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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.
Biz Latin Hub’s multilingual corporate support teams are based in Latin America and the Caribbean and offer customized packages of integrated back office services including legal, accounting and recruitment.
For more information on how we can assist you in achieving your commercial goals, please click here contact us today.
Bolivia
In September, the Bolivian government introduced a notable regulatory update:
| Regulation activity | Business outcomes |
| Supreme Decree N°4579 Published: September 2, 2021 |
No. 1391, of August 31st, 2021, establishing tax incentives for the agricultural, industrial, construction, and mining sectors. |
Colombia
One notable regulatory update was made by the Colombian government and institutions in September.
| Regulation activity | Business outcomes |
| Law 2155 Published (pdf(): September 14th 2021 |
This law modifies measures to encourage social investment, tax relief and tax normalization and aid to businesses affected by the pandemic. |
Ecuador
Three notable regulatory updates were made by the Ecuadorian government in September by its institutions.
| Regulation activity | Business outcomes |
| Resolution No. No. Published: September 1, 2021 |
The list of prohibited products that are not allowed to be imported into Ecuador is being updated. Examples include explosives, toxic waste, or materials that impact the ozone layer. |
| Agreement MPCEIP-DMPCEIP-2021-0062 Published: August 11th 2021 |
New regulation for compliance officers at entities that require control over the Financial Analysis Unit. This document describes the new accreditation process that will allow you to be listed as a compliance officers. |
| Presidential Decree No. No. Published: August 26th 2021 |
For sending foreign currency abroad, registered airlines with Ecuadorian operating permits will be charged a 0% fee This means that they won’t have to pay the Ecuadorian currency exit tax. |
Panama
Two notable regulatory updates were made by the Panamanian government and institutions in September.
| Regulation activity | Business outcomes |
| Resolution No. Resolution No. Published: September 10, 2021 |
As of October 1, 2021, Panama’s legal stay period for tourists has been extended to 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 on the day the state of emergency due to the Covid-19 pandemic is lifted. |
Uruguay
In September, the Uruguayan government and institutions made a notable regulatory update:
| Regulation activity | Business outcomes |
| Public and private labor activity Published: September 10, 2021 |
Determination of application of Law 19.947 relating to special schedules of public and private workers who choose to get vaccinations under the immunization plan for the SARS/CoV-2 VIRUS (COVID-19). |
Biz Latin Hub can help you do business with Latin America
At Biz Latin Hub, our multilingual company formationOur team of legal, accounting, and recruitment professionals is ready to help you do business in Latin America. Our complete range of market entry and back office services ensures that our clients are compliant with all 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.
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