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Executive Report on Strategies in Peru
ICON Group International, June 2007, Pages: 391
How to Strategically Evaluate Peru
Perhaps the most efficient way of evaluating Peru is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Peru
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Peru. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Peru:
Openness to Trade in Peru
Openness to Direct Investment in Peru
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Peru. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Peru over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Peru when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Peru as an area of dominant influence in Latin America and, potentially, the world.
The report concludes with trade indicators for Peru. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Peru.
As a whole, this report presents a strategic assessment of Peru by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN PERU
Marketing Strategies
Distribution Channel Options
The population of Peru is extremely centralized, with 30% of all inhabitants living in the capital city of Lima. Therefore, most sales occur in Lima, but opportunities exist in other major population centers, which should be part of an overall marketing strategy. Representatives in Lima typically have sales agents in these cities, covering sales opportunities in the provinces.
The most common method of distribution is the appointment of a qualified representative. Appointing an agent or distributor is advisable if your company is serious about developing the market on a sustained basis. At present, U.S. companies are having good success in locating qualified local agents.
An alternative approach to distribution is to establish a local subsidiary or branch office. This method may allow for effective service and more aggressive promotion of your product. Expenses for commercial and industrial space are relatively high in the Lima area, however, making this an expensive option.
Agents and Distributors
Peruvian law does not require the use of local distributors for private sector commercial sales. However, for sales to the government, you should contract and register a local agent. It is also advisable to have a representative “on the ground” to keep up with the latest opportunities and developments.
Franchising Activities
Franchising operations experienced significant growth during 1997-1999, which has moderated in recent years. Approximately 70 Peruvian and foreign franchise businesses now operate in Peru. This industry generates an estimated 3,250 direct jobs and accounts for sales reaching $375 million. The U.S. is the franchise leader with more than 70 percent of the market, mostly in food services.
There is no special legislation for franchising. Franchises in Peru are subject to general commercial law, Decision 486, Decision 291 of the Andean Community and the general antitrust law. According to articles 162 through 164 of Decision 486 a written license agreement must be registered at the patents and trademarks office (INDECOPI). Prospective franchisers need to be aware of a withholding income tax on royalties (30%), value added tax of 19% (paid by the local company) and import tariffs (average 11%).
Franchises with good potential include family style restaurants, Internet cafes, pre-school educational training and security systems and services.
Direct Marketing Options
Direct marketing is fairly well established in Peru in the service sector, especially among financial institutions and seminar organizers. One common practice is to hire personnel for telemarketing and mailing campaigns or to contract these services from specialized firms. Databases for direct marketing are zealously guarded and thus are not freely available. Nevertheless, commercial information can be obtained through Peru’s chambers of commerce and trade associations.
Catalog sales for consumer goods in Peru are limited because of the high degree of mistrust in the quality of the product, difficulty in obtaining warranty support, and less than universal acceptance of credit card orders.
Joint Ventures and Licensing Options
Peruvian law allows for joint ventures and licensing agreements with a legally established local partner who will be accountable for all legal matters. Peru has largely integrated itself into the global commercial network, making it an attractive destination for joint ventures and licensing agreements. This is especially true in activities where there is local manufacturing or finishing assembly capacity and the U.S. product’s market price is strongly affected by shipping costs.
The textile manufacturing industry in Peru is rapidly becoming an attractive center for licensing and joint ventures. Productivity has increased through modern technology, resulting in significant production in exports for well known clothing brands. Peru offers quality raw materials (e.g. high-grade cotton), skilled labor and competitive production costs.
Creating a Sales Office
Foreign corporations interested in doing business in Peru on a permanent basis must be formally incorporated and registered in the Peruvian Mercantile Registry. Real estate may be acquired by any foreign entity without the need to establish an office. It is only necessary to vest a local individual with sufficient powers to conduct and close the sale.
There are two main forms of business organization that can be used for these purposes: branch offices or incorporated subsidiaries.
Creating a Sales Office
To establish a branch the following documents will be required:
Copy of the articles of incorporation of the parent company.
Certificate of incorporation and good standing or other official document certifying the existence and continuous operation of the parent company. This certificate must state that the parent company is not prohibited, either by law or by its own by-laws, from establishing branches abroad. If such statement cannot be included in the certificate, then a Notary Public may do so in a separate document.
Copy of the minutes of the board of directors’ meeting where the resolution to establish a branch in Peru appears. This resolution should specify:
The domicile in Peru.
Duration of the branch (may be indefinite) and the commencement of operations.
The purpose of the branch, clearly specifying the business and operations that will be conducted in Peru, stating that said purpose is comprised in the parent company’s purpose.
Name of person(s) authorized to act in the registration of the branch and in its representation, and powers vested in him/her, which must include powers to resolve any issue related to the branch activities; to hold the corporation liable for its operations; to appear in court; and to respond to suits brought against it. The branch is directed by the holder of the parent corporation’s power of attorney, duly registered. Such power can be revoked anytime by the parent corporation. There is no requirement for the parent company to submit its financial statements to Peruvian authorities.
All documents granted abroad must be legalized by a Notary Public or appropriate government official in the country of incorporation. The signatures of the Notary or the government official must then be authenticated by a local Peruvian consul. The documents should be in Spanish, and if not, must be translated by an official Peruvian translator. Upon receipt, the signature of the Peruvian consul must be legalized in the Ministry of Foreign Affairs.
It is advisable that all companies planning to operate in Peru seek legal assistance from reputable local lawyers. They should be aware of matters concerning taxes on corporate and branch income, which have an identical regime, corporate residence, value added taxes, income determination, capital gains, inter-company dividends, stock dividends, depreciation and depletion, net operating losses (tax losses) and payments to foreign affiliates. Other significant issues to consider include workers’ participation, withholding taxes, municipal operating permits, vacation and general labor laws that will affect the business when it starts operating.
Once a residence or a domicile can be demonstrated, the foreign company must obtain the Registro Unico del Contribuyente (“RUC” or tax payer number.) The taxpayer will use his RUC number in all commercial transactions, similar to the federal tax identification number (EIN) in the United States.
Incorporating a Subsidiary
The corporation is the most common form of establishing a business entity in Peru. A minimum of two shareholders is required. One hundred percent foreign investment is allowed without restrictions.
To comply with the incorporation of a subsidiary, the following documents will be required. If participating shareholders are foreign individuals they need only present valid identification (passport), but for corporations participating as shareholders the following documents must be filed:
Certificate of Good Standing; and
Copy of the minutes of the board of directors’ meeting where the resolution to participate in the incorporation of a Peruvian company appears. This resolution should indicate the name of the person appointed as representative to act on behalf of the shareholders in all the incorporation procedures.
o minimum capital is required.
The Business Corporation Law regulates two forms of corporation: Closed corporation (SAC: Sociedad Anonima Cerrada), similar to the private company, and open corporation (SAA: Sociedad Anonima Abierta), similar to the public company.
Closed Corporation
The closed corporation (SAC) must have a minimum of two and a maximum of twenty shareholders. The shareholders meetings, and Chief Executive Officer, manage the SAC. A board of directors is optional. In case of transfer of shares the law stipulates a right of first refusal for the existing shareholders. The by-laws may eliminate this right.
Open Corporation
The open corporation (SAA) does not limit the maximum number of shareholders and is intended for companies making public offerings. No limitations are allowed for the transfer of shares. Open corporations are supervised by the National Supervisory Committee of Corporations and Securities (CONASEV).
Limited Liability Companies
Limited Liability Companies (Sociedad Comercial de Responsabilidad Limitada) is another form of business organization that is a legal entity different from its owners, who can be either individuals or corporations. The liability of the partners is limited to the amount of their contribution. The minimum number of partners is two and the maximum is twenty. The name of the company must include the abbreviation “S.R. Ltda.”
For more information on setting up a company in Peru visit the Web page of the American Chamber of Commerce of Peru (AmCham): http://www.amcham.org.pe/; that of ProInversion: http://www.proinversion.gob.pe; and that of the Ministry of Foreign Affairs: http://www.rree.gob.pe.
Selling Strategies
One of the most important selling factors in Peru is price. Price competitive products from Asian countries such as Taiwan and Korea far outsell more expensive European or North American consumer products, such as consumer electronics, appliances and automobiles. However, with investment in sales promotion and service infrastructure, U.S. goods can be competitive.
Dependability becomes more influential in purchases of capital goods, notably advanced electronics and construction machinery. The customer will often prefer more expensive U.S. or European products based on quality, durability, technology, customer support, and regional service.
Many of the larger representatives have small regional offices in two or three additional cities outside of Lima. The rest of Peru is largely underpopulated, underdeveloped and does not offer an attractive market for technical equipment, with certain exceptions, such as the large-scale mining operations located along Peru’s sierra.
Payment for major purchases is generally on a net 30-day basis. When dealing with new customers, it is advisable to work on a letter of credit basis. Over the counter purchases are done in cash (U.S. dollars are widely accepted), check or credit card. Most retailers use credit terms as a sale technique and major department stores issue their own credit cards.
Advertising and Trade Promotion
Lima boasts 30 daily newspapers, a few of which strive for national coverage. Locally oriented newspapers can be found in most provincial capitals. First in influence and national readership is “El Comercio,” which is also the nation’s oldest paper with more than 160 years of continuous publication. Other serious major dailies include “La Republica,” independent business dailies “Gestion” and “Sintesis, “ tabloid “Correo,” daily “Expreso,” the official gazette “El Peruano,” and tabloid “Liberacion.”
Radio enjoys the largest audience of all communications media, reaching even the most isolated populations in Peru. It is often the first source of current news, and is the principal vehicle for transmitting information about local issues and events outside of Lima. However, it has little power to shape opinions, particularly among Peru’s decision-makers.
In all, there are close to 1,000 radio stations in Peru, broadcasting on AM, FM, and short wave frequencies. Many of these stations are small storefront operations that serve relatively limited audiences. Radio’s most influential source of news and information is “Radio Programas del Peru” (RPP), one of the many electronic media holdings of the Delgado Parker family. With transmitters and correspondents in virtually every important city in Peru, RPP constitutes Peru’s only true national radio network. In most major cities, including Lima, RPP leads most AM ratings and is second in FM audience to music-oriented “Radio Panamericana.”
Television permeates the urban environment in Peru and has become increasingly available to rural audiences as well. As in the United States, television is often the primary source of news for a majority of those who have access to it.
The most important players in TV are the six Lima-based television networks, along with a government-owned service, which for years was the only station available in many parts of Peru. These seven broadcasters use affiliates in the provinces much like their counterparts in the United States. In addition there are several independent stations that serve particular cities and regions.
Cable television has also begun to make inroads into the Peruvian market with 65 cable TV and MMDS (Multichannel Multipoint Distribution Service) companies serving approximately 400,000 homes in different areas of Peru. The main cable service companies are Telefonica del Peru offering “Cable Magico”, with 350,000 subscribers, and Corporacion Vicmar S.A. (Panama) with its product “Tele Cable”, acquired from BellSouth/Tele 2000, with less than 20,000 subscribers. Their packages include CNN and programming from other Latin American, Asian and European countries. The remaining cable companies are small firms offering their service in concentrated areas surrounding Lima or in the provinces.
Spending on Peruvian advertising is averaging U.S. $100 million a year in publicity.
Supplying Customer Service
Peruvians consider service and support a critical factor in making the final purchasing decision, especially for products that require periodic servicing. It is important for the product to be sold through a reliable distributor that offers the quality and services that the client requires. For example servicing and availability are currently the two perceived advantages that new Asian autos enjoy over their U.S. competitors in the Peruvian market. Another example would be mining equipment, where the U.S. equipment after-sale service enjoys a superior reputation to that of third country competitors.
Public Sector Marketing
To sell to the government of Peru, U.S. companies may participate in a bid process, but if awarded, need to be registered locally in order to sign a contract. This can be done by establishing a local office or through a representative. If the latter, the local representative has to provide credentials indicating that it is a legitimate representative of the U.S. company. This can be done by a letter, notarized by the Peruvian Consulate in the United States and then registered with the Peruvian Foreign Affairs Ministry and at the Peruvian Mercantile Registry.
In order to ensure that conflicts of interest do not occur, Peruvian law excludes all currently employed government officials from negotiating contracts for bidder firms with the government. There is no post-employment waiting period, however, for former government officials.
Peruvian law permits an independent distributor to pay commissions or fees to third parties in connection with sales to the government. For example, a company in Peru can purchase products from a company in the United States and then pay a third party a fee to resell them to the Peruvian government. There are no Peruvian restrictions on commissions or mark-ups on sales to the government by either agents or distributors, and the rates vary widely depending on product, client and competition.
Government agencies usually publish tender notices in the main newspapers. The government, in an effort to ensure transparency for all government tenders, is currently using the United Nations Office for Project Service (UNOPS) to notify potential suppliers. Peru is not a signatory to the World Trade Organization (WTO) Plurilateral Agreement on Government Procurement.
Intellectual Property Risks
Protection of intellectual property rights (IPR) in Peru has improved over the past decade, but still falls short of U.S. and international standards in several areas.
The Peruvian government agency charged with promoting and defending intellectual property rights is the Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI), established in 1992. Patents, trademarks, and industrial designs are protected by Legislative Decree 822 of 1996 and by Andean Community Decisions 344 and 486. Copyrights are protected by Legislative Decree No. 822 of 1996 and by Andean Community Decision 351.
Peru is a signatory to the Bern Convention for the Protection of Literary and Artistic Works, the Universal Copyright Convention, the Geneva Convention for the Protection of Sound Recordings, the Brussels Convention on the Distribution of Satellite Signals, the World Intellectual Property Organization treaties on copyrights and performances and the Paris Convention on Industrial Property. In December 1994, the Peruvian Congress ratified the World Trade Organization’s Agreement on Trade-Related Aspects of Intellectual Property (TRIPs). Although Peru was obligated by this agreement to bring its laws into compliance with TRIPs, the Andean Community’s Decision 486 leaves some issues, like second use patents and data protection, sufficiently vague as to question the completeness of the Decision’s TRIPs compliance.
Peru’s legal framework provides for easy registration of trademarks and inventors have been able to patent their inventions since 1994. Still, counterfeiting of trademarks, as well as copyrighted products, is widespread. Despite increased enforcement actions by INDECOPI, the judicial branch fails to impose sentences that could adequately deter future IPR violations. As a practical matter, exporters and distributors should hire local counsel who specializes in IPR issues if they are concerned about piracy of their products in Peru. Law firms that handle IPR matters can also assist in launching anti-piracy enforcement actions in collaboration with the government of Peru.
Hiring Local Counsel
Obtaining local legal counsel is highly recommended for doing business in Peru. Potential investors should contact an attorney to understand the legal framework for investments found in the Foreign Investment Promotion Law, the Framework Law for Private Investment, the Law for the Promotion of Private Investment in State-Owned Companies, and the Law for the Promotion of Private Investment in Public Utility Facilities.
In the event of a dispute, national or international arbitration may be used, but only if agreed to by the parties in an agreement or contract, before the dispute arises. Arbitration cannot be imposed unilaterally after the fact as a means to resolve controversies or disputes.
Import and Export Regulation Risks
Trade Barrier Risks
Peru imposes 4% duties on 23% of the items on its tariff schedule (1,615 codes largely covering intermediate goods and components); 7% duties on 15% of the items (1,070 codes covering capital goods); 12% duties on 45% of the items (3,166 codes); 20% duties on 11% of importable items (763 codes covering mostly textiles, footwear, and some agricultural products); and 25% duties on 5% of the items (331 codes mainly agricultural products). The non-weighted average tariff is 10.9% (including surcharge), down from over 60% in mid-1990.
Most imports are also subject to a 19% value added tax, as are domestically produced goods. In addition, an excise tax (ISC) is applied to certain products such as automobiles. There are no quantitative import restrictions.
In March 1991, Peru introduced a “temporary” 5% tax plus import surcharge (variable levy) on some basic agricultural commodities of which rice, corn, sugar and milk products remain taxed. The government argued that the surcharges were necessary to offset subsidies by exporting countries. The surcharges are calculated on a weekly basis, according to prevailing international prices for each commodity. As a condition for disbursement of a trade-sector loan from the Inter-American Development Bank, the government agreed to phase out the surcharges over a three-year period ending in 1997. The government began reducing the surcharges in increments in April 1994, and in July 2001 this system was replaced by a “price band system” similar to one used by the Andean Community.
Customs Regulations
The Peruvian Customs Authority has been reformed and modernized over recent years, with help from the World Bank and the UN Development Program. As a result, Customs procedures are almost completely automated.
Licenses Required for Imports
The government has abolished import licenses for the vast majority of products. The only remaining products requiring licenses are firearms, munitions and explosives imported by private persons, chemical precursors (applicable to cocaine production) and ammonium nitrate fertilizer, which has been used as a blast enhancer for terrorist car bombs.
Controls on Exports
Export licenses are required for cultural relics and antiques. In addition, end-user certificates are required for the export or re-export of items on the international munitions list, the international chemical/biological warfare (CBW) list and the missile technology control regime (MTCR) list. Such licenses cover an extremely small portion of total Peruvian exports -- less than 1%.
Documentation Required for Trade
For imports, Customs (ADUANAS) requires a Customs Unique Declaration (DUA), a commercial invoice, an airway bill or bill of lading, a packing list, an insurance letter and, for items worth more than U.S. $5,000, a certificate of inspection done prior to shipment. If the product is imported from the Andean Community (Colombia, Venezuela, Ecuador and Bolivia), a certificate of origin is required to qualify for tariff preferences. A food sanitary registry is required for food processed products (issued by DIGESA) or a Sanitary Certificate for animal, plants or their by-products (issued by SENASA).
Sanitary and Phytosanitary Regulations
Sanitary and Phytosanitary Regulations are drafted, implemented and enforced by the Ministry of Agriculture’s National SPS Service (SENASA). We encourage that any exporter request from SENASA an updated list of SPS requirements through the importer, if any, before shipping any products to Peru. SENASA issued lately a set of regulations that include a fumigation requirement for lentils, ban of poultry and poultry products imports, new sanitary certificates for dairy products, new requirements for meats and phytosanitary regulations for seeds and vegetables with phytosanitary risk.
Food and Beverage Sanitary Registration
The importer needs to submit a sworn application to the Food and Environmental Health Bureau (DIGESA) including contact information of his company and the manufacturer, the importer’s taxpayer identification number (R.U.C.), the product content, the results of physical-chemical and microbiological analysis, ingredients, lot code, expiration date and storage conditions. In addition, a Certificate of Free Trade or a Certificate of Use issued by the health authority of the country of origin accompanied with a receipt of approximately $64 is required.
For exports, a Customs Unique Declaration (DUA), a commercial invoice and an airway bill or bill of lading are required, as well as an end-user certificate in the case of the export of controlled munitions, CBW, or MTCR items.
Entering Temporary Imports
Goods can be admitted into Peru temporarily for re-export within a year with a bond that guarantees the duties and taxes. .
Labeling Issues
Labeling requirements are relatively simple. Products normally retain their original labels and the name and taxpayer identification number (RUC) of the importer/distributor must be added to the packaging.
The Consumer Protection Office within INDECOPI is responsible for food and beverage labeling inspection and advertising.
Food label contents must include at least the name of the product, food additives and ingredients, manufacturer’s name and address, number of sanitary registration, expiration date and lot code or key, net weight or volume of the content, country of origin and use instructions if applicable. Imported packed foods must carry a separate adhesive label with the correspondent Spanish translation that includes the importer’s name, commercial name and address, phone and R.U.C.
Packaging
Food packaging must be made of harmless material, free from substances that could affect its food safety. Likewise, packages must be manufactured so as to preserve the product’s sanitary quality and composition throughout its useful life according to the Ministry of Health’s sanitary standards. Packages manufactured from previously used, recycled paper, cardboard or plastic are forbidden.
Food Additive Regulations
Inputs and food additives for food and beverage manufacturing must meet the health quality requirements established in the sanitary standards issued by DIGESA. The use of food additives not included within the list of additives permitted by the Codex Alimentarius is forbidden. Flavorings accepted by the United States Food and Drug Administration (FDA), and the Flavor and Extractive Manufacturing Association (FEMA) are allowed.
Restrictions on Imports
Very few items have been prohibited from importation in recent years. The importation of used clothing and shoes is prohibited; although imports of donated used clothing and shoes are exempt from the prohibition. Importation of some insecticides, fireworks, and toxic waste is also restricted. Imports of used cars more than five years old and used trucks more than eight years old are prohibited. Used tires are also prohibited.
Local Standards
The government has no specific standards required for imports. Some industry standards are being developed in the private electronics and construction industries. Peru’s consumer watchdog agency, INDECOPI, has a small standards office to develop and enforce Peruvian product standards.
Adherence to Free Trade Agreements
Peru has been a member of the Andean Community (and its predecessor, the Andean Pact) since 1969. The Andean Community is comprised of Peru, Venezuela, Ecuador, Colombia, and Bolivia.
Within the framework of the Latin American Integration Association (ALADI), Peru has signed bilateral trade agreements with Argentina, Brazil, Chile, Cuba, Mexico, Paraguay, and Uruguay. Although tariff concessions under most of these agreements are relatively limited, Peru’s 1998 agreement with Chile calls for the elimination of all trade barriers by the year 2016.
Peru became a full member of the Asia Pacific Economic Cooperation (APEC) forum in November 1998.
Customs Contact Information
Superintendencia Nacional de Administracion Tributaria
Av. Garcilaso de la Vega 1472, Lima
(511) 315-3300
Fax (511) 315-3318
Web site: http://www.sunat.gob.pe/
Ms. Nahil Hirsch - National Superintendent
Clara Loza - General Secretary
Superintendencia Nacional Adjunta de Aduanas
Av. Gamarra 680, Chucuito, Callao, Peru
(
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