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Regulatory Update: 8 LatAm Offices Report Changes in August 2021


The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Panama, and Uruguay reported the following regulatory updates in August 2021 that could affect your business interests.

Biz Latin Hub has multilingual back-office specialists located throughout Latin America and Caribbean. They offer integrated support packages that include legal, accounting, and recruitment to help investors and companies doing business in the region.

To learn more about our services and how we can help your business achieve its commercial goals, contact us today.

Bolivia

The Bolivian government introduced seven significant regulatory updates in August.

Regulatory activity Business outcomes
Normative Resolution No. 102100000011
Published:
August 11, 2021
Regulates the invoice system in Bolivia,  will enter into force December 1, 2021
Law No. 1386
Published:
August 16th, 2021
Approves the ‘National Strategy to Deal with the  Legitimation of Illicit Profits and Terrorism Financing’
Supreme Decree No. 4570
Published:
August 18th 2021
Regulates the use of special working conditions during the COVID-19 Pandemic.
Notice N° 032/2021
Published:
August 23rd 2021
The Ministry of Labor allowed the regularization of Biosafety Protocols up to September 17th for companies who had not submitted their documentation on-time.
Supreme Decree  N°4576
Published:
August 25th 2021
It is possible to permit the immigration regularization of foreigners living in Bolivian territory in an irregular situation.
Supreme Decree  N°4577
Published:
August 26th, 2021
Increases the time for biosafety precautions, actions and epidemiological surveillance established in Supreme Decree No. 4451, January 13, 2021
Law N°1390
Published:
August 26th, 2021
‘Strengthening Law for the Fight Against Corruption’ new measures for companies’ criminal liability with penalties such as Revocation of Legal Personality; Economic Sanctions, Penalty fine, among others. 

Chile

One notable regulatory update was made by the Chilean government and institutions in August.

Regulation Business outcomes
Law 21.2366
Published:
August 25th 2021
Modernizes and improves the company/legal entity registration system and procedures.

Colombia

In August, the Colombian government introduced four significant regulatory updates:

Regulatory activity Business outcomes
Law 2125
Published (pdf(English)
August 4th 2021
This law creates incentives for the formation, formalization, strengthening and strengthening micro, small, and medium-sized businesses led by women.
Law 2136
Published (pdf(English)
August 4th 2021
This Law establishes the definitions, principles, and guidelines for the regulation and orientation of the Integral Migration Policy – PIM, of the Colombian State; in relation to the spaces of direction, institutional coordination, strengthening of competencies for migration management and normative development, in accordance with the international instruments in the field of Human Rights.
Law 2141
Published (pdf(English)
August 4th 2021
The Law 2114 of 2021 was passed by the Colombian Congress. It covers paternity leave and shared leave as well as flexible part-time, flexible, and anti-discriminatory leave. This law prohibits the termination of any worker whose spouse is, partner, or permanent partner is pregnant or within eight weeks of childbirth, and is not formally employed.
Law 2145
Published (pdf(English)
August 10th, 2021
Approves the ‘Temporary Importation Agreement’ done in Istanbul, Turkey made on June 26, 1990.

Costa Rica

In August, the Costa Rican government and institutions made a notable regulatory update:

Regulatory activity Business outcomes
Digital Nomad Law
Published:
August 11, 2021
One year visas available with expedite processing and tax exemptions

Ecuador

Three notable regulatory updates were made by the Ecuadorian government in August by its institutions.

Regulation Business outcomes
Ministry Agreement No. MDT-2021-214
Published:
August 2nd 2021
Guidelines for the safe and progressive return to face-to–face work in the private sector
Resolution No. SCVS-INMV-DNFCDN-2021-0011
Published:
August 11, 2021
Companies that fail comply with Ecuador’s regulations can be subject to new sanctions by the superintendency.
Regulations Law 165
Published:
August 26th, 2021
These regulations regulate precisely the arbitration and mediation procedures that can used in private contracts to avoid going to common courts.

El Salvador

Recently, the Salvadoran government and its institutions made a notable regulatory update:

Regulatory activity Business outcomes
Decree No. 9 & 10
Published:
July 7, 2021
Base salary increased from $304.17 – $360

Panama

Recently, the Panamanian government and its institutions made a notable regulatory update:

Regulatory activity Business outcomes
Executive Decree No. 226
Published:
July 21st 2021
Peru is now included under the friendly nations visa

Uruguay

In August, the Uruguayan government and institutions made a notable regulatory update:

Regulatory activity Business outcomes
Telework Promotion and Regulation Law
Published:
August 11, 2021
This bill, which has been in progress for several months in Uruguay, seeks to adapt a new telework system outside of the employer’s physical environment.

Biz Latin Hub can help you do business with Latin America

At Biz Latin Hub, our multilingual company formationOur team of legal, accounting, recruitment, and accounting 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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