How to start a business in Peru

Are you thinking to launch a business in Peru? This territory is one of the most growing industries in the region. The company creation process is in detail explain for you:

The business economy in Peru has recently been attracting worldwide investors who are ready to start their companies. The first step to do is to find an available company name in the Registry of Legal Entities (SUNARP) and book it. To do so you only need a valid ID or passport. The estimated fees for this process amount to 22 New Peruvian Soles (S/.) almost 6 US Dollars, which you also can pay directly online.

This document expresses the will of a company’s members to incorporate said company. You can seek help from your trusted lawyer or a public notary. This step costs approximately S/. 300 ( roughly 80 US dollars) but can differ depending on the chosen notary and takes one day.

Requirements:

• Valid ID or passport of the legal representatives. (original and copy)
• Copy of the company name reservation
• Digital file with the draft of the bylaws and list of the assets for the company

The incorporation certificate must be signed by the business owner, associates and partners in a notary’s presents. This comes with an approximate cost of S/. 400 ( almost 105 US Dollars).

Requirements:

• Valid ID or passport of the legal representatives
• Act of Incorporation

Peruvian public notaries will convert the minutes into a public deed and prepare your documents for registering in SUNARP. SUNARP will begin then to verify and validate your company’s registration within 35 working days. Should there be any irregularity for example a missing document or an incorrectly filled document SUNARP will contact you through your notary.

The public notary fees amount to 1% of the initial capital. If we take the minimum deposit of S/. 1000 into consideration, the total fees equal S/. 100.

You need to get your tax ID from the national customs and tax administration office (SUNAT). To do so you have two different options.

Option 1:
You can do the whole process online throughout the SUNAT website. Please make sure that you do this with the help of your public notary, which will then validate your persona for SUNAT and National Registry of Identification and Civil Status (RENIEC) and give you your tax identification number.
As a final step you need to activate your SUNAT account which is also possible on the SUNAT website.

Option 2:
The whole process can also be done in a SUNAT office.

Requirements for both options:

• ID Card / passport of the legal representative. (original and copy)
• Copy of the registration of your company with the Registry of Legal Entities (SUNARP).
• Any document that certifies the address on the Act of Constitution. For example the electricity or water bill
• The application for registration
• A documentation of all  the legal representatives, directors and board members
• The addresses of the legal representatives

After a successful incorporation, you will have to open a bank account and deposit the capital in it. Please remember that in order to open a bank account financial institutions ask for a minimum of S/.1000. ( About 260 US Dollars)
Lima provides the easiest framework to do so. Opening a bank account in Peru is normally a matter of hours when you have all the needed documents at hand.

Requirements:

• Valid peruvian ID or passport of the legal representatives. (original and copy)
• Act of Incorporation
• Proof of residence is also a requirement from different banks for foreigners

Most Peruvian banks won’t allow foreigners to open a bank account. Although there is the possibility to obtain a foreign residence card (carné de extranjería de Perú).

For expatriates without this identification, both Interbank and Scotiabank can provide bank accounts to people who only possess a tourist visa and valid passport.

Initiate a company expansion in Peru might require a certain amount of time and expenses. Ongresso can help you to minimize them as much as possible. Thanks to Ongresso’s strong relationships with local banks and institutions they can assist you with needed contacts and formalities so that you can start your business in Peru the fastest way possible.

If you have any questions regarding how to start a business in Peru or already are in the process of doing so please send an email at contact@ongresso.com  and we will be glad to help you.

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