Set Up Business in Peru and Take Advantage of The Nation’s Amazing Culture
In Latin America, Peru is among the fastest growing economies and over the past two decades, the country’s economic growth has been due to the process of development and modernization. Establishments of the reliable legal framework have contributed significantly to the support of the economy and private sector activities, which have helped boost Peru as a prime business destination. Peru is slowly gaining momentum to become a digital hub in its own right, and this new market is full of untapped opportunity for savvy investors who are looking to establish a thriving business in the region. If you’re wondering why you should set up business in Peru, here are some very good reasons why:
Peru Is a New Market
Peru is one of the best places to consider starting a business because – being a new and supportive market – the opportunities are aplenty. The country has a strong economic growth, and according to The Economis, Peru has enjoyed 8 years of an average economic growth of approximately 7% a year. This makes Peru among the fastest growth rates in Latin America.
Support Network for Start-ups
Peru is continuously trying to develop public support mechanisms to help start-up companies who want to set up business in Peru. One example of this is when the Peruvian government announced a budget of approximately $20 million which was allocated for the Startup Peru Program, a program which is part of the Ministry of Production’s collaboration with the Inter-American Development Bank that was aimed at supporting high-impact entrepreneurs.
Ease of Doing Business
This is one of the primary attractions to investors when it comes to why you should set up business in Peru. Additionally, there are no restrictions when it comes to foreign shareholding, foreign exchange and foreign investment. Peru’s business setup process is straightforward, taking up to 15 days to complete the incorporation process.
The Prospects for International Trade
This factor is another reason why foreigners are keen to set up business in Peru. The country has approximately 27 bilateral investment treaties with countries from all over the world, investment chapters in approximately 13 free trade agreements and about 8 double tax treaties. On top of that, Peru is part of the Trans-Pacific Partnership and a member of the Pacific-Alliance.
Opportunities for Expansion
Thanks to Peru’s strategic location between Columbia and Chile, setting up a business in Peru would make business transactions between these three countries fruitful should an entrepreneur want to consider expanding into other markets. This means entrepreneurs who set up business in Peru could potentially expand into larger markets, thereby increasing business opportunity,