Spain is one of the main investors in Peru, and this has become even more evident in the last decade, as many Spanish businesses have arrived in this country. But is it that easy to start up a business in Peru? What formalities are required?. In this post we will talk about the formalities required to open up a business in Peru.
Steps to start up a business in Peru
- First: Peruvian laws accept several forms of entrepreneurial activity, so you will need to choose the form of entrepreneurial activity that best adjusts to your business needs: Public Limited Company (Sociedad Anónoma – S.A.), Private Limited Company (Sociedad Limitada – S.L.), subsidiary, partnership association, consortium, among others. Public limited companies and subsidiaries are the most commonly used due to the advantages they have.
- Second: The Minuta de Constitución has to be prepared, which is the corporate contract which contains all the information related to the business that is going to be started up: identification of founding partners, company purpose, tax statute, description of the executive positions. This document needs to be signed by a lawyer.
- Third: Open a bank account on behalf of the Company in a local bank.
- Fourth: Once the Minuta has been prepared and the bank account open, the minuta needs to be presented before a Notary Public, who will convert it to public deed and prepare the documents for its administrative registration in the Superintendencia de los Registros Públicos (SUNARRP). For this registration, a form will have to be filled in, a payment will need to be made and the documents from the Notary will have to be presented.
- Fifth: The Registro de Contribuyente (Taxpayer Registry) will be obtained after guaranteeing the necessary requirements are met: presenting the original ID of the legal representative, the property title or rental title where the entrepreneurial activity will take place, the corporate constitution witness.
- Sixth: Corporate books need to be formalised. They need to state: the opening and legislation of the company books and accounting books, authorization of the payroll by the Ministry of Labour and obtaining the Operating Licence.
- Seventh: Lastly, the registration of foreign investments is mandatory. For that purpose, we should visit ProInversion
Opportunities in Peru
The recent news that Peru will host the Pan-American Games in 2019 could generate interesting opportunities for the construction and engineering sectors. But we could highlights other promising sectors such as iron and steel products, equipment and machinery to build public works, agri-food machinery (especially risk equipment), packing and packaging, electronics and IT or textile machinery.
Other sectors in which the Spanish presence is very small but which register a high volume of imports are medicine, chemical products, community equipping and services related to mining.
Support at destination when starting up a business in Peru
The Economic and Commercial Offices of Spain offer Spanish companies support in the foreign country, in this case Peru.
We would like to highlight the following services:
– Direct marketing actions: mailings, shipping of promotional and informative materials
– Organisation of commercial promotion activities
– Appearance in foreign media advertisements
– Shipping of samples
– Delivery of documentation on behalf of the company
– Networking with foreign professionals
– Cession of rooms and offices in the Ofecomes facilities
– Assistance in the elaboration of documents
– Elaboration of store check
– Accompaniment to interviews