In different parts of the city, we see various accounting firms offering company formation services. However, is starting a company the same if you’re Peruvian as it is if you’re a foreigner? In this post, we’ll discuss the differences and offer some advice on starting a company in Peru if you’re not Peruvian.
Setting up a business in Peru for foreigners: Are the requirements the same?
In Peru, a foreigner can establish his or her own company, provided he or she has a passport or alien identification card and meets the following requirements:
- Foreigner with a passport: May be a shareholder, but must have a legal representative domiciled in Peru (a Peruvian with a DNI or a foreigner with a foreigner’s identification card).
- Foreigner with a foreigner’s identification card: May be a partner and/or legal representative of the company.
What are the steps for creating a company in Peru if I am a foreigner?
Once you understand that you must have a passport or alien identification card to start a business in the country, the following steps for starting a business are the same as those for a Peruvian. Below, we outline the steps for creating a business.
Choosing the type of company you want and need to form
There are different types of companies that can be formed, even if you are a single person without partners who wants to establish a legal entity. The type of company is chosen based on the business needs, as well as the number of partners. Once this is done, the company name is selected and reserved.
Prepare the minutes of incorporation of companies
This document contains the articles of incorporation of a company and must be drafted and signed by a lawyer. It must then be submitted to a notary public so that they can formally document it. The minutes must also be signed by the company’s shareholders or representatives.
Registration in public records
The process is carried out by a notary and can take two weeks for the company to be registered with SUNARP.
Registration for the RUC
Once registration with SUNARP has been completed, the company applies to SUNAT to obtain the RUC that will allow it to begin its commercial activities.
Other aspects to take into account
For companies created with foreign capital, registration in the foreign investment registry must also be considered; this way, partners can send profits and cash abroad. On the other hand, if the company wants to contract with the State, it must also register in the National Supplier Registry before applying for any tender.
How do I start a business in Peru if I’m a foreigner and not in the country?
If the person (or persons) wishing to create a company are not located in Peru, they may create the company in Peru if they are represented by a third party; however, in this case, the third party must be a Peruvian citizen or reside in the country.
The power of attorney for this third party to incorporate the company must be registered in the Registry of Mandates and Powers of Attorney if granted within Peruvian territory; and if granted abroad, through the Peruvian Consulate before a notary.
Do you need help creating your company in Peru as a foreigner? It’s important to have advice to ensure the process flows smoothly and is completed in less time. Contact our advisors so we can help you!