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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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