Anyone doing business in the Peruvian market or intending to launch there, will need to adhere to financial regulatory compliance in Peru in order to maintain their good standing and avoid legal inconveniences. This is part of wider corporate compliance and forms an important element of corporate secretarial services packages required by all companies in Peru.
Your corporate lawyer should be able to link you up with a reliable accounting firm, or if you contract a provider that offers a broad portfolio of professional services, it will be able to offer financial regulatory compliance in Peru as part of a package of integrated back-office services.
If you want to incorporate a company in Peru, we can help you get started. Contact us now to find out more about how we can support you doing business in any of the markets in Latin America and the Caribbean where we have dedicated local teams in place. Read on to learn the basics of financial regulatory compliance in Peru.
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Why invest in Peru?
Peru is one of the most popular destinations in Latin America and the Caribbean for foreign investors, illustrated by its high levels of foreign direct investment (FDI). FDI as a percentage of GDP has followed a general upward trajectory over recent years — rising from $2 billion in 2021 to $5.1 billion in 2022 — highlighting increasing interest from international capital. The World Bank has predicted that in 2024, the economy will grow by 2.3%.
Peru is famous for being a significant producer of gold, copper, and agricultural products, with fruits, nuts, and animal fodder among its key exports. The fishing industry is also very important, with seafood another key export. Meanwhile, the services sector is becoming increasingly important to the economy. In 2022, services made up 49% of GDP. This sector includes providers of financial regulatory compliance in Peru.
Peru is also a member of the Andean Community of Nations (CAN) — a regional integration initiative with Bolivia, Colombia, and Ecuador. All of this contributes to the Peruvian market’s popularity as an investment destination. To take full advantage of it, you must understand and be in line with regulatory compliance in Peru.
Legal Entity Regulatory Compliance in Peru: Key Responsibilities and Dates
While regulatory compliance in Peru may vary based on the type of entity you have, the following requirements are usually applicable:
- An annual tax declaration must be made, usually within three months of the end of each fiscal year, which in Peru runs from 1 January to 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 (SUNAT) publishes a calendar each year with information on this date. - An annual shareholders meeting (AGM) must be held within three months of the close of the fiscal year, meaning that the AGM must take place by March 31st.
The AGM will include discussion of the financial statements of the previous year, which must have been approved by the company and submitted to the SUNAT. Minutes from the AGM must be properly recorded. - Circulation of those minutes, usually via a board of directors meeting, is a prerequisite of legal regulatory compliance in Peru.
- Updating the corporate books, which include the minutes from AGMs and the shareholder registry, among other details, must be done to adhere to legal regulatory compliance in Peru.
FAQs on financial regulatory compliance in Peru
Based on our extensive experience these are the common questions and doubts of our clients on regulatory compliance in Peru:
The following are the most common statutory appointments for Peruvian legal entities:
– An appointed legal representative who will be personally liable, both legally and financially for the good operation and standing of the company. This should be a local national or a foreigner with the right to live/work in the country.
Yes, a registered office address or local fiscal address is required for all entities in Peru for the receipt of legal correspondence and Governmental visits.
If you are among the obligated entities to appoint a tax auditor, you must submit this appointment within the first 2 months after the fiscal year’s closure and by the deadline of February 28th in Peru.
The general shareholders meeting must be held within three months following the closure of the fiscal year and by the deadline of March 31st in Peru.
Companies have 3 months to submit their annual income tax declaration by the deadline of March 31st in Peru.
Biz Latin Hub can help with legal regulatory compliance in Peru
At Biz Latin Hub, we have the people and expertise to be able to assist you with financial regulatory compliance in Peru. Our comprehensive portfolio of professional solutions includes company formation, accounting & taxation, legal services, visa processing, and hiring & PEO, and we offer tailored packages of integrated back-office services to suit every need.
As well as Peru, we have teams in 17 other markets around Latin America and the Caribbean, and trusted partners who extend our coverage to almost every corner of the region, and we specialize in multi-jurisdiction market entry.
Contact us now to find out more about how we can assist you in doing business in Peru.
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