Financial Crime World

Compliance Risk Management: A Crucial Aspect of Doing Business in Peru

Peru has emerged as a highly attractive destination for foreign investors in Latin America, with foreign direct investment (FDI) growing steadily over recent years. The country’s economy is expected to grow by 2.3% in 2024, driven by its strong mining and agriculture sectors.

Doing Business in Peru Requires More Than Just Market Knowledge

While a solid understanding of the market is essential for success, companies must also comply with complex financial regulatory requirements to avoid legal complications and maintain their good standing. Failure to do so can result in serious consequences, including fines, penalties, and even deregistration.

Understanding Financial Regulatory Compliance in Peru

Financial regulatory compliance is a critical aspect of corporate secretarial services in Peru. It involves adhering to various requirements, including:

  • Annual tax declarations
  • Shareholders meetings
  • Updating corporate books

The Peruvian government’s tax authority, SUNAT, sets deadlines for these requirements, which vary depending on the type of entity and its tax ID number. Companies must also appoint a legal representative who is responsible for ensuring compliance with regulatory requirements.

Key Dates for Financial Regulatory Compliance in Peru

Companies in Peru are required to submit their annual income tax declaration within three months of the end of each fiscal year, which typically falls between January 1st and December 31st. The deadline for submitting the declaration is determined by the last digit of the company’s tax ID number.

  • Shareholders meetings must also be held within three months of the close of the fiscal year.
  • Corporate books must be updated to reflect changes in shareholder registries and other details.

Expert Assistance for Financial Regulatory Compliance

Navigating financial regulatory compliance in Peru can be complex and time-consuming. Biz Latin Hub offers a comprehensive range of professional services to help companies comply with regulatory requirements, including:

  • Company formation
  • Accounting and taxation
  • Legal services
  • Visa processing
  • Hiring and PEO

With teams in 17 markets across Latin America and the Caribbean, we have the expertise and resources to support businesses of all sizes and industries. Contact us today to learn more about how we can assist you in doing business in Peru.