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DOING BUSINESS in LATIN AMERICA by Globalaw Limited TABLE of CONTENTS Doing Business in Latin America

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DOING BUSINESS in LATIN AMERICA by Globalaw Limited TABLE of CONTENTS Doing Business in Latin America DOING BUSINESS IN LATIN AMERICA By Globalaw Limited www.globalaw.net TABLE OF CONTENTS Doing Business in Latin America Map ................................................................................................. 3 Introduction & Contact ................................................................... 4 Country Guides 1. Anguilla ..................................................................................... 5 2. Argentina ................................................................................. 11 3. Bolivia ..................................................................................... 14 4. Brazil ....................................................................................... 18 5. Colombia ................................................................................. 26 6. Costa Rica ................................................................................ 32 7. Curaçao ................................................................................... 36 8. Dominican Republic ................................................................ 40 9. Ecuador ................................................................................... 46 10. El Salvador ............................................................................... 50 11. Guatemala ............................................................................... 55 12. Honduras ................................................................................. 59 13. Mexico .................................................................................... 63 14. Nicaragua ................................................................................ 70 15. Panama ................................................................................... 74 16. Paraguay ................................................................................. 82 17. Peru ......................................................................................... 93 18. Puerto Rico .............................................................................100 19. Uruguay ..................................................................................104 2 MAP Doing Business in Latin America 13 8 18 1 11 12 10 7 14 15 6 5 9 17 4 1. Anguilla 2. Argentina 3 3. Bolivia 4. Brazil 16 5. Colombia 6. Costa Rica 7. Curaçao 19 8. Dominican Republic 2 9. Ecuador 10. El Salvador 11. Guatemala 12. Honduras 13. Mexico 14. Nicaragua 15. Panama 16. Paraguay 17. Peru 18. Puerto Rico 19. Uruguay 3 INTRODUCTION Doing Business in Latin America Globalaw Limited Dear Friends and Colleagues, Boulevard du Souverain, 280 As the President of Globalaw Limited, a network of more than 110 law firms serving B-1160 Brussels, Belgium key jurisdictions around the world, it is my pleasure to introduce you to the Doing Business in Latin America Guide, written and produced by member firms representing this key global region. We hope you will find it a valuable resource when considering Tel: +32 2 645 2676 operations in these jurisdictions. Thus far, Globalaw has produced Doing Business Guides in Asia Pacific, Europe and Latin America, respectively, each of which Fax: +32 2 645 2671 represents the individual and collaborative expertise of the contributing law firms. [email protected] Globalaw’s over 4,500 practitioners bring a universe of diverse practice areas in their www.globalaw.net individual markets. The Guides serve not only to demonstrate this expertise but also to provide a roadmap of business fundamentals in a concise, informative and “desktop” format for your ready reference. Information for each country may change over time. Please In addition to the contributing firms, I would also like to acknowledge the contact the primary contact at professionals at our Secretariat, MCI, for their time and effort in making this Guide the respective Globalaw firm to a reality. If you would like to learn more about the global resources of Globalaw, confirm that country's information. please visit our website at globalaw.net. Contact details for each firm and primary contact are located at Best regards, www.globalaw.net. Marco Bolognini Globalaw President 4 ANGUILLA • Anguilla is a 39.5 square miles British Overseas Territory affectionately known as “Tranquility Wrapped in Blue” because of its outstanding natural beauty with crystal clear turquoise waters and brilliant white sand beaches. Anguilla has a sunny and temperate climate with an average annual temperature of 27 °C; December to March is the coolest period. The people are friendly and accommodating and there is a low incidence of criminal activity across the island. • Anguilla is the most northerly of the Leeward Islands, it lies east of Puerto Rico and north of St. Maarten, and has a single airport. It is easily accessible from mainland USA and Europe via San Juan or St. Maarten. There is a ferry service between Anguilla and St. Maarten/St. Martin which runs several times a day, every day of the week. • Resident population of approximately 14,000. • Christianity is Anguilla’s predominant religion. • Currency: Eastern Caribbean Dollar (XCD). The United States Dollar is readily accepted on the island and interchanged freely with the Eastern Caribbean Dollar. The Eastern Caribbean currency is pegged to the United States Dollar at the rate of EC$2.6882 to US$1.00 and there are no exchange controls in Anguilla. • English is the national language. • Anguilla is politically stable. The United Kingdom is largely responsible for matters of international concern such as defence and foreign affairs. However, Anguilla has an elected House of Assembly and there is a careful balance of power and responsibilities between the Governor, the Government and House of Assembly. • The island’s economy is primarily based on luxury tourism followed by the financial services sector. Anguilla is a developing financial centre and is regulated in line with international standards. Its sophisticated statutory and regulatory framework encourages and supports this industry. Anguilla’s Commercial Online Registration Network (ACORN) is a system which provides for immediate company registration. With ACORN, company registration can be completed around the clock at the touch of a button. This has allowed Anguilla to develop as an independent financial centre and to reduce the costs associated with company incorporation. 5 ANGUILLA Doing Business in Latin America • The shareholders/members and directors/managers of an BUSINESS PRESENCE Anguilla corporate vehicle are generally not personally liable as • In Anguilla the statutory regime allows for the incorporation of shareholders or directors for the debts and obligations of the diverse corporate entities. Prospective business owners may corporate vehicle. All Anguilla companies, with the exception choose from a wide range of corporate vehicles and are thus of a public company, may have only one director. A public well placed to find the corporate structure which suits their company must have at least three directors. It is not strictly business needs. necessary to conduct shareholders and directors meetings in Anguilla, nor is there a requirement for physical meetings • Some examples of the types of corporate vehicle available to take place. Meetings may be held by telephonic or other include the following:- electronic means. • Anguilla business company (ABC) A local company may conduct business onshore and offshore, has the capacity and all the rights, powers and privileges of an individual and thus can ENTERPRISE ACQUISITIONS buy and sell property, sue and be sued, enter into contracts, • Private company acquisitions can be conducted via share or hold assets including land in its own name and maintain bank asset purchase. Both methods require adherence to contract accounts. A license must be obtained to carry on banking, trust, law principles. insurance or company management business. • Share Purchase – The shares of each shareholder are sold • International business company (IBC) An international business and transferred to the incoming shareholder. The business is company has the capacity to carry on its business, conduct easily transferred as a going concern, the buyer receives the its affairs and exercise its powers in any jurisdiction outside assets and liabilities and the seller is relieved of any further Anguilla, to the extent that the laws of Anguilla and of that responsibility or continuing liability. The key concerns for any jurisdiction permit. IBC’s and ABC’s do not pay taxes and both buyer may be shareholders’ approval, government approval can be continued into or out of Anguilla. ABC’s can hold land in and dissenting shareholders. No shareholder approval is Anguilla but IBC’s cannot, save and except where the property required unless the shares are subject to first purchase or is to be used as an office. pre-emptive rights. Under the Alien Landholding License Regulation Act (ALHL Act) Government approval via an Alien • Limited liability company (LLC) A limited liability company (LLC) Landholding Licence (ALHL) is required if the company holds is a type of company having specific features for the purposes land and is an alien or if the company will become an alien of United States tax treatment. When an LLC is correctly company upon finalization of acquisition. A transfer of shares structured under United States tax law, only its members by an alien company or to a company which becomes an alien and not the entity itself are subject to tax and as such they upon
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