dates
The compliance with Peru’s financial regulations may differ depending on how Peru is run. type of entity you haveThese requirements usually apply:
An annual tax declaration You must make the payment within 3 months from the end of each fiscal calendar year. Peru’s runs from 1 January through 31 December.
Note that the actual date on which the declaration should be submitted is dictated by the last digit of the company’s tax ID number, and the tax authority (SUNATEach year, ) publishes a calendar that includes these dates.
Annual shareholders meeting (AGM).It must be completed within three months after the fiscal year ends. The AGM should take place no later than 31 March.
AGM will also discuss financial statements from the prior year. They must have been approved and submitted by the company to the SUNAT. The AGM must keep proper minutes.
Circulation It is necessary for financial regulation compliance to be in Peru. This happens usually through a board meeting.
Updating corporate booksFor Peru to be financially compliant, it is necessary to obtain the Minutes from AGMs as well as the shareholders registry.
Biz Latin Hub will assist you in Peru with your financial regulatory compliance
Biz Latin Hub is equipped with the knowledge and resources to support you in Peru when it comes to financial regulation compliance. The comprehensive range of solutions we offer includes company formation, accounting & taxation, legal services, visa processing, and hiring & PEOWe can tailor packages of back-office services that are tailored to your specific needs.
Our teams are present in Peru as well as 15 markets in Latin America and Caribbean. We also have trusted partners in the region who can expand our coverage.
Contact us nowFind out how we can help you do business in Peru.
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