Australian companies are advised to spend time investigating the market, obtain professional advice where appropriate and thoroughly investigate the issues in entering the market and before establishing business relationships.
Australian firms wishing to operate in this market should commit to the highest level of corporate behaviour and familiarise themselves with Australia's laws and penalties pertaining to bribery of foreign officials.
Bribery of foreign public officials is a crime. Australian individuals and companies can be prosecuted in Australia for bribing foreign officials when overseas. Further information on the regulations governing bribery of foreign public officials is available.
For further information on frauds, scams, personal and asset security, intellectual property protection and other business risks please read more about legal issues.
Intellectual property protection
Peru is a member of the World Intellectual Property Organization and the World Trade Organization. Intellectual Property in Peru is protected by the Andean Community Law, which covers Bolivia, Colombia, Ecuador and Peru, and is mainly governed by Decision 486 for Patents and Trademarks, and Act 822 for Copyright and related rights.
Other norms that must be taken into consideration are Act 27444, which regulates the general administrative procedure in Peru, and Legislative Decree 1075, which approves supplementary provisions to Decision 486.
The administrative agency in charge of IP matters is the National Institute for the Defence of Competition and Protection of Intellectual Property (Indecopi). The World Intellectual Property Review reports that many companies, businesspeople, inventors and entrepreneurs have succeeded in protecting their rights because Peru’s legal framework provides safe, fast and easy proceedings for the registration of patents, trademarks and copyright.
Peru has three branches of government – the executive, the legislative and the judiciary. The Supreme Court is the country’s highest court and below that sits a hierarchical system of superior, district and primary courts. The justice system can move very slowly. Peru is a signatory to multiple trade agreements which bind it to investment protection measures and international arbitrators such as the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). It is also a party to the ICSID convention and the New York, Montevideo and Panama Conventions. Respect for foreign investment is guaranteed in the constitution and complementary legislation (Source: PwC).