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					                                                                                  Peru's Business &
                                                                                  Investment Guide
                                                                                  2010 / 2011
Machu Picchu Citadel. Photograph: Carlos Sala l Intellectual Property: PromPeru




                                                                                                Ministerio de Relaciones Exteriores
Contacts – Ernst & Young Peru

Jorge Medina Méndez
Country Managing Partner
Tel +51 1 411 4411
jorge.medina@pe.ey.com


Advisory                         Assurance                          Tax

Paulo Pantigoso                  Juan Paredes                       David de la Torre
Advisory Leader                  Assurance Leader                   Tax Leader
Tel +51 1 411 4418               Tel +51 1 411 4410                 Tel +51 1 411 4471
paulo.pantigoso@pe.ey.com        juan.paredes@pe.ey.com             david.de.la.torre@pe.ey.com

Alejandro Magdits                Marco Antonio Zaldívar             Andrés Valle
Tel +51 1 411 4453               Tel +51 1 411 4450                 South America Tax Managing Partner
alejandro.magdits@pe.ey.com      marco-antonio.zaldivar@pe.ey.com   Tel +51 1 411 4440
                                                                    andres.valle@pe.ey.com
Jorge Acosta                     Víctor Burga
Tel +51 1 411 4437               Tel +51 1 411 4419                 Roberto Cores
jorge.acosta@pe.ey.com           victor.burga@pe.ey.com             Tel +51 1 411 4468
                                                                    roberto.cores@pe.ey.com
Numa Arellano                    Manuel Díaz
Tel +51 1 411 4428               Tel +51 1 411 4403                 Humberto Astete
numa.arellano@pe.ey.com          manuel.diaz@pe.ey.com              Tel + 51 1 411 4477
                                                                    humberto.astete@pe.ey.com
Ciro Bedoya                      Cristian Emmerich
Tel +51 1 411 4456               Tel +51 1 411 4413                 Marcial García
ciro.bedoya@pe.ey.com            cristian.emmerich@pe.ey.com        Tel +51 1 411 4424
                                                                    marcial.garcia@pe.ey.com
Rafael Huamán                    Moisés Marquina
Tel +51 1 411 4443               Tel + 51 1 411 7237                Guillermo Hidalgo
rafael.huaman@pe.ey.com          moises.marquina@pe.ey.com          Tel + 51 1 411 4464
                                                                    guillermo.hidalgo@pe.ey.com
José Torres-Llosa                Fernando Núñez
Tel +51 1 411 5055               Tel +51 1 411 4473                 Elizabeth Rosado
jose.torres-llosa@pe.ey.com      fernando.nunez@pe.ey.com           Tel +51 1 411 4457
                                                                    elizabeth.rosado@pe.ey.com
                                 Wilfredo Rubiños
                                 Tel +51 1 411 4444                 María Julia Sáenz
                                 wilfredo.rubinos@pe.ey.com         Tel + 51 1 411 4480
                                                                    maria-julia.saenz@pe.ey.com
                                 Carlos Ruiz
                                 Tel +51 1 411 4402                 Fernando Tori
                                 carlos.ruiz@pe.ey.com              Tel +51 1 411 4479
                                                                    fernando.tori@pe.ey.com
                                 Mireille Silva
                                 Tel + 51 1 411 4484
                                 mireille.silva@pe.ey.com

                                 Víctor Tanaka
                                 Tel + 51 1 411 4408
                                 victor.tanaka@pe.ey.com

                                 Carlos Valdivia
                                 Tel + 51 1 411 4409
                                 carlos.valdivia@pe.ey.com




Av. Víctor Andrés Belaúnde 171
San Isidro - Lima 27, Peru
Phone: +51 1 411 4444
Fax: +51 1 411 4445
Peru's Business &
Investment Guide
     2010 / 2011
               Peru is one of the most important countries in Latin America.
               Some of its diverse characteristics include a variety of climates, a
               large territorial extension, important natural resources, people of
               great skills and high academic standards and a solid economic and
               industrial background. Peru is an excellent destination for foreign
               investment.
               This guide for business and investment is an aid for foreign investors
               as it brings key information about major tax, legal, labor and business
               setting-up in Peru. It also contains general information on how
               to invest and make business in the country. Finally, it contains a
Introduction


               complete index of Peru's embassies and consulates abroad, as well as
               many contacts of interest for the investor.
           1. Background information               3
              1. Government                         5
              2. Geography                          6
              3. People                             7
              4. Currency                           7
              5. Economy                            8
              6. Investment grade                  15
              7. Investment promotion conditions   17


           2. Setting up a business in Peru        27
              1. Business corporations             29
              2. Close corporations                29
              3. Public limited corporations       30
Contents



              4. Limited-liability companies       30
              5. Branches                          31


           3. Taxes                                33
              1. Direct taxes                      35
              2. Excise taxes                      39
              3. Municipal taxes                   39
              4. Customs duties                    40
              5. Tax stability agreements          42
4. Labor legislation                                43
   1. Job stability                                 45
   2. Fringe benefits                               45
   3. Expatriates                                   46
   4. Immigration                                   46


5. Accounting standards                             49


Appendixes                                          53
   Stakeholders                                     55
      1. Executive Office for Economic Promotion    57
      2. ProInversion                               59
      3. PromPeru                                   60
   Ernst & Young services for business and          63
   investments in Peru
   Directory of Peruvian Embassies and Consulates   67
   abroad
Acknowledgments
We express our special thanks to the Peruvian Ministry of Foreign Affairs (MRE) and,
especially, to its Executive Office for Economic Promotion (OPE) for its assistance in
gathering the necessary information for this Guide.




Jorge Medina Méndez
Country Managing Partner
Ernst & Young Peru
Red-headed parrot. Photograph: Michael Tweddle l Intellectual Property: PromPeru




                                                                                      information
                                                                                   1. Background
                                                                                           1. Background information




1. Government

  Peru is a Constitutional democratic Republic with a multi-party system. Under
  the current constitution of 1993, the President, who is the Head of the State and
  Government, is elected for a five year period and cannot run for an immediate re-
  election. The President designates the Prime Minister and the rest of the Cabinet of
  Ministers. There is a 120 member unicameral Congress elected for a five-year term.
  Bills may be proposed either by the Executive or by the Legislative branch, and they
  become law after being passed through Congress and enacted by the President. The
  Judiciary is an independent institution.
  The Peruvian government is directly elected and voting is compulsory for all citizens
  aged 18 to 70. In the recent democratic election of 2006, former president Alan García
  was non-consecutively re-elected as President of the Republic. Peru has some of the
  best macroeconomic indicators of the region with an expected Gross Domestic Product
  (GDP) growth rate that is well above the Latin American average.




  Country overview



    Government type                     • Constitutional Republic
    Legal system                        • Based on civil law
                                        • Head of the State and Government: President Alan García
                                           Pérez (since July 2006)
    Executive branch                    • Elections: Every five years by popular vote (consecutive
                                           re-election is not permitted). Next elections: April 2011
                                        • The Cabinet is appointed by the President
                                        • Unicameral Congress
    Legislative branch
                                        • 120 seats
                                        • Members elected by popular vote, for a five-year term
                                        • Next presidential and legislative elections: April 2011
    Judiciary                           • Judges are appointed by the National Judicial Council
                                        • Peru has several economic cooperation and free trade
                                           agreements with different countries
                                        • The Peruvian Diplomatic Academy is internationally
                                           recognized as one of the best in Latin America
                                        • Member of the United Nations since 1945 and member of
    International relationships            the Security Council in 2006 and 2007
                                        • In 1998, Peru joined the Asia-Pacific Economic
                                           Cooperation (APEC) and was the host of its 2008 summit.
                                           That same year, Peru was also host of the LAC-UE (Latin
                                           American and the Caribbean - European Union) summit.




  Source: Peruvian Constitution / CIA - The World Factbook / UN / Ministry of Foreign Affairs




                                                                               Peru's Business & Investment Guide   5
        2. Geography

            Peru is located on the west central coast of South America. It is bordered by the Pacific
            Ocean to the west, by Chile to the south, by Bolivia and Brazil to the east, and by
            Colombia and Ecuador to the north. With a total land area of 1,285,215.60 km2, Peru
            is the third largest country in South America after Brazil and Argentina, and can be
            divided geographically in three natural regions:

            • The Coast: a narrow desert strip with a maritime coastline 3,080 km long, accounts
              for only 10.7% of Peru's territory, even when it contains approximately 63% of its
              population. Lima, the political and financial capital of the country, is located in this
              region.

            • The Highlands (“Sierra”): the Andean Mountain range covers 31.8% of the territory and
              holds almost 28% of the country's population. This region contains the country's major
              mineral deposits.

            • The Amazon Jungle (“Selva”): the largest region of Peru, occupies 57.5% of its
              territory, and is rich in petroleum and forestry resources.


            Peru

                    Population
            29.4 million
            Urban: 75.9%
            Rural: 24.1%

                    Area
            1,285,215.60 km2


                    Currency*
            Nuevo Sol (S/.)
            S/.1 = US$ 0.35
            US$1 = S/. 2.824


                    Language
            Spanish / Quechua / Aymara


                    Religion
            Freedom of religion
            Mostly Roman Catholic


                    Climate
            Varies from tropical in the Amazon
            region to dry desert in the Coast;
            temperate to frigid in the Highlands

                    Natural resources
            Gold, copper, silver, gas, petroleum,
            fish, phosphate, timber agricultural products.


           * Exchange rate as of July 31, 2010

           Source: BCRP / INEI




6   Ernst & Young
                                                                              1. Background information




3. People

  The estimated population of Peru for 2010 is approximately 29.4 million, of which 9.1
  million (almost 30%) live in Lima. The labor force is estimated to be around 16.4 million
  people.
  The main religion is Roman Catholicism and the main official languages are Spanish and
  Quechua. Aymara is also spoken in some parts of the southern Sierra Region. With respect
  to the literacy rate, 92.9% aged 15 and over can read and write.


  People overview


    Population                       29.4 million (forecast for 2010)

    Age structure                    0 - 14 years 29.1%
                                     15 - 64 years 65.2%
                                     65 years and over 5.7%

    Growth rate                      1.22%

    Birth rate                       19.38 births per 1,000 population

    Death rate                       6.14 deaths per 1,000 population

    Sex ratio                        At birth 1.005 male per female

    Life expectancy at birth         73.1 years (forecast for 2005-2010)


  Source: INEI / CIA Factbook




4. Currency

  The Peruvian official currency is the Nuevo Sol (S/.). The country has a free-
  floating exchange rate regime where the government intervenes to avoid excessive
  fluctuations. As of July 31, 2010, banks bought US dollars at S/. 2.824 and sold them
  at S/. 2.826. Parallel market exchange rates are similar.
  There are no restrictions or limitations to either the number of bank accounts held in
  foreign currency or to the remittance of funds abroad by individuals or legal entities.




                                                                   Peru's Business & Investment Guide   7
       5. Economy


              Gross Domestic Product (GDP)                 US$ 127 billion (2009)

              Net international reserves                   US$ 40.7 billion (as of August 24, 2010)

              External debt                                US$ 31.3 billion (2009)

              Investment                                   20.6% of the GDP (2009)

              Unemployment rate                            8.5% (2009)

              Population below poverty line                34.8% (2009)

                                                           Brazil, Canada, Chile, China, Germany, Italy,
              Main destination of Peruvian
                                                           Japan, Spain, Switzerland, United States and
              exports
                                                           Venezuela

                                                           Gold, copper, zinc, crude petroleum and
                                                           by-products, coffee, potatoes, asparagus,
              Main exports
                                                           paprika, organic banana, cacao, textiles and
                                                           fish meal

              Main countries of origin of                  Argentina, Brazil, Chile, China, Ecuador,
              Peruvian imports                             Mexico and United States

                                                           Petroleum and by-products, plastics, machinery,
              Main imports
                                                           vehicles, iron and steel, wheat and paper


            Source: BCRP / Apoyo Consultoría / MEF / OIT




            With 29.4 million habitants, Peru is a country with rich deposits of copper, silver, gold,
            lead, zinc, natural gas and petroleum. Due to the weather and natural and cultural
            variations along its natural regions, Peru is internationally recognized as a mega-
            diverse country.

            Peru's economy reflects its varied geography. Its abundant resources are mainly
            found in the Highlands, through its mineral deposits, and in its vast coastal waters
            that has traditionally provided excellent fishing. Despite the recent global crisis, the
            administration has resisted tax spending pressures and used the accumulated savings
            from rising commodity prices between 2006 and 2008 to invest in infrastructure, pay
            down a portion of the public debt and increase the domestic assets.

            Peru has achieved significant advances in macroeconomic performance in recent
            years with very dynamic GDP growth rates, stable currency exchange rate and low
            inflation. The country's impressive 9.8% development rate obtained in 2008 elevates
            it among the fastest-growing economies in the region. This trend has been driven by
            rising international commodity prices for minerals and metals, investor-friendly market
            policies and aggressive trade liberalization strategies. Although the rate fell to 0.9%
            in 2009 due to the global crisis, Peru's economy has begun to recover and is oficially
            expected to increase from 6.8% in 2010, and to 5.5% in 2011 (recently reestimated
            by the BCRP to approximately 7.5% in 2010 and to 6% in 2011). The country's rapid
            expansion has helped to reduce the national poverty rate in almost 15% in the last years




8   Ernst & Young
                                                                                         1. Background information




to about 34.8% of its population in 2009.

The country's recent positive development performance has much to do with the
competent monetary and tax policy pursued over the last two decades, with falling
levels of public debt (from 37.8% of GDP in 2006 to 21% in 2009) and consistent
budget surpluses prior to the global downturn (2.4% of GDP in 2008). All this has
occurred together with the liberalization of the goods and labor market, the opening
of the trade and foreign direct investment (FDI), and the maximization of the country's
revenues resulting from its rich natural resources. Peru also benefits from strengths
such as the increasing size of its domestic market and the development of its financial
sector.

Peru has signed Free Trade Agreements (FTAs) with the United States, China, Thailand,
Canada, Singapore and with the European Free Trade Association (EFTA) made up of
Switzerland, Iceland, Liechtenstein and Norway. It has also concluded negotiations with
the European Union. Finally, Peru has begun trade talks with Korea, Japan and other
countries. The FTA with the United States entered into force on February 1, 2009 and
opened the way to greater trade and investment between the two economies. Peru's
main exports consists of gold, copper, zinc, textiles and fish meal; and its major trade
partners are the United States, China, Brazil and Chile.


Devaluation and inflation

The annual inflation rate for 2009 was 0.3 % (6.7 % in 2008). The annual devaluation
rate during 2009 was 2.9 % (revaluation of 6.5 % in 2008).


 Devaluation and inflation

15


10 11.1
                                                                                  6.7

 5     3.7      3.7                     2.5                                                 2.9    2.5
                              1.5                3.5     4.5      1.1
             3.1      0.5                                                 3.9
 0
                      -0.1    0.3                                                           0.3
                                        -1.1                      -0.7
                                                -1.9
                                                        -3.4
 -5                                                                      -4.4
                                                                                  -6.5
                                                                                                   -7.0
-10


-15
      1999    2000     2001   2002       2003    2004    2005     2006    2007    2008      2009   2010*


                                    Inflation            Devaluation


 *Estimate

 Source: BCRP / Apoyo Consultoría




                                                                           Peru's Business & Investment Guide   9
           Main economic activities by region

           Peru's main economic activities are agriculture, fisheries, mining and manufactured
           products. Of the latter, textile products stand out.

           Peru's uneven geography has made it a mega-diverse country which is reflected in a
           great variety of eco-systems and, consequently, of flora and fauna.

           Peru is the first world producer of fishmeal, fresh asparagus, paprika and organic
           banana; the second world producer of artichoke and the sixth world producer of coffee.
           In the mining industry, Peru is the first world producer of silver, the second of zinc, the
           third of copper, the fourth of lead and the fifth of gold. Additionally, it possesses large
           deposits of iron, phosphate, tin, manganese, oil and gas.

           One of the most recent and potentially viable economic activities includes the use of
           wood resources such as cedar, oak and mahogany.

           The following map shows the main economic activities through out the different regions
           in Peru.




                                                                             Iquitos
                         Cabo Blanco


                              Talara
                                                                 Cajamarca
                                Chiclayo                              Au
                                    Pacasmayo                C
                                                                      Pucallpa
                                                                       Ag
                                                                       Zn
                                              Trujillo                 Pb


                                                                                                     Ag
                               Chimbote                                       C                      Pb
                                                                                  La Oroya           Cu
                                                                                                     Zn
                                                                                                     Au
                                                                                                            Ag
                                         Paramonga                                                          Zn
                                                                                          Au
                                                                                          Ag

                                    Huacho - Chancay                                                      Cusco
                                                                                                Zn
                                                                                                                Au
                                                                                          Ica                   Ag        C
                                                         C
                                                                                                            C        Puno
                                         Lima - Callao                                          Arequipa

                                                                                                                     Cu
                                       Petroleum                   Pisco             Mollendo

                               Au Gold

                               Ag Silver                                            Ilo

                               Cu      Copper                    Sugar refinery                            Oil refinery

                                       Natural gas               Fish meal plant                          Metal Industry

                               Zn      Zinc                      Textile Industry                         Smeldering

                               Pb      Lead                  C   Cement plant                             Fisheries

                               Fe      Iron                      Chemical plant                           Metallurgical industry


                      Source: University of Texas - Perry Castañeda Library Map Collection



10 Ernst & Young
                                                                                                    1. Background information




GDP / Trade balance

The GDP at the end of year 2009 was of US$127 billion. Total FOB exports reached
US$26.8 billion, while total imports reached US$21 billion. The leading exports are
mining and fishing products.


Peru's real GDP (in US$ billion)


160


140
                                                                                128                 134
                                                                                        127
120
                                                                        108

100                                                            92.3

                                                      79.4
  80
                                             69.7
                                    61.7
                  53.9     56.8
  60    53.3


  40


  20


   0
        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

*Estimate

Source: BCRP / Apoyo Consultoría / MEF




Annual GDP variations


10.00                                                                             9.8
                                                                          8.9
 8.00                                                             7.7                                6.8
                                                         6.8
 6.00
                              5.0               5.0                                                          5.5
 4.00                                  4.0
            3.0
 2.00
                                                                                              0.9
 0.00                0.2

        2000      2001     2002     2003     2004 2005         2006     2007    2008 2009 2010* 2011*




*Estimate

Source: BCRP




                                                                                  Peru's Business & Investment Guide      11
           GDP by industry
           Annual variation

                                                     2008             2009           2010*           2011*
            Agriculture and livestock sector                   7.2            2.3             2.7            3.6
                   Agriculture                                 7.4            0.9             1.4            3.5
                   Livestock                                   6.0            4.4             4.2            4.2
            Fisheries                                          6.3           -7.9             0.3            0.4
            Mining and hydrocarbons                            7.6            0.6             2.8            3.8
                   Metal mining                                7.3           -1.4             -0.7           3.1
                   Hydrocarbons                              10.3            16.1            28.4            8.1
            Manufacturing                                      9.1           -7.2             6.5            5.3
                   Raw materials processing                    7.6            0.0             2.7            4.4
                   Non primary manufacturing                   8.9           -8.5             7.3            5.5
            Electricity and water                              7.7            1.2             4.9            5.5
            Construction                                     16.5             6.1            12.5            9.5
            Commerce                                         13.0            -0.4             5.1            5.2
            Other services                                     9.1            3.1             5.4            5.6
            GDP                                                9.8            0.9             5.5            5.5


           *Estimate, before recent reestimation to approximately 6.8% - 7.5% for 2010, and to 6% in 2011.

           Source: MEF and BCRP




           Peru's GDP by economic sector (2009)


                                         Commerce
                                         14.9%                     Non primary
                                                                   manufacturing
                                                                   11.4%


                                                                           Taxes
             Other                                                         9.4%
             services
             39.2%
                                                                           Construction
                                                                           6.2%


                                                                        Mining
                                                                        4.7%            Manufacturing
                                                                                        of raw
                                                                     Agriculture        materials
                      Fisheries                                      4.7%
                      0.4%                                                              2.8%
            Hydrocarbons                                                                                 Livestock
            0.6%                                                          Electricity and water          2.4%
                                                                          2.0%


           Source: BCRP




12 Ernst & Young
                                                                                   1. Background information




Exports (in US$ billion)


35,000
                                                                                      33.4
                                                                        31.5
30,000
                                                                 27.8
                                                                               26.8
25,000
                                                        23.8
20,000
                                                17.3
15,000
                                        12.8

10,000                           9.0
                           7.7
               6.9   7.0
  5,000


       0
               2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

*Estimate

Source: BCRP




Exports by economic sector (2009)


                                       Agriculture
                                       9%


                                                     Fisheries
                                                     8%


                                                             Oil and gas
                                                             7%
 Mining
 61%
                                                                    Textile
                                                                     6%


                                                       Chemicals
                                                       3%               Metallurgy and
                                                                        iron steel industry
                                                                        2%
                            Other                      Metal working
                            1%                         1%
 Non metallic minerals
 1%                                            Wood and paper, and
                                               their manufactured products
                                               1%


Source: BCRP




                                                                        Peru's Business & Investment Guide   13
           Mining exports by product (2009)



               Tin
                                                              Others
               2.90%
                                                              4.97%
                       Lead
                       6.80%




                                                                           Gold
            Zinc
                                                                           41.57%
            7.49%




                               Copper
                               36.27%



           Source: ProInversion




           Evolution of the fiscal standing
           (as GDP %)


              4.0
                                                                           3.1
              3.0

                                                                                  2.1
              2.0                                                   1.8


              1.0


                   -

                                                             -0.5
             -1.0
                                                      -1.1
                                               -1.6                                             -1.6
             -2.0
                                        -2.1                                             -2.1
             -3.0       -2.8    -2.6


             -4.0

                        2000    2001    2002   2003   2004   2005   2006   2007   2008   2009    2010*




           *Estimate

           Source: Ministry of Economy and Finance (MEF), Banco de la Nación and Peruvian Tax Authority (SUNAT)




14 Ernst & Young
                                                                                               1. Background information




Tax Income increase
(in US$ million)



25,000



                                                                            19,905
20,000                                                                                     19,026
                                                                                     17,451
                                                                    16,764
15,000
                                                            13,891

                                                    10,795
10,000                                      9,123
                                    7,877
                            6,840
             6,524 6,710
 5,000



      0
              2000   2001   2002    2003    2004     2005    2006    2007    2008     2009   2010*




*Estimate

Source: Ministry of Economy and Finance (MEF), Banco de la Nación and Peruvian Tax Authority (SUNAT)




6. Investment grade

    In December 2009, Peru's credit rating was raised to investment grade by Moody's
    Investors Services and matched similar moves made by Standard & Poor's and Fitch
    Ratings in the previous years. Sound economic prospects, with estimated medium-term
    GDP growth rates of 6.8% for year 2010, is the key factor that supports the upgrade.
    These robust development prospects are supported by rapidly increasing investment
    levels and by the significant decline in Peru's tax and external vulnerabilities. All this
    is within a context of high and diversifying sources of growth with low inflation and
    strengthening macroeconomic fundamentals.
    The upgrade to investment grade has brought Peru a great deal of positive attention
    worldwide. More importantly, it has produced a positive impact on the local economy
    and is currently boosting the stock market and the appreciation of the Peruvian
    currency, the Nuevo Sol, in the short term. Nowadays, many multinational corporations
    are watching the country with greater interest. The consequent improvement in
    employment opportunities and the decrease in poverty should contribute to improve
    the social welfare.




                                                                                    Peru's Business & Investment Guide   15
           Peru's investment rating

           As shown in the chart below, a recent international survey indicates that Peru will have
           one of the lowest inflation levels of the region, with a projected inflation rate of 2.5% in
           2010 and 2.7% in 2011.


             Country                        S&P                            Fitch            Moody’s
              Chile                         A+                             A                A1

              Mexico                        BBB                            BBB              Baa1
              Peru                          BBB-                           BBB-             Baa3

              Brazil                        BBB-                           BBB-             Baa3
              Colombia                      BB+                            BB+              Ba1

              Venezuela                     BB-                            B+               B2

              Argentina                     B-                             RD               B3
              Bolivia                       B-                             B                B2
              Ecuador                       CCC+                           CCC              Caa3


           Source: Standard & Poor's, Fitch Ratings and Moody's




           Estimated inflation rates in Latin America


                                 2.5
                    Peru          2.7
                                    3.5
                    Chile          3.2
                                    3.7
             Colombia               3.8                                                           2010
                                        4.1
              Ecuador                   3.9
                                        4.1
                                                                                                  2011
                   Bolivia              4.1

                    Brazil                   5.0
                                            4.8

             Paraguay                       5.0
                                            5.3

               Mexico                      5.2
                                         3.9

              Uruguay                               6.4
                                                   6.1

             Argentina                                         10.5
                                                               10.7

            Venezuela                                                                                      33.8
                                                                                                         31.0



                             0          5                 10          15          20   25          30    35


           Source: Latin Focus Consensus Forecast




16 Ernst & Young
                                                                                                          1. Background information




  Estimated Latin American GDP growth rates



                                                                                                                 5.6
        Brazil                                                                                  4.5

                                                                                                                              6.8
         Peru                                                                                                5.5

                                                                                                 4.6
         Chile                                                                                             5.3

                                                                                                 4.6
    Paraguay                                                                             4.1

                                                                                          4.2
   Argentina                                                             3.2

                                                                                   3.9
      Mexico                                                               3.4

                                                                                   3.9
     Uruguay                                                                      3.8

                                                                                   3.8
       Bolivia                                                                   3.6                                   2010
                                                                   2.7
    Colombia                                                                      3.6
                                                                                                                       2011
                                                       1.6
     Ecuador                                                 2.3

                     -1.2
   Venezuela                                     1.1



                            -1               1                      3                                 5                       7


  Source: Latin Focus Consensus Forecast and Ministry of Economy and Finance (MEF)




7. Investment promotion conditions

  a. Foreign investment legislation and trends in Peru

     Peru actively seeks to attract both foreign and domestic investment in all sectors
     of the economy. It has therefore taken the necessary steps to establish a consistent
     investment policy that eliminates the obstacles to foreign investment. As a result,
     Peru is now considered to have one of the most open investment regimes in the
     world.

     Peru has adopted a legal framework for investments that offers automatic
     investment authorization. Moreover, it has established the necessary economic
     stability rules to protect private investors from arbitrary changes in the legal terms
     and conditions of their ventures and to reduce government interference with
     economic activities.

     The Peruvian government guarantees foreign investors legal stability on income tax
     and dividend distribution regulations. The foreign investors entitled to obtain this
     tax and legal stability are those willing to invest in Peru at least for a two-year term;
     to invest a minimum amount of US$10 million in the mining and/or hydrocarbon
     sectors or of US$5 million in any other economic activity; or to acquire more than
     50% of the shares of a privatized state-owned company.

     Peruvian laws, regulations and practices do not discriminate between national and
     foreign companies. Foreign investors receive a domestic treatment. There are no
     restrictions to earnings' repatriation, international transfers of capital or currency
     exchange practices. There are also no restrictions on the remittance of dividends,



                                                                                   Peru's Business & Investment Guide               17
                 interests and royalties. Foreign currency may be used to purchase goods abroad
                 or to cover financial obligations so long as the operator is in compliance with the
                 relevant Peruvian tax legislation.



                 Peru ranks first in its region for best legal and regulatory
                 framework

                                                                The Economist


                                           Peru                                                           66.7%

                                           Chile                                                    61.1%

                                       Costa Rica                                         50%

                                         Mexico                                           50%

                                           Brazil                                      47.2%

                                       Venezuela         8.3%

                                        Ecuador      5.6%

                                       Nicaragua     5.6%



                 Source: The Economist 2009




             b. Favorable legal framework for foreign investors

                 Peru offers a legal1 framework that protects foreign investors' interests by offering
                 them:

                  • ►                 An equal and non-discriminatory treatment

                  •   ►               Unrestricted access to most economic sectors

                  •     ►             Free capital transfer

                  •       ►           Free competition

                  •         ►         Guarantee to private property (no expropriations or nationalizations)

                  •           ►       Freedom to purchase domestic stocks

                  •             ►     Freedom to access internal and external credit

                  •
                  ►                   Freedom to transfer royalties

                  •               ►   To be under a network of investment agreements and under the membership
                                      of the Investment Committee of the Organization for Economic Cooperation
                                      Development (OECD)

                  ►
                  •                   To be under the membership of the ICSID - International Centre for
                                      Settlement of Investment Disputes and MIGA – Multilateral Investment
                                      Guaranty Agency (international arbitration institutions)
                 Foreign direct investment must be registered in the Agency for Promotion of Private
                 Investment (ProInversion).
        1 Constitutional Regulations “Foreign Investment Bill”, Executive order # 662, “Private Investment Growth Frame Bill”, Executive
         order # 757, “Public Construction of Infrastructure and Public Services Private Investment Promotion Bill”, Consolidated Text (TUO)
         approved under Supreme Executive order # 059-96-PCM. Extracted from ProInversion.




18 Ernst & Young
                                                                                             1. Background information




  Foreign investors may remit the net benefits resulting from their registered
  investments without any restrictions. In the same way, foreign investors may also
  transfer their shares, property or participation rights, reduce their capital and
  dissolve their companies.



  Recognition of the favorable investment climate

  The following table shows the Peruvian positioning in the favorable infrastructure
  and macroeconomic investment climate index.


                                     World Economic Forum
    Peru is top ranked in the region regarding       Peru ranks top in the world regarding
    government preparation in                        macro-economic level
    infrastructure’s private investment
      Position       Country          Points           Position     Country          Points
          1          Peru                 5.80             1        Peru               6.53
          2          Colombia             5.60             6        China              5.82
          3          Chile                5.50             8        Switzerland        5.70
          4          Uruguay              4.80             9        France             5.49
          5          El Salvador          4.60           10         Netherlands        5.48
          6          Bolivia              4.50           11         Mexico             5.43
          7          Brazil               4.20           17         Argentina          5.30
          8          Dominic. Rep.        4.20           35         Brazil             4.78
          9          Mexico               4.10           39         Chile              4.66
        10           Guatemala            4.00           41         Colombia           5.51
        11           Venezuela            3.20           51         Venezuela          3.18
        12           Argentina            3.10

   Source: World Economic Forum, Benchmarking       Source: World Economic Forum, The Financial
   National Attractiveness for Private Investment   Development Report 2009
   in LA Infrastructure 2007




c. Ease of doing business in Peru

  The following chart shows the most relevant indicators with respect to doing
  business in Peru:


                                                                                      Latin America
    Indicators                                                       Peru             and Caribbean
    Business establishment

     �
     Number of formal proceedings                                      9.0                      9.5
     Time (days)                                                      41.0                     61.7
       Cost (as % of income per capita)                               24.5                     36.6

    Construction permits handling

     �
     Number of procedures                                            21.0                      16.7
     Time (days)                                                    205.0                     225.0
    Registry of properties

     �
     Number of formal proceedings                                      4.0                      6.8
       Time (days)                                                    14.0                     70.4
       Cost (as % of property’s value)                                 3.3                      5.9

                                                                                               (it continues)

                                                                             Peru's Business & Investment Guide    19
                                                                                    (continuation)

                                                                                Latin America
                   Indicators                                          Peru     and Caribbean
                   Credit

                    �
                    Legal rights strength index (0-10)                   7.0            5.5
                      Credit information scope index (0-6)               6.0            3.3
                      Public records office coverage (0-10)              23.0           10.0
                      Private organizations coverage (0-10)             31.8           33.2

                   Investment protection

                    �
                    Transparency index grade (0-10)                      8.0            4.0
                      Board of directors responsibility index (0-10)     5.0            5.3
                      Facility index for Shareholders trials (0-10)      7.0            6.0
                      Investment protection strength index (0-10)        6.7            5.1

                   Taxes

                    Number of taxes per year                             9.0           33.2
                    Income tax (%)                                      12.1           20.2
                    Labor taxes and contributions (%)                   11.0           14.8
                    Other taxes (%)                                     17.2           13.2
                    Total tax rate (as % over the earnings)             40.3           48.3

                   Frontier trade

                    Number of documents required for exports             7.0            6.8
                    Time to export (days)                               23.0           18.6
                    Export cost (US$ per container)                    875.0        1,243.6
                    Number of documents required for imports             8.0            7.3
                    Time to import (days)                               24.0           20.9
                    Import cost (US$ per container)                    895.0        1,481.0


                   Business closing

                    Time (days)                                          3.1            3.3
                    Cost (as % of the assets)                            7.0           15.9
                    Recovery rate (cents per US$)                       25.4           26.8



               Source: World Bank - Doing Business 2010




           d. Promotion and reciprocal protection investment agreements

              Foreign investors are protected against inconvertibility, expropriation, political
              violence and other non-commercial risks through access to the multilateral and
              bilateral conventions such as the Overseas Private Investment Corporation (OPIC)
              and the Multilateral Investment Guaranty Agency (MIGA). Additionally, Peru has
              joined the International Convention for Settlement of International Disputes (ICSID)
              as an alternative to settle disputes between investors and the government. Finally, to
              date Peru has already signed 33 international investment agreements.




20 Ernst & Young
                                                                                  1. Background information




Investment agreements



                                            Germany
                                            Belgium and Luxemburg
               Canada                       Denmark
               United States                Spain                           Australia
                                            Finland                         China
                           Cuba             France                          Korea
                           El Salvador      The Netherlands                 Malaysia
               Argentina                    Italy                           Singapore
               Bolivia                      Norway                          Thailand
               Chile                        Portugal                        Japan
               Colombia                     United Kingdom
               Ecuador                      Czech Republic
               Paraguay                     Romania
               Venezuela                    Sweden
                                            Switzerland




Source: ProInversion




Foreign investment by industry (2008)


                       Transport
                                         Construction
   Petroleum           1.6%
                                         1.0%                 Fisheries
   1.9%
                                                              0.9%          Tourism
                                                                            0.3%
                Services
 Real Estate    2.6%
                                                                    Agriculture
 2.8%                                                               0.2%

  Trade                                                   Mining
  4.0%                                                    21.0%


          Energy
          13.8%


                                                             Communications
                                                             19.5%

               Industry
               15.1%


                                         Finance
                                         15.3%



Source: ProInversion




                                                                    Peru's Business & Investment Guide   21
               Foreign investment (in US$ million)



               20,000                                                                                      18,840
                                                                                                  18,068
               18,000
               16,000                                  14,243                     15,509 15,830
                                              14,185            14,125
                                                                         14,061
               14,000                13,173
                            12,388
               12,000
               10,000
                   8,000
                   6,000
                   4,000
                   2,000
                       0
                            2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*



              *As of June of 2009

              Source: ProInversion




               Private investment (in US$ million)



                   30,000
                                                                                             27,296
                                                                                                            26,731
                   25,000
                                                                                                   22,385

                   20,000                                                           19,478


                                                                           15,117
                   15,000
                                                                   12,285
                                                        10,545
                   10,000   8,668 8,356 8,395      9,221



                    5,000


                       0
                            2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*


               *Estimate

               Source: BCRP / Apoyo Consultoría




22 Ernst & Young
                                                                                 1. Background information




        e. Free trade agreements signed by Peru

            The good performance of international relations is fundamental to a nation's
            sustainable development. For that reason, the opening of new international markets
            in the past decade has allowed Peru to obtain a greater dynamism in its economy.
            This has been reflected in the signing of Free Trade Agreements (FTAs) with many
            industrialized countries, which has resulted in an increase of port facilities and a
            strong growth in national exports.

            To date, Peru participates in several bilateral, regional and multilateral trade
            agreements. The following list includes all the trade agreements already signed
            or to be signed by Peru, and a brief summary of the most important2.


           Trade agreements signed or in current negotiation by Peru:

           •   Multilateral agreements:
               − World Trade Organization (WTO)

           •   Regional agreements:
               − Asia-Pacific Economic Cooperation (APEC)
               − Latin American Integration Association (ALADI)
               − Andean Community of Nations (CAN)– Bolivia, Colombia, Ecuador and Peru

           •   Bilateral agreements (Free Trade Agreements):
               − European Free Trade Agreement (EFTA)– Switzerland, Iceland,
                  Liechtenstein and Norway
               − Canada
               − China
               − Korea
               − United States
               − Singapore
               − Thailand

           •   Agreements in current negotiation:
               − Free Trade Area of the Americas (ALCA)
               − Japan
               − European Union


            Free Trade Agreement Peru - China


            China has shown the highest economic growth rate worldwide in the last two
            decades (around 10% per year, on a sustained basis).


            The signing of this agreement in April 2009 has given to Peru access to a market
            of 1,300 million habitants, of which 350 million are high purchasing power
            consumers.


            From 2002 to 2008, Peruvian exports to China registered an average annual
            growth of 38%. After the United States, China is the second largest Peruvian
            trading partner. The bilateral trade (without FTA) reached US$7.3 billion in 2008
            and is expected to increase to US$10 billion in the next two or three years with
            the signing of this agreement. Peru's main exports to China include copper, iron
            ore and zinc. In turn, China's main exports to Peru include machinery, cell phones
            and high-tech products.

2
    Peruvian Ministry of Foreign Affairs (MRE) and ProInversion.



                                                                      Peru's Business & Investment Guide   23
              In addition to increasing the bilateral trade, this FTA has the objective of
              promoting China's investment in Peru in sectors such as mining, electricity, wind,
              oil and gas power, and industrial fisheries; where infrastructure investment is
              required. The agreement covers a number of aspects that could stimulate almost
              all sectors of the Peruvian economy.


              Agriculture is expected to be one of the most benefited sectors as more than 300
              Peruvian agricultural products such as paprika, asparagus or cowpea will enter
              China without paying tariffs.


              Free Trade Agreement Peru – United States


              The Andean Trade Promotion and Drug Eradication Act (ATPDEA), formerly
              known as the Andean Trade Preference Act, was enacted in 2002 and constituted
              a tariff exception regime unilaterally granted by United States to Bolivia,
              Colombia, Ecuador and Peru.


              The Trade Promotion Agreement (TPA) was signed with the United States in
              December 2005, ratified by the American Congress in December 2007 and
              entered into force in February 2009. It consolidates a temporary preference
              tariff granted by the ATPDEA. The TPA explains the exports' dynamism in the
              recent years and consolidates the trade policy reforms enacted by Peru during
              the nineties.


              The continued application of this law, complemented by the inclusion of certain
              items in the tariff exemptions, culminated with the signing of this Free Trade
              Agreement.


              Free Trade Agreement Peru – European Union (EU)


              The trade agreement with the EU is part of a commercial business strategy that
              seeks to turn Peru into an exporting economy, developing a competitive export
              supply and promoting investment.


              The EU is the second destination of our exports (as a group of countries) with a
              share of 15.7%. In 2009, Peruvian exports to the EU reached US$4.19 billion.
              This region represents a market of great opportunities, with more than 490
              million people with the highest income per capita levels in the world.


              Peru's preferential access to the EU market through the SGP Plus system has
              had a significant impact on exports and job creation. However, this system has
              limitations due to its unilaterality and temporary nature (expires December 31,
              2011).


              Among its benefits in market access terms, it has represented an immediate
              tariff relief of 99.3% on Peruvian exports to the EU. This tariff relief represents
              95% of agricultural tariff lines. As a result, Peru's main exporting products such
              as asparagus, avocado, coffee, capsicum fruits and artichokes will enter the
              European market duty-free.


              The trade agreement does not only contemplate tariff reductions but it also
              includes topics such as: rules of origin, intellectual property, services and




24 Ernst & Young
                                                                   1. Background information




incorporation of companies, government procurement and others. This helps
to improve the country risk rating, lower the cost of credit and consolidate the
capital market. The policy of opening up economic activities is consolidated and
the development of private investment is promoted.


Finally, another important benefit is the exemption of customs duties (drawback).
For the first time in a trade agreement, the EU has accepted that the goods
included in this mechanism continue to be considered as originary, and as such,
also enjoy the benefits of this agreement.


Economic Complementation Agreement (ACE) Peru – MERCOSUR


This agreement aims to form a free trade area between Peru and the MERCOSUR
members (Brazil, Argentina, Paraguay and Uruguay) through the expansion and
diversification of commercial exchange, and the elimination of tariff and non
tariff restrictions that affect the reciprocal exchange of goods and services.


Andean Community of Nations (CAN)


Peru is a member of the CAN in agreements related to trading goods tariff
exemptions; the liberalization of sub-regional service markets; community
rules concerning intellectual property; land, air and water transport;
telecommunications and other trade topics.


Economic Complementation Agreement


This agreement was signed under the membership framework of the Latin-
American Integration Association (ALADI) and gives special tariffs between
its members. This consists of tax reductions as well as free access for certain
products. New tariffs were included in June 2003. In December of the same year,
the agreement was renewed and added new items to the free access list.


Free Trade Agreement Peru - Chile


This commercial agreement was signed in 2006 and entered in force in March
2009. It restates and replaces the previous economic complementation
agreement signed between Chile and Peru in 1998 including its annexes,
protocols and other tools.


The agreement includes a timetable for gradual tariff reductions on goods
produced by both countries with final exemption in 2016. To date, most of the
goods included in the agreement are already 100% free of tariffs.


This agreement also includes procedures for settlement of disputes between the
investor and the state.


Asia Pacific Economic Cooperation (APEC)


Peru is a member of APEC since 1998. Its admission to this forum originated in
its desire to strengthen existing economic links and increase economic relations
with a region that has shown the most dynamic economic growth in recent years.
The APEC market represents nearly 50% of the world population and is expected



                                                        Peru's Business & Investment Guide   25
              to become a natural bridge between the industrialized Asian economies and the
              emerging Latin American economies.


              World Trade Organization (WTO)


              The WTO is a negotiating forum in which the rules about world trade governance
              are discussed. Peru is a member of the WTO since its establishment in 1995.


              Other trade agreements


              Peru has also entered into other bilateral trade agreements with Germany,
              Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Cuba, Denmark,
              Ecuador, El Salvador, Spain, United States, Finland, France, Italy, Japan,
              Malaysia, Norway, The Netherlands, Paraguay, United Kingdom, Czech
              Republic, China, Romania, Singapore, Sweden, Switzerland, Thailand, Belgium,
              Luxembourg and Venezuela.




26 Ernst & Young
Chulucans Pottery. Photograph: Joaquín Rubio l Intellectual Property: PromPeru




                                                                                    Peru
                                                                                 2. Setting up a business in
                                                                  2. Setting up a business presence in Peru




There are different types of legal entities which investors can resort to in order to establish
businesses in Peru. The most commonly used by foreign investors are:


1. Business corporations

   A minimum of two shareholders is required. Non-domiciled shareholders should appoint
   a proxy to sign off the by-laws on their behalf. Funds in local and foreign currency for
   the initial capital contribution should be deposited in a local bank.


   Features:

   • Limited liability
      Stockholders' liability is limited to the par value of the shares they hold.

   • Centralized management
      Shareholders' meetings, board of directors and chief executive officer (general
      manager).

   • Transfer of interest
      The transfer of shares is free; nevertheless, in the case of close corporations the by-
      laws may provide the right of first refusal for the existing shareholders. Shareholders
      may also agree to the transfer or the encumbrance of shares for a term no longer
      than ten years, extendable.

   • Continuity
      Death, illness, bankruptcy, retirement or resignation of any shareholder does not
      cause the dissolution of the corporation.


2. Close corporations

   Close corporations resemble limited-liability companies and must have a minimum of
   two and a maximum of twenty shareholders. Shares cannot be registered in the Public
   Registry of the Stock Market.


   Features:

   • Limited liability
      Stockholders' liability is limited to the par value of the shares they hold.

   • Management
      Shareholders' meeting (resolutions may be adopted in lieu of a meeting) and chief
      executive officer (general manager). The board of directors is optional.

   • Transfer of interest
      The Law establishes a right of first refusal for the existing shareholders in case of
      transfer of shares; however, this right may be waived if agreed by the stockholders.




                                                                     Peru's Business & Investment Guide   29
       3. Public limited corporations

           Public corporations are intended basically for companies with a large number of
           shareholders (more than 750 shareholders) or which have made a Public Offering
           (Oferta Pública de Venta). They have to be registered in the Public Registry of the Stock
           Market.

           Features:

           • Limited liability
             Partners are not personally liable for the company's liabilities. Their liability is limited
             to the value of their stock.

           • Centralized management
             Shareholders' meetings, board of directors and chief executive officer (general
             manager).

           • Supervision
             Public limited corporations are subject to the supervision of the Peruvian Securities
             and Exchange Commission (CONASEV).

           • Transfer of interest
             Transfer of shares is totally free. No restrictions or limitations are permitted.


       4. Limited-liability companies

           A minimum of two and a maximum of twenty partners is required. Capital stock is
           represented by participations, and a board of directors is not required. The setting-up
           procedures are the same as those for corporations.

           Features:

           • Limited liability
             Partners are not personally liable for the company's liabilities. Their liability is limited
             to the value of its participation.

           • Centralized management
             Partners' meeting (resolutions may be adopted in lieu of a meeting) and chief
             executive officer (general manager).

           • Transfer of interest
             Transfer of partners' interest to third parties is subject to approval by the existing
             partners (right of first refusal is mandatory) and must be registered in the Public
             Records Office.

           • Continuity
             Death, illness, bankruptcy, retirement or resignation of any partner does not cause
             the dissolution of the legal entity.


30 Ernst & Young
                                                             2. Setting up a business presence in Peru




5. Branches

  A parent company agreement is required to set up a branch in Peru, and it must be
  certified by the Peruvian Consulate in the country of the home office and authenticated
  by the Peruvian Ministry of Foreign Affairs (MRE), before it is put into the form of a
  notarially recorded instrument and registered in Peru's Public Records Office. An official
  Certificate of Good Standing of the parent company is also required.




                                                                Peru's Business & Investment Guide   31
32 Ernst & Young
Chan Chan Citadel. Photograph: Walter Silvera l Intellectual Property: PromPeru




                                                                                  3. Taxes
                                                                                                   3. Taxes




The following shows the list of taxes according to their nature (direct, indirect and
municipal). Each is described in detail below.



  Direct taxes                    Excise taxes                    Municipal taxes

  Income Tax                      Value Added Tax                 Real estate Tax

  Temporary Net Assets Tax        Selective Consumption Tax       Real estate transfer Tax

  Tax on Financial                                                Vehicle Property Tax
  Transactions




1. Direct taxes

   a. Income Tax

       • Legal entities
         ►

         Corporations incorporated in the country are subject to taxation in Peru on a
         worldwide income basis. Non domiciled corporations, branches and permanent
         establishments of foreign companies that are located in Peru are only taxed on
         Peruvian source income.

         The tax year ends on December 31, with no exceptions. Income tax returns for
         corporations, branches and individuals should be generally filed by March 31 of
         the following year.

         The corporate income tax rate is 30% and applied over the net income
         (after the deduction of expenses incurred in the generation of revenues or
         maintenance of the source).

         Taxpayers can select between the following two systems to obtain relief for
         their losses:

         − Losses can be carried forward for four consecutive years, beginning with the
           first subsequent year in which the losses arise; or,

         − Losses can be carried forward indefinitely, but with an annual limit
           equivalent to 50% of the taxpayer's taxable income of each subsequent year.

         Loss carrybacks are not permitted.




                                                                    Peru's Business & Investment Guide   35
                      Income obtained by non-domiciled entities are subject to a withholding income
                      tax, according to the following:


                      Withholding tax rate on income of non-domiciled

                         Income                                                                           Rate

                         Dividends and profit distribution to non-domiciled by domiciled
                         companies and branches, permanent establishments and agencies                    4.10%
                         of foreign companies

                         Interest paid to non-domiciled, if certain requirements are met                  4.99%

                         Interest paid to related parties or affiliated foreign lenders                   30.00%


                         Technical assistance services used financially in Peru                           15.00%


                         Royalties                                                                        30.00%


                         Capital gains deriving from the sale of securities (shares, bonds and
                         other securities issued by Peruvian entities) through the Lima                   5.00%
                         Stock Exchange

                         Capital gains deriving from the sale of securities (shares, bonds
                         and other securities issued by Peruvian entities) outside the Lima               30.00%
                         Stock Exchange (over the counter)



                      Revenues from activities performed partially in Peru and partially abroad
                      by non-domiciled companies, including those obtained by their branches or
                      permanent establishments, are subject to the following effective tax rates:


                          Activities                          Percent of gross            Effective tax
                                                              revenue (%)                 rate (%)


                          Air transport                                1                         0.3

                          Maritime transport                           2                         0.6

                          Aircraft lease                               80                       8.03

                          Vessel lease                                 60                       6.04


                          Supply of transport
                          containers                                   15                        4.5


                          Layoff of transport
                                                                       80                       24.0
                          containers


                                                                                               (it continues)
       3
           The withholding rate for these activities is 10%
       4
           The withholding rate for these activities is 10%



36 Ernst & Young
                                                                                         3. Taxes


                                                             (continuation)

  Activities                     Percent of gross        Effective tax
                                 revenue (%)             rate (%)



  Insurance                               7                     2.1

  International news agencies             10                    3.0

  Motion picture distribution             20                    6.0

  Television broadcasting
                                          20                    6.0
  rights assignment


  Telecommunication services              5                     1.5




• Thin capitalization rules
  Under these rules, interest paid by domiciled taxpayers to financially related
  or associated companies is not deductible in the portion that exceeds the
  result of applying a coefficient (debt/equity ratio) equivalent to three times the
  taxpayers' net equity at the end of the preceding year.

• Transfer pricing rules
  Transfer pricing rules are based on the arm's length principle as interpreted by
  the OECD.

  In Peru, however, these rules do not only apply to transactions between
  related parties (both domestic and cross-border) but also to transactions with
  companies resident in tax havens. Moreover, these rules must be considered
  not only for Income Tax purposes but also for Value Added Tax and Excise Tax
  purposes.

• Individuals
  Under the Peruvian income tax system, Peruvian citizens domiciled in Peru
  are subject to taxation on their worldwide income, regardless of the country
  from which it derives, from which payments are made, or the currency in which
  income is received. By contrast, non domiciled individuals are only taxed in
  Peru on their Peruvian source income.

  However, after residing in Peru for a period in excess of 183 days within
  any twelve/month period, foreign nationals will be considered residents and
  therefore taxed on a worldwide income basis.

  An individual's status as domiciled or non-domiciled must be verified based on
  the individual's condition at the beginning of the tax year. Any change during
  the tax year will affect the residence status as from the following year.

  Tax rates for domiciled individuals in case of fourth and fifth bracket income,
  deriving from independent and dependent personal services, are determined
  using a three-bracket cumulative scale, as shown below:




                                                          Peru's Business & Investment Guide   37
                   Income tax rates for individuals

                     Scale                                                    Accumulated
                                                                              progressive rate

                     Up to 27 tax units (tax unit is currently equivalent            15%
                     to S/. 3,600)

                     In excess of 27 and up to 54 tax units                          21%

                     Any excess                                                      30%


                   No deductions are allowed in arriving at the taxable income for salaries, wages
                   and other remuneration derived from independent and dependent personal
                   services with the exception of a deduction equivalent to 7 tax units (currently
                   S/.25,200 to December 2010).

                   Since January 1, 2009, income obtained by domiciled individuals from the
                   lease, sublease and assignment of goods (first bracket income), and also other
                   capital income deriving from the disposal of securities (shares, bonds, etc.)
                   and movable property (second bracket) are levied with a rate of 5% and 6.25%,
                   respectively.

           b. Temporary Net Assets Tax (ITAN)
              A so called Temporary Net Assets Tax (ITAN) equivalent to 0.4% is levied over
              the value of total assets over S/.1,000,000, determined as of December 31 of
              the previous year. Companies in a pre-operational stage are excluded. The ITAN
              payments can be used as a tax credit to offset income tax liabilities (i.e. monthly
              prepayments and the final income tax payment due when the annual tax return is
              filed). A refund may be requested for any balance not used in the current year.

              To avoid double taxation issues, subsidiaries and branches of foreign companies
              may elect to reverse the order of the tax credit so the Peruvian income tax is
              creditable against the ITAN and not vice versa. In such a way, taxpayers might be
              able to claim as foreign tax credit the Income Tax and not the ITAN.

           c. Tax on financial transactions and means of payments
              A 0.05% tax is generally imposed on debits and credits in Peruvian bank accounts.

              Any payment in excess of S/. 3,000 or US$1,000 must be made through the
              Peruvian banking system using the so-called Means of Payment, which include
              bank deposits, wire transfers, pay orders, credit and debit cards and non-
              negotiable checks.

              Not using these methods of payment would mean that the corresponding cost
              or expense of the payment cannot be recognized for income tax purposes. In
              addition, any Value Added Tax (VAT) related to the acquisition of goods and
              services cannot be used for tax credit.




38 Ernst & Young
                                                                                             3. Taxes




2. Excise taxes

  a. Value Added Tax (VAT)

    • Taxable Base and application
      Value Added Tax (VAT) is levied over the consumption of goods and services in
      Peru with a 19% tax rate.

      The Value Added Tax follows the debit/credit system, under which the VAT
      paid upon acquisitions is offset against the VAT. The VAT that is not applied as
      credit in a particular month should be applied in the following months until it is
      exhausted.

    • Early Recovery Regime
      The companies that develop projects in which the preoperational stage is more
      than two years, can request the early recovery of the VAT before starting the
      production stage. To do this, the company must entered into an investment
      contract with the Peruvian government through the pertinent ministry of the
      sector.

    • Definitive Recovery Regime
      This regime applies to: (i) investors who owns mining concessions, and (ii)
      investors who have entered into agreements or service contracts according
      to the Hydrocarbons Act. In the first case, the beneficiary of the regime must
      not be in the production stage and should have entered into an Exploration
      Investment Agreement. In the second case, the investor must be in the
      exploration stage of such agreements.

  b. Selective Consumption Tax
    The tax applies to the consumption of specific goods, such as fuels, cigarettes,
    beers, liquors, soft drinks, among others. It is applied under 3 systems: (i)
    specific, which involves a fixed amount in local currency for each measurement
    unit; (ii) at the value, a percentage over the sale price; and (iii) sale price, a
    percentage over the suggested retail price.




3. Municipal taxes

  a. Real Estate Tax
    Real Estate tax is a municipal annual tax that is levied over the value of real
    property, on both, urban or rustic land. The tax considers the land, buildings, and
    fixed or permanent facilities.

    The tax rate is a cumulative scale varying between 0.2% and 1.0%, depending on
    the appraisal value of the property.

  b. Real Estate Transfer Tax
    Real Estate Transfer Tax is levied on the transfer of real property, including free
    transfers, in any form or manner, including sales in which the ownership rights
    are not transferred to the buyer until the total price is paid.




                                                              Peru's Business & Investment Guide   39
                  The tax base is the agreed price, which cannot be lower than the value of the
                  property for Real Estate Tax purposes. The tax rate is 3%.

           c. Vehicle Property Tax
                  The Vehicle Property Tax is an annual tax, levied on the property of three year-
                  old vehicles, cars, trucks and station wagons, manufactured within the country or
                  import. The 3 years are calculated from the first filing of the vehicle in the Real
                  Estate Registry.

                  The tax base is determined by the original acquisition value, import or property
                  entry. The applicable tax rate is 1%.




       4. Customs duties

           The importation of goods is subject to customs duties. The tariffs in force Ad
           Valorem are 0%, 9% and 17%.
           Additionally, the importation of goods is levied with the Value Added Tax, as well as
           other taxes, such as Selective Consumption Tax, Antidumping Rights, Compensatory
           Rights, among others, depending on the type of goods imported.
           For security and public health reasons, the importation of certain goods is
           restricted. The application of taxes and custom duties is summarized as follows:



                 Tax                                                  Rate             Taxable Base


                 Customs duties (a)                                   0%, 9% and 17%   CIF value

                 Value Added Tax         (b) (c)
                                                                      19.0%            CIF + customs duties

           (a)
                 The customs duties rate depends on the imported good
           (b)
                 The Value Added Tax can be used as tax credit by the importer
           (c)
                 Certain goods are also subject to the Consumption Selective Tax



           a. Drawback
                  The recovery of customs duties or drawback allows the production or export
                  companies to recover in whole or in part the customs duties that affected
                  the importation of raw materials, inputs, intermediate products and parts or
                  components incorporated or consumed in the production of goods for export,
                  provided that the CIF values of the imported good does not exceed 50% of the
                  FOB value of exports.

                  The recovery rate applicable until June 2010 is equivalent to 8% of the FOB value
                  of the exported goods, with a maximum of the 50% of the production cost. As
                  from July 2010 the recovery rate applicable is equivalent to 6.5% of the FOB
                  value of the exported goods, and as of 2011 will be equivalent to 5%.

           b. Free Trade Zones

                  • Free Trade Zone of Tacna - Zofratacna
                       The Free Trade Zone of Tacna – Zofratacna was created by Law 27688 in




40 Ernst & Young
                                                                                       3. Taxes




 2002, with the purpose of promoting investments in the south of the country
 through the establishment of companies which performs the following
 activities: industry, agro-industry, manufacturing, assembly and storage
 services, distribution, unpacking, packing, among others.

 For this purpose, a tax exemption regime was enacted which includes Income
 Tax, Value Added Tax, the Selective Consumption Tax, the Municipal Promotion
 Tax, as well as other taxes, either from the central, regional or municipal
 government, created or to be created, including those that require a specific
 exemption, provided that the activities are performed within such zone;
 notwithstanding that such transactions in other parts of the country will be
 subject to all taxes.

 With respect to foreign goods imported to the zone, they may not be subject
 to the payment of customs duties because Zofratacna is a special customs
 zone. In the case that such goods are transferred to the Commercial Zone of
 Tacna, a unique special tariff will be paid; notwithstanding, if such goods are
 sent anywhere else within Peruvian territory, all the taxes that are levied on
 imported goods must be paid.

 This regime will be in force until 2022, with the exception of the Income Tax
 regime which will conclude on December 31, 2023.

• Free Trade Zone of Puno - Zeedepuno
 The free zone known as Zeedepuno was created by Law 28864. As well as
 Zofratacna, Zeedepuno was established not only to provide tax benefits to
 foreign goods imported to the zone, but also includes a tax exemption regime
 that includes Income Tax, Value Added Tax, the Selective Consumption Tax, as
 well as other taxes, either from the central, regional or municipal government,
 created or to be created, including those that require a specific exemption,
 provided that the activities of industry, agro-industry, manufacturing, assembly
 and storage services, distribution, unpacking, packing, among others, are
 performed within said zone.

 This regime will be in force until 2027, with the exception of the Income Tax
 regime, which will conclude on December 31, 2028.

• Ceticos
 In addition to the free trade zones, there are certain Exportation,
 Transformation, Industrial, Commercialization and Services Centers, known as
 Ceticos, which are located at the ports of Ilo, Matarani and Paita, and in Loreto.

 The Ceticos are geographical areas designed by law that are treated as special
 primary customs zones. In the Ceticos areas it is possible to provide repair
 and manufacturing services, as well as to modify, combine, transform, actively
 enhance, distribute, store, manufacture, and produce goods, among other
 activities.

 The entry into the country of goods consigned to Ceticos is not subject to
 payment of import duties and taxes. However, the entry of goods from the
 Ceticos to the rest of the country is subject to payment of import duties and
 taxes.

 With respect to other taxes, companies incorporated until 2012 in Ceticos in
 Ilo, Matarani and Paita (located near the ports of the same name) with no less
 than 92% of their annual transactions from the export of the goods produced,




                                                        Peru's Business & Investment Guide   41
                   will be exempt from Income Tax, Value Added Tax, Selective Consumption Tax,
                   Municipal Promotion Tax, as well as all other taxes, until December 31, 2012.

                   Finally, regarding the Ceticos Loreto, it is important to mention that the term
                   for incorporation in this zone, as well as the tax exemption regime, is for 50
                   years, as of May 24, 1998.




       5. Tax stability agreements

           The Private Investment Promotion Agency (ProInversion), on behalf of the Peruvian
           government, guarantees foreign investors legal and tax stability. To be eligible, a
           minimum of US$10 million must be invested in the mining and hydrocarbon sectors,
           or US$5 million in any other economic activity, or one must acquire 50% of shares of
           a company participating in the privatization process.




42 Ernst & Young
Llachon Peninsula. Photograph: Domingo Giribaldi l Intellectual Property: PromPeru




                                                                                     4. Labor legislation
                                                                                    4. Labor legislation




1. Job stability

  In accordance with the Peruvian Constitution, employees are protected against
  arbitrary dismissal.

  This right, called “job stability”, is granted to employees who work for the same
  employer for more than four hours per day, after a three month trial period. Once this
  period is completed, employees are regarded as permanent and can only be dismissed
  under circumstances concerned with their behavior at work or ability to carry out their
  duties.

  Employers may enter into employment contracts for an undetermined period of time
  or for fixed terms. Fixed term contracts are expressly foreseen by law and are basically
  allowed for cases such as business expansion, production increments, temporary
  labors, extraordinary circumstances and seasonal activities. These contracts must be
  entered into in writing and notified to the labor authority.

  In the event of unjustified dismissal, employees may demand a severance payment
  equivalent to one and a half monthly salaries per year of service (under a non-term
  working agreement); and, one monthly salary per pending month (under a fixed term
  working agreement). The maximum severance payment is twelve salaries. Alternatively,
  employees can demand the restitution of their previous job.

  The law allows collective dismissals under certain circumstances such as acts of God or
  force majeure, financial or technical streamlining, dissolution, bankruptcy or operating
  downsizing without having to grant severance payments.


2. Fringe benefits

  Employers are required to provide the following benefits to employees:

  • Family allowance equivalent to US$19 (approximately)per month.
  • One month paid vacation per year.
  • One month salary bonus in July and in December.
  • One month salary per year (approximately) as severance indemnity, which should be
    deposited in advance with a bank elected by the employee. Deposits are regarded as
    final payments of the accrued liability.

  • Profit sharing in cash, which is calculated on the employer's taxable income and
    distributed among the employees. The rates are 5%, 8% and 10% depending on the
    employer's activity. This benefit does not apply to companies with less than 20
    employees.

  • All these benefits are deductible for income tax purposes.
  Employers can negotiate with employees earning a monthly salary higher than
  US$2,500 a total annual compensation, including all the benefits described above,
  except for profit sharing.




                                                                 Peru's Business & Investment Guide   45
       3. Expatriates

           Expatriates working in Peru and foreign corporations carrying out activities in Peru
           are subject to Peruvian labor laws. As a general rule, foreign employees should not
           exceed 20% of total personnel. Additionally, salaries paid to foreign employees should
           not exceed 30% of total payroll cost. Such limits can be waived for professionals and
           specialized technicians or management personnel of a new entrepreneurial activity or
           in the case of a business reconversion.

           No restrictions apply to foreign individuals working in Peru with a Peruvian immigrant
           visa, individuals married to Peruvians or who have Peruvian children, parents or
           siblings, and foreign investors with a permanent investment in Peru of at least 5 tax
           units (approximately US$6,250).

           Expatriates should register their employment contract with the labor authorities and
           obtain a special non-immigrant resident visa. No additional work permit is needed.


       4. Immigration

           Expatriates can enter Peru under the following migratory qualifications:


             Visa                         Types of Visa      Activities permitted

                                                             This visa does not allow the
             Tourist visa                 Temporary          employee to perform paid
                                                             activities.

                                                             This visa does not allow the
                                                             employee to perform activities
             Business visa                Temporary          that can be considered a Peruvian
                                                             source income. This visa allows
                                                             expatriates to sign contracts.

                                                             This visa allows the employee to
             Work visa                    Resident
                                                             work in Peru.

                                                             This visa is granted to employees
                                                             of a foreign company. They
                                                             are required to submit to the
                                                             Migrations authority their service
             Temporary work visa          Temporary
                                                             contract and work assignment
                                                             letter, both legalized by the
                                                             Peruvian Consulate and approved
                                                             by the Ministry of Foreign Affairs.

             Work visa for service
                                          Resident           Investment or independent work
             providers

             Immigrant                    Resident           No restrictions


           As a general rule, income obtained for personal work or civil, commercial or any other
           type of business carried out within Peruvian territory is considered to be a Peruvian




46 Ernst & Young
                                                                                 4. Labor legislation




source income. However, non-domiciled individuals entering the country temporarily
to perform the following activities are not taxed for revenues obtained in their home
country, since they are not considered a Peruvian source income:


• Activities that precede a foreign investment or any other business
• Supervision or control of an investment or business, (i.e. gathering data or
  information, meeting public or private sector personnel, etc.)


• Hiring local personnel; and
• Signing agreements or similar documents
Any other remuneration an expatriate receives in cash or in kind, as a compensation
for work carried out within Peru, is considered to be a Peruvian source of income and,
consequently, will be taxable.




                                                              Peru's Business & Investment Guide   47
48 Ernst & Young
Otuzco Windows. Photograph: Luis Gamero l Intellectual Property: PromPeru




                                                                            5. Accounting standards
                                                                                 5. Accounting standards




The Peruvian Business Corporation Act establishes that the financial statements of
companies incorporated in Peru must follow the Peruvian Generally Accepted Accounting
Principles (GAAPs) and other legal provisions on the matter. The National Accounting
Standards Board has established that Peruvian GAAPs are basically referred to the
accounting standards issued by the International Accounting Standards Board-IASB and the
specific provisions approved for particular businesses (banks, insurance companies, etc.).
Likewise, on a complementary basis, the US GAAPs are applicable.
The National Accounting Standards Board, appointed by the Government, is responsible
for issuing accounting standards and methodologies that apply both to private business
and government entities. The Board generally adheres to the standards approved by the
accounting profession.
The accounting profession in Peru follows the accounting standards set forth by the
International Accounting Standards Board-IASB.
The Certified Public Accountants Association of Lima has the responsibility of studying and
introducing these standards into Peru. The National Accounting Standards Board approves
these standards for their application.
The preparation of financial information is subject to ruling issued by CONASEV. Such
ruling is closely related to the International Financial Reporting Standards (IFRS) and to the
International Auditing Guidelines issued by the International Federation of Accountants-IFAC.
CONASEV requires financial information of companies that are registered before the Public
Registry of the Stock Market or the ones that quote their shares in the stock exchange.
There are some differences between Peruvian and US GAAPs. The differences usually
found in Peruvian companies are basically the same differences existing between the IFRS
and US GAAP.




                                                                   Peru's Business & Investment Guide   51
52 Ernst & Young
Sunset in Huanchaco. Photograph: Carlos Sala l Intellectual Property: PromPeru




                                                                                 Appendixes
Nasca Lines. Photograph: Heinz Plenge Intellectual l Property: PromPeru




                                                                          Stakeholders
                                                                                          Appendixes




1. Executive Office for Economic Promotion

  The Executive Office for Economic Promotion is the Peruvian Ministry of Foreign Affairs
  (MRE) organ in charge of encouraging and coordinating the promotion of trade, tourism
  and investment. It is also in charge of relations with the domestic business sector. It
  arranges policies and coordinates tasks with business unions and public and private
  institutions engaged to international trade, investments and tourism.



                                  Services offered by OPE

                                       • Commercial opportunities promotion
                                       • Exportable supply promotion
                                       • Support in the solution of commercial disputes
                                       • Information requirements to our foreign
                                         commercial offices – OCEX
     Trade promotion services          • Commercial intelligence studies
     (“PCO”)
                                       • Support to commercial missions and to their
                                         participation in foreign fairs
                                       • Support in the settlement of exporters'
                                         commercial disputes
                                       • Execution of commercial events
                                       • Preparation of entrepreneurial agendas

                                       • Support to investor missions
                                       • Videoconferences
     Investment promotion services     • Investment information material diffusion
     (“PIN”)
                                       • Participation in investment agreement
                                         negotiations
                                       • Promotion of investment opportunities

                                       • Promotion of tourism offer
                                       • Support to gastronomic events
                                       • Promotion of tourism material
                                       • Support to foreign tourism promotion fairs
     Tourism promotion services
                                       • Support to agents involved in tourism
     (“PTU”)
                                         promotion
                                       • Negotiation and promotion of tourism
                                         agreements
                                       • Promotion of tourism information obtained
                                         through our missions




                                                               Peru's Business & Investment Guide   57
           •	Contacts:
                − Jaime Pomareda
                  Ambassador
                  Executive Director of the Executive Office for Economic Promotion
                  Peruvian Ministry of Foreign Affairs
                  Tel:		+51	1	204	3361
                  Fax:	+51	1	204	3362
                  E-mail:	jpomareda@rree.gob.pe

                − Arturo Jarama
                  Minister
                  Director of Investment Promotion and Development Projects
                  Peruvian Ministry of Foreign Affairs
                  Executive Office for Economic Promotion
                  Tel:		+51	1	204	3384
                  Fax:	+51	1	204	3387
                  E-mail:	ajarama@rree.gob.pe

                − Cecilia Galarreta
                  Minister Counselor
                  Director of Trade Promotion
                  Peruvian Ministry of Foreign Affairs
                  Executive Office for Economic Promotion
                  Tel:		+51	1	204	3368
                  Fax:	+51	1	204	3370
                  E-mail:	cgalarreta@rree.gob.pe

                − Ricardo Morote Canales
                  Minister Counselor
                  Commerce Promotion Director
                  Peruvian Ministry of Foreign Affairs
                  Executive Office for Economic Promotion
                  Tel:		+51	1	204	3391
                  Fax:	+51	1	204	3393
                  E-mail:	rmorote♠@rree.gob.pe

                − Web	page:	www.rree.gob.pe

                − Address:	Jr.	Lampa	545,	Piso	10	–	Lima	1	

                − Tel:	+51	1	204	3361	/	+51	1	204	3365	(OPE)

            	      						+51	1	204	3369	(PCO)

            	      						+51	1	204	3385	(PIN)

            	      						+51	1	204	3392	(PTU)

                − Fax:	+511		204	3362

                − E-mail:	ope@rree.gob.pe




58 Ernst & Young
                                                                                            Appendixes




2. ProInversion

  ProInversion is the Peruvian investment agency in charge of the promotion of business
  opportunities with high growth and profitability prospects in Peru. Its purpose is to
  promote investment unrelated to the Peruvian government by private parties in order
  to boost Peru's competitiveness and development and to improve the well being of the
  population.
  Likewise, its vision is to be considered by investors and by the population as an efficient
  and strategically for the development of Peru's investments.
  ProInversion provides information to potential investors regarding the incorporation of
  a legal entity, identifying investment by industries, investment projects (granted and
  pending), and other categories.


  • Objectives and guidelines:
      ►
    − Promote investment, preferably in the regions and locations outside Lima

    − Prioritize the promotion of investment related to employment increase, national
      competitiveness and exports, conciling national, regional and local interests

    − Improve the quality and increase the coverage of public services and of
      infrastructure by means that encourage the participation of investment that is not
      dependent on the Peruvian State

    − Promote a culture favorable to investment that is non-dependent on the Peruvian
      state as a mean of growth and economic and social development

    − Develop mechanisms to attract investors and to attend to their needs

    − Promote the image of the country as a favorable place for domestic and foreign
      investment

  • Contacts:
    − Web page: www.proinversion.gob.pe

    − Address: Sede Principal (Lima): Paseo de la República N° 3361, piso 9,
      San Isidro – Lima 27, Peru

    − Tel: +51 1 612 1200

    − Fax: +51 1 221 2941

    − E-mail: contact@proinversion.gob.pe

  • Offices:
    − Arequipa: Pasaje Belén N° 113 – Vallecito, Arequipa, Peru
      Tel: +51 54 608 114 / Tel / Fax: +51 54 608 115

    − Piura: Av. Chirichigno Mz. A – Lote 2, Urb. San Eduardo, Piura, Peru
      Tel / Fax: +51 73 310 081 / +51 73 309 148 / +51 73 305 082




                                                                 Peru's Business & Investment Guide   59
       3. PromPeru

           PromPeru is a dependent entity of the Peruvian Ministry of Foreign Trade and Tourism
           that is in charge of developing strategies to achieve an integrated and attractive image
           of Peru. This image will allow the development of Peru as a privileged destiny for
           tourism and investment. It is also in charge of the promotion of Peruvian exports.


           • Objectives and guidelines:
              − Design, coordinate, arrange and execute policies and actions with the objective of
                promoting Peru's image internationally and to promote its exports

              − Manage and channel international technical and finance cooperation

              − Participate in the strategic planning of exports promotion, according to Executive
                order # 805

              − Participate in the design, coordination and execution of the strategic planning of
                promoting investment

              − Design, coordinate, arrange and execute policies and actions with the objective of
                promoting tourism to Peru and promoting domestic tourism to Peruvians

              − Manage and channel international financial and technical cooperation for the
                promotion of tourism to Peru

           • Contacts:
              − Web page: www.promperu.gob.pe

              − Address:
                   ª Sede Exportaciones y Secretaría General: Av. República de Panamá 3647,
                     San Isidro - Lima, Peru
                   ª Sede Turismo: Calle Uno Oeste 50, Edificio Mincetur, Pisos 13 y 14, San Isidro -
                     Lima, Peru

              − Tel: +51 1 616 7400 (Sede Exportaciones y Secretaría General)

                      +51 1 616 7300 (Sede Turismo)

              − E-mail: webmaster@promperu.gob.pe

           • Offices:
              − Amazonas: Jr. Ortiz Arrieta 590 - Amazonas, Peru
                Tel: +51 41 47 7292
                E-mail: iperuchachapoyas@promperu.gob.pe

              − Ancash: Pasaje Atusparia, Of. 1 - Ancash, Peru
                Tel: +51 43 42 8812
                E-mail: iperuhuaraz@promperu.gob.pe




60 Ernst & Young
                                                                                    Appendixes




− Macro Región Suroeste - Arequipa, Moquegua y Tacna: Calle Palacio Viejo 302 -
  Arequipa, Peru
  Tel: +51 54 281 535 / +51 54 288 447
  E-mail: opearequipa@promperu.gob.pe

− Ayacucho: Jirón 28 de julio N° 178, Of. 205, Huamanga - Ayacucho, Peru
  Tel: +51 66 311 422 / +51 66 326 375
  E-mail: ciayacucho@promperu.gob.pe/centroinformacioncca@gmail.com

− Cajamarca: Jr. Belén S/N, Conjunto Monumental Belén - Cajamarca, Peru
  Tel: +51 76 362 903
  E-mail: cicajamarca@promperu.gob.pe

− Callao: Aeropuerto Internacional Jorge Chávez (Sala de Embarque Nacional,
  Llegadas Nacionales e Internacionales y Zona Pública)- Callao, Peru
  Tel: +51 1 574 8000
  E-mail: iperulimaapto@promperu.gob.pe

− Macro Región Sureste - Cusco, Puno, Madre de Dios y Apurimac: Jirón Julio C.Tello
  C-11, Urb. Santa Mónica - Cusco, Peru
  Tel: +51 84 223 592 / +51 84 223 661
  E-mail: opecusco@promperu.gob.pe

− Huánuco: General Prado N° 873 - Huánuco, Peru
  Tel: +51 62 513 532
  E-mail: cihuanuco@promperu.gob.pe/camarahuanuco@perucam.com

− Ica: Av. Grau N° 148 - Ica, Peru
  Tel: +51 56 214 327
  E-mail: ciica@promperu.gob.pe

− Macro Región Centro - Junín, Ayacucho, Huánuco, Huancavelica y Pasco:
  Av. Giraldez N° 634 - Huancayo, Peru
  Tel: +51 64 203 400
  E-mail: opejunin@promperu.gob.pe

− La Libertad: Jr. Junín N° 444 - Trujillo, Peru
  Tel: +51 44 231 114
  E-mail: cilalibertad@promperu.gob.pe/exportacion@camaratru.org.pe

− Macro Región Noroeste - Lambayeque, La Libertad y Cajamarca: Calle 7 de Enero
  N° 579 - Chiclayo, Peru
  Tel: +51 74 274 330 /+51 74 228 881
  E-mail: opelambayeque@promperu.gob.pe

− Lima - Larcomar - Lima, Peru
  Tel: +51 1 445 9400
  E-mail: iperularcomar@promperu.gob.pe

− Lima - San isidro: Jorge Basadre 610 - Lima, Peru
  Tel: +51 1 421 1627 / +51 1 421 1227
  E-mail: iperulima@promperu.gob.pe




                                                         Peru's Business & Investment Guide   61
              − Región Oriente - Loreto, San Martín, Ucayali y Amazonas: Av. Yavarí N° 363,
                Of. 45 - Iquitos, Peru
                Tel: +51 65 221 703 / +51 65 232 833
                E-mail: opeloreto@promperu.gob.pe

              − Madre de Dios: Jr. Ica N° 1662 - Puerto Maldonado, Peru
                Tel: +51 82 571 897
                E-mail: cimadrededios@promperu.gob.pe / iiapmd@iiap.org.pe

              − Región Norte - Piura y Tumbes: Jirón Ayacucho 377 - Plaza de Armas - Piura, Peru
                Tel: +51 73 320 249

              − Puno: Jirón Ayacucho 682 - Puno, Peru
                Tel: +51 51 351 261
                E-mail: cipuno@promperu.gob.pe

              − San Martín: Jr. Manco Cápac N° 196 - Tarapoto, Peru
                Tel: +51 42 522 872
                E-mail: cisanmartin@promperu.gob.pe

              − Tacna : Av. Alfonso Ugarte N° 56 - Tacna, Peru
                Tel: +51 52 424 961
                E-mail: citacna@promperu.gob.pe / camaratacna@perucam.com




62 Ernst & Young
Canoeing in Luanahuana. Photograph: Aníbal Solimano l Intellectual Property: PromPeru




                                                                         in Peru
                                                                         business and investments
                                                                         Ernst & Young services for
                                                                                                                            Appendixes




The global net of Ernst & Young professionals will help find financial, strategic and
operational alternatives to improve your liquidity, financial standing and performance.
We help you in the development of sustainable business in the short and long-term.


Main services

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   •       ►                             Actuarial calculations



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                                                                                                 Peru's Business & Investment Guide   65
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66 Ernst & Young
Madre de Dios River in the Manu. Photograph: Walter Silvera l Intellectual Property: PromPeru




                                                                           abroad
                                                                           Directory of Peruvian
                                                                           Embassies and Consulates
                                                                                                Appendixes




Directory of Peruvian Embassies and Consulates abroad


  Algeria


  • Algiers
    Embassy
    2 Et 4 Capitaine Salah Moghni-El Biar 16406,
    Algiers, Algeria.
    T: +213 0 2192 3854
    F: +213 0 2192 3856
    E: amb.perou@assila.net
       amb.perou@yahoo.fr (Consular Section)



  Argentina


  • Buenos Aires                                   • Cordoba
    Embassy                                          Consulate
    Av. Del Libertador 1720, 1425 Buenos Aires,      Calle José Roque Funes Nº2262, Bº Villa
    Argentina.                                       Centenario. Córdoba Capital CP. 5009,
    T: +54 11 48022000                               Argentina.
       +54 11 48022438                               T: +54 351 482 3577
    F: +54 11 48025887                               F: +54 351 481 9912
    E: embperu@arnet.com.ar                          E: consulperucba@arnetbiz.com.ar
    W:www.embajadadelperu.int.ar



  • La Plata                                       • Mendoza
    Consulate                                        Consulate
    Calle 8 Nº. 862, 1er. Piso Entre 49 y 50         Huarpes 629, 5ta. Sección, CP (5500),
    La Plata C.P. 1900, Argentina.                   Mendoza, Argentina.
    T: +54 221 425 1862                              T: +54 261 429 9831
    F: +54 221 423 2812                                 +54 261 429 4926
    E: conperlp@speedy.com.ar                        F: +54 261 429 9831
       consulperu-laplata@rree.gob.pe                   +54 261 429 4926
    W:www.conperlaplata.org.ar                       E: conpermendoza@consuladodelperu.com.ar
                                                        secretariorgb@consuladodelperu.com.ar



  Australia


  • Canberra                                       • Sydney
    Embassy                                          Consulate
    40 Brisbane Avenue. Piso 2 Barton 2606           Suite 1001, 84 Pitt Street Sydney-NSW
    ACT, Canberra, Australia.                        2000, Australia.
    T: +61 2 6273 7351                               T: +61 2 9235 0355
       +61 2 6273 7352                                  +61 2 9235 0366
    E: embassy@embaperu.org.au                          +61 2 9235 0300
    W:www.embaperu.org.au                            F: +61 2 9235 0311
                                                     E: conper@mail.magna.com.au
                                                     W:www.consuladoperusydney.org




                                                                    Peru's Business & Investment Guide   69
          Austria                                          Belgium


          • Vienna                                         • Brussels
             Embassy                                         Embassy
             Mahlerstrasse 7/22, A-1010 Vienna, Austria.     Avenue de Tervueren 179, 1150 Brussels,
             T: +43 1 713 7054                               Belgium.
             F: +43 1 712 7704                               T: +322 733 3319
             E: embajada@embaperuaustria.at                  F: +322 733 4819
             W:www.embaperuaustria.at                        E: info@embaperu.be
                                                             W:www.consuladodelperu.be



          Bolivia


          • La Paz                                         • Cochabamba
             Embassy                                         Consulate
             Calle Fernando Guachalla Nº 300, Sopocachi,     Av. Oquendo. 0654, piso 6, oficina 606 / 7
             La Paz, Bolivia.                                Torres Sofer, Cochabamba, Bolivia.
             T: +591 2 244 1250                              T: +5914 466 4154
             F: +591 2 244 1240                              F: +5914 466 4153
             E: epebol@acelerate.com                         E: concbba@acelerate.com.bo
               epebol2e@acelerate.com                        W:www.conpercbba.web.bo
             W:www.conperlapaz.org



          • El Alto                                        • Santa Cruz
             Consulate                                       Consulate
             Av. Cívica Nº 33 casi esqui. Satélite-Villa     Calle Viador Pinto Nº 84, esq. con calle
             Tejada Triangular, El Alto, Bolivia.            Alejandro Ramírez, Equipetrol (a una cdra.
             T: +591 2 281 5754                              del Hotel Casablanca), Santa Cruz, Bolivia.
                +591 2 281 5755                              T: +591 3 341 9091
             F: +591 2 281 5754                              F: +591 3 332 4197
             E: conper_elalto@yahoo.com                      E: conpersantacruz@costas.com.bo



          Brazil


          • Brasilia                                       • Manaos
             Embassy                                         Consulate
             S.E.S. Av. Das Nações Lote 43 Quadra 811        Rua Constelação Nº 16-A. Modada do Sol, Barrio
             CEP: 70428-900 Brasilia DF, Brazil.             Aleixo, Manaus-AM, Brazil. CEP 69060-081.
             T: +55 61 3242 9933                             T: +55 92 3236 9607
                +55 61 3242 9835                                +55 92 3632 0585
                +55 61 3242 9435                             F: +55 92 3632 0585
             F: +55 61 3244 9344                             E: conpemao@gmail.com
             E: embperu@embperu.org.br
                consulado@embperu.org.br
             W:www.embperu.org.br




70 Ernst & Young
                                                                                                   Appendixes




Brazil


• Rio de Janeiro                                • Rio Branco
  Consulate                                       Consulate
  Av. Rui Barbosa 314-2º. Andar Flamengo          Rua Maranhão 280, Bosque, centro
  CEP 22250-020 Rio de Janeiro, Brazil.           Rio Branco-AC CEP 69908-240, Brazil.
  T: +55 21 2551 4496                             T: +55 68 3224 0303
  F: +55 21 2551 9796                                +55 68 3224 0777
  E: conperio@yahoo.com.br                           +55 68 3224 2727
                                                  F: +55 68 3224 1122
                                                  E: consulperu-riobranco@gmail.com



• São Paulo
  Consulate
  Alameda Campinas 646 4to Piso Cerqueira
  César CEP 01404-001, São Paulo, Brazil.
  T: +55 11 30 506011
  F: +55 11 3142 9595
  E: antonio@consuladoperusp.com.br
  W:www.consuladoperusp.com.br



Canada


• Ottawa                                        • Montreal
  Embassy                                         Consulate
  130 Albert Street Suite 1901, Otawa,            970-550 Sherbrooke Ouest, La Tour Ouest,
  Ontario, KIP5G4, Canada.                        Montreal, Québec, H3A 1B9, Canada.
  T: +16 13 238 1777                              T: +15 14 844 5123
  F: +16 13 232 3062                              F: +15 14 843 8425
  E: emperuca@bellnet.ca                          E: perou@videotron.net
  W:www.embassyofperu.ca                          W:www.consuladoperumontreal.com



• Toronto                                       • Vancouver
  Consulate                                       Consulate
  301-10 Saint Mary Street, Toronto, Ontario,     260-505 Burrard Street Vancouver B.C. V7X 1M3,
  M4Y1P9, Canada.                                 Canada.
  T: 4 16 963 9696                                T: +16 04 662 8880
  F: 4 16 963 9074                                F: +16 04 662 3564
  E: info@conperutoronto.com                      E: infovan@consuladoperu.ca
  W:www.conperutoronto.com                        W:www.consuladoperu.ca



Chile


• Santiago                                      • Arica
  Embassy                                         Consulate
  Av. Andrés Bello 1751, Providencia,             Av. 18 de Setiembre N° 1554, Arica, Chile.
  Santiago, Chile. Casilla Postal: 16277.         T: +56 58 231 020
  T: +56 2 339 2601                                  +56 58 255 048
  F: +56 2 235 2053                               F: +56 58 254 656
  E: sseperack@embajadadelperu.cl                 E: conperarica@terra.cl
    embstgo@entelchile.net
  W:www.conpersantiago.cl




                                                                  Peru's Business & Investment Guide      71
          Chile


          • Iquique                                            • Valparaiso
             Consulate                                            Consulate
             Segundo Piso, Casa Billinghurst, Zegers Nº 570,      Calle Errázuriz Nº 1178, Of. 71, Edificio
             Iquique. Casilla Postal 248, Chile.                  “Olivari”–Valparaiso, Chile.
             T: +56 57 411 466                                    T: +56 32 225 3403
                +56 57 413 351                                       +56 32 221 5621
             F: +56 57 414 506                                    F: +56 32 221 7289
             E: conperiquique@entelchile.net                      E: consulperu-valparaiso@rree.gob.pe
                                                                  W:www.conpervalparaiso.cl



          China


          • Beijing                                            • Hong Kong - Special Administration of
                                                                  the Republic of China.
             Embassy
             Sanlitun Bangong Lou 1- 9, Beijing 100600,           Consulate
             China.                                               Unit 1401,14th Floor, China Merchants
             T: +86 10 6532 3719                                  Tower 168-200 Connaught Road Central
             F: +86 10 6532 2178                                  Hong Kong.
             E: embaperu-pekin@rree.gob.pe                        T: +852 2868 2622
             W:www.embperu.net.cn                                    +852 2868 9962
                                                                  F: +852 2840 0733
                                                                  E: peruhkmc@netvigator.com



          • Shanghai
             Consulate
             Shanghai Kerry Centre, 1515 Nanjing XI road,
             Floor 27, Suite 270, Shanghai, 200040,
             China.
             T: +86 21 5298 5900
             F: +86 21 5298 5905
             E: conperu@conpersh.com
             W:www.conpersh.com



          Colombia


          • Bogota                                             • Leticia
             Embassy                                              Consulate
             Calle 80 A, N° 6-50, Bogota D.C., Colombia.          Calle 11, 5-32, Leticia, Amazonas, Colombia.
             T: +57 1 2570505                                     T: +57 8 592 3947
             F: +57 1 249 8581                                    F: +57 8 592 7755
             E: embajadaperu@embajadadelperu.org.co               E: conperu@telecom.com.co
             W:www.embajadadelperu.org.co




72 Ernst & Young
                                                                                                         Appendixes




Costa Rica                                           Cuba


• San Jose                                           • Havana
  Embassy                                              Embassy
  Del Colegio de Ingenieros y Arquitectos 325          Calle 30 Pt.107 entre 1ra y 3ra, Miramar, Playa
  Mts,Norte, Casa Crema Urbanización Freses            La Habana, Cuba.
  Curridabat, San Jose, Costa Rica A.P. 4248-1000.     T: +53 7 204 2632
  T: +506 2225 9145                                    F: +53 7 204 2636
     +506 2225 1575                                    E: embaperu@embaperu.org
  F: +506 2530 457
  E: embaperu@amnet.co.cr




Czech Republic                                       Dominican Republic


• Prague                                             • Santo Domingo
  Embassy                                              Embassy
  Muchova 9, Prague 6, 160 00, Dejvice,                Calle Mayreni N° 31 Urbanización los
  Czech Republic.                                      Cacicazgos Santo Domingo, Dominican
  T: +420 2 2431 6210                                  Republic.
  F: +420 2 2431 4749                                  T: +1809 482 8374
  E: embajada@peru-embajada.cz                            +1809 482 3300
                                                          +1809 482 3344
                                                       F: +1809 482 3334
                                                       E: embaperu@codetel.net.do



Ecuador


• Quito                                              • Guayaquil
  Embassy                                              Consulate
  Av. República de El Salvador 495 Irlanda,            Av. Francisco de Orellana Kennedy Norte, Piso
  Quito-Ecuador.                                       14 Oficina Nº 02 Edificio “Centrum” Guayaquil,
  T: +593 22 468 410                                   Ecuador.
     +593 22 468 411                                   T: +593 42 280 114
     +593 22 468 404                                      +593 42 280 135
     +593 22 468 389                                      +593 42 280 142
  F: +593 22 439 611                                   F: +593 42 280 171
  W:www.embajadadelperú.org.ec                         E: conperu@gye.satnet.net
                                                       W:www.consuladoperuguayaquil.org.ec



• Loja                                               • Macara
  Consulate                                            Consulate
  Av. Zoilo Rodríguez 03-05 Ciudadela                  Av. Simón Bolivar 48-33 y 10 de Agosto,
  Zamora, Loja, Ecuador.                               Barrio Juan Montalvo, Macara, Ecuador.
  T: +593 72 579 068                                   T: +593 72 694 030
  F: +593 72 571 668                                      +593 72 694 922
  E: cperuloj_c@easynet.net.ec                         F: +593 72 694 922
                                                       E: consuladoperumacara@hotmail.com
                                                       W:www.consuladoperumacara.com




                                                                         Peru's Business & Investment Guide     73
          Ecuador                                         Egypt


          • Machala                                       • Cairo
             Consulate                                      Embassy
             Urbanización Unioro Manzana 14 Villa 11,       41-AI-Nahda Street, 2nd floor, Maadi, Cairo,
             Machala, Provincia del Oro, Ecuador.           Egypt.
             T: +593 72 937 040                             T: +202 2359 0306
                +593 72 934 535                                +202 2359 0406
                +593 72 930 680                             F: +202 2750 9011
             F: +593 72 930 680                             E: emperucairo@yahoo.es
             E: conperu@eo.ecua.net.ec



          El Salvador                                     Finland


          • San Salvador                                  • Helsinki
             Embassy                                        Embassy
             Av. Masferrer Norte, Casa N° 17 P, Cumbres     Ludviginkatu 3-5 A 21, 00130 Helsinki,
             de la Escalón, Colonia Escalón, San            Finland.
             Salvador, El Salvador.                         T: +358 9 759 9400
             T: +503 2275 5566                              F: +358 9 759 94040
                +503 2275 5567                              E: commercial.section@embassyofperu.fi
                +503 2275 5568                              W:www.peruembassy.fi
             F: +503 2275 5569
             E: embperu@telesal.net



          France


          • Paris
             Embassy
             50 Avenue Kléber 75116 Paris, France.
             T: +33 1 5370 4200
             F: +33 1 4704 3255
             E: perou.ambassade@amb-perou.fr



          Germany


          • Berlin                                        • Frankfurt
             Embassy                                        Consulate
             Mohrenstrasse 42, 10117 Berlin, Germany.       Kaiserstrasse 74, 63065, Offenbach Am
             T: +49 30 2064 1043                            Main, Frankfurt, Germany.
                +49 30 2064 1044                            T: +49 69 133 0926
             F: +49 30 2064 1077                            F: +49 69 295 740
             E: embajada-peru@embaperu.de                   E: consulperu-frankfurt@rree.gob.pe
                botschaft-peru@botschaft-peru.de               consulgeneral@conperfrankfurt.de
                info@embaperu.de                            W:www.conperfrankfurt.de
             W:www.embaperu.de
                www.botschaft-peru.de




74 Ernst & Young
                                                                                               Appendixes




Germany


• Hamburg                                        • Mϋnich
  Consulate                                        Consulate
  Blumenstrasse 28, 22301 Hamburg,                 Herzog Heinrichstrasse 23, 80336 Mϋnich,
  Germany.                                         Germany.
  T: +49 40 460 1223                               T: +49 89 1392 8880
     +49 40 460 3039                               F: +49 89 1392 88819
  F: +49 40 481 854                                E: info@conperumunich.de
  E: info@conperham.de                             W:www.conperumunich.de
     consulperu-hamburgo@rree.gob.pe
  W:www.conperham.de



Greece                                           Guatemala


• Athens                                         • Guatemala
  Embassy                                          Embassy
  Semitelous Street 2, 11528 IIisia, Athens,       15 Avenida “A” 20-16, Zona 13, Guatemala,
  Greece.                                          Guatemala.
  T: +30 210 779 2761                              T: +502 2361 8532
  F: +30 210 779 2905                                 +502 2331 7841
                                                   F: +502 2360 8369
                                                   E: lepnigua@concyt.gob.gt
                                                   W:www.embajadaperu-guatemala.org



Honduras                                         India


• Tegucigalpa                                    • New Delhi
  Embassy                                          Embassy
  Escuela Dowal Casa Nro. 3301 Calle Principal     A- 9/5, Bucarest Marg Vasant Vihar, New Delhi
  Colonia Linda Vista Tegucigalpa.M.D.C.           110057–India.
  Honduras, CA. Casilla Postal 3171.               T: +91 11 4616 3333
  T: +504 236 7994                                 F: +91 11 4616 3301
                                                   E: commercial@embassyperuindia.in
     +504 236 8345
                                                   W:www.embassyperuindia.in
  E: embaperu-tegucigalpa@rree.gob.pe
     embajadadelperu@cablecolor.hn



Indonesia                                        Israel


• Jakarta                                        • Tel Aviv
  Embassy                                          Embassy
  Menara Rajawali, 12TH Floor, JL. Mega            Medinat Hayehudim, 60 Herzliya Pituach
  Kuningan, Lot. 5,1, Kawasan Mega Kuningan        46766, Israel.
  Jakarta 12950, Indonesia.                        T: +972 9 957 8835
  T: +62 21 576 1820                               F: +972 9 956 8495
  F: +62 21 576 1825                               E: consuladop@hotmail.com
  E: embaperu@cbn.net.id                              emperu@012.net.il
     leprujkt@cbn.net.id




                                                                   Peru's Business & Investment Guide   75
          Italy


          • Rome                                             • Genova
             Embassy                                           Consulate
             Vía Francesco Siacci, 2B-00197 Rome, Italy.       Piazza Della Vittoria, 15 AMM-E 16121
             T: +39 06 8069 1510                               Genova, Italy.
             F: +39 06 8069 1777                               T: +39 010 589 952
             E: embperu@ambasciataperu.it                         +39 010 595 5569
             W:www.ambasciataperu.it                           F: +39 010 584 8236
                                                               E: conper.genova@tiscali.it
                                                                  info@consuladoperugenova.com
                                                                  sec@consuladoperugenova.com
                                                               W:www.consuladoperugenova.com



          • Milan                                            • Florence
             Consulate                                         Consulate
             Vía Roberto Bracco No. 1 20159, Milan, Italy.     Piazza San Firenze 3, 50122, Florence, Italy.
             T: +39 02 690 04577                               T: +39 055 260 8803
                +39 02 668 09617                               F: +39 055 260 8803
             F: +39 02 668 5575                                E: conper.florencia@yahoo.it
             E: consulado@conpermilan.com                      W:www.consuladoperuflorencia.com
             W:www.conpermilan.com



          • Turin
             Consulate
             Vía Pastrengo 29, C.P. 10128 Turin, Italy.
             T: +39 11 581 9762
             F: +39 11 509 8805
             E: conperturin@hotmail.com
             W:www.conperturin.com



          Japan


          • Tokyo                                            • Nagoya
             Embassy                                           Consulate
             4–4-27 Higashi Shibuya Ka Tokyo 150-0011,         Swan Nagoya Fushimi Bldg, 3F, 2-2-23 Sakae,
             Japan.                                            Naka ku, Nagoya shi, Aichi 460-0008, Japan.
             T: +81 3 3406 4243                                T: +81 0 52 209 7851
             F: +81 3 3409 7589                                   +81 0 52 209 7852
             E: embtokyo@embperujapan.org                      F: +81 0 52 209 7856
             W:www.embajadadelperuenjapon.org                  E: secretaria@consuladodelperuennagoya.com
                                                               W:www.consuladodelperuennagoya.com




76 Ernst & Young
                                                                                                             Appendixes




Korea                                                Malaysia


• Seoul                                              • Kuala Lumpur
  Embassy of Peru in South Korea                       Embassy
  Dae Yun Gak Tower Center Building, Unit              Wisma Selangor Dredging 6th. Floor, South
  2002, 25-5, Chung muro 1-KA Jung-Ku,                 Block 142-A, Jalan Ampang 50450 Kuala
  Seoul, Korea.                                        Lumpur, Post Box 18, Malaysia.
  T: +82 2 757 1735                                    T: +60 3 2163 3034
     +82 2 757 1736                                       +60 3 2163 3035
     +82 2 757 1737                                    F: +60 3 2163 3039
  F: +82 2 757 1738                                    E: embperu@streamyx.com
  E: lpruseul@kornet.net                               W:www.embperu.com.my



Morocco                                              Mexico


• Rabat                                              • Mexico D.F.
  Embassy                                              Embassy
  16, Rue D'lfrane, Plaza Peru, Rabat, Morocco         Paseo de la Reforma 2601. Colonia Lomas
  T: +212 0 537 723 236                                Reforma Delegación Miguel Hidalgo, C.P. 11020,
     +212 0 537 723 284                                Mexico, D.F.
                                                       T: +52 55 1105 2270
  Consular Section                                     F: +52 55 1105 2279
  16, Rue D'lfrane Plaza Peru, Rabat, Morocco.         E: embaperu@prodigy.net.mex
  T: +212 37 723 236
     +212 37 723 284
  F: +212 37 702 803



New Zealand                                          Nicaragua


• Wellington                                         • Managua
  Embassy                                              Embassy
  Level 8, 40 Mercer Street, Simp House,               Hospital Militar 1 cuadra al lago, 2 c. abajo, Casa
  Wellington, NZ, Casilla Postal: PO BOX 2566.         No. 325, Managua, Nicaragua.
  T: +644 499 8087                                     T: +505 266 6757
     +644 499 8067                                     F: +505 226 68679
  F: +644 499 8057                                     E: embajadaperunic@gmail.com
  E: embperu@xta.co.nz                                    secconsular.peru@gmail.com
  W:www.embassyofperu.org.nz                           W:www.peruennicaragua.com.ni



Panama                                               Paraguay


• Panama                                             • Asuncion
  Embassy                                              Embassy
  Calle 53 Marbella Condominio World Trade Center,     Aca Carayá Nº 215, esquina Corrales, Barrio
  Oficina 1203, Panamá A.P. W.T.C. 8322474.            Bernardino Caballero, Asuncion; Casilla de
  T: +507 269 6864                                     Correos 433, Paraguay.
     +507 223 1112                                     T: +595 21 607 431
     +507 263 1556                                        +595 21 210 395
  E: embaperu@paranet.com                              F: +595 21 607 327
                                                       E: embperu@embperu.com.py
                                                       W:www.embperu.org.py




                                                                          Peru's Business & Investment Guide        77
          Poland                                                Portugal


          • Warsaw                                              • Lisboa
             Embassy                                              Embassy
             UL. Staroscinska 1A, M.3, Varsovia, Polonia.         Rua Castillo 50,4º Dto. 1250-071 Lisboa,
             T: +48 22 646 8806                                   Portugal.
                +48 22 646 8807                                   T: +351 213 827 470
             F: +48 22 646 8617                                   F: +351 213 827 479
             E: embperpl@atomnet.pl                               E: info@embaixada.pt
             W:www.perupol.pl                                     W:www.embaixadaperu.pt



          Romania                                               Russian Federation


          • Bucarest                                            • Moscow
             Consular Section / Embassy                           Embassy
             Bvd. Lacul Tei Nº 29, Etaj.2, Ap. 4, Sector2,        Smolensky Boulevard 22/14, KV 15
             Bucarest, Romania.                                   Moscow, Russian Federation.
             T: +40 21 211 1819                                   T: +7499 248 2302
             F: +40 21 211 1818                                   F: +7499 230 2000
             E: embajadaperu.bk_ro@yahoo.com                      E: lapremoscu@mtu-net.iu
             W:www.embajadaperu.ro



          Singapore                                             South Africa


          • Singapore                                           • Pretoria
             Embassy                                              Embassy
             390, Orchard Road No. 12-03, Palais Renaissance,     200 Saint Patricks Street, Muckleneuk Hill,
             Singapore 238871.                                    Pretoria 0083, South Africa.
             T: +65 6738 8595                                     T: +27 1244 01030
             F: +65 6738 8601                                        +27 1244 01031
             E: embperu@pacific.net.sg                            F: +27 1244 01054
             W:www.embassyofperu.org.sg                           E: embaperu6@telkomsa.net



          Spain


          • Madrid                                              • Barcelona
             Embassy                                              Consulate
             C/Príncipe de Vergara N°36 5° Derecha                Avenida de Roma 157, 1° 08011, Barcelona,
             28001 Madrid, Spain.                                 Spain.
             T: +34 91 431 4242                                   T: +34 93 415 4999
             F: +34 91 577 6861                                      +34 93 451 1784
             E: lepru@embajadaperu.es                             F: +34 93 237 4634
                                                                  E: consulado@consulperubarcelona.com
                                                                  W:www.consulperubarcelona.com




78 Ernst & Young
                                                                                                       Appendixes




Spain


• Sevilla                                         • Valencia
  Consulate                                         Consulate
  Pabellón de Perú, Avenida María Luisa S/N,        Plaza Los Pinazos 2, piso 3, 46004, Valencia,
  Sevilla, 41013, Spain.                            Spain.
  T: +34 95 423 2819                                T: +34 96 351 5927
  F: +34 95 423 7925                                   +34 96 352 4463
  E: consuladoperu@gmail.com                        F: +34 96 352 3289
  W:www.peruexterior.com                            E: info@consuladoperuvalencia.org
                                                    W:www.consuladoperuvalencia.org



Switzerland


• Bern                                            • Geneva
  Embassy                                           Consulate
  Thunstrasse No. 36, 3005 Bern, Switzerland.       17 Rue Des Pierres Du Niton, 1207 Geneva,
  T: +41 31 351 8550                                Switzerland.
  F: +41 31 351 8570                                T: +41 22 707 4917
  E: leprubernaoz@bluevrin.ch                       F: +41 22 707 4918
  W:www.embajadaperu.ch                             E: conperginebra@conperginebra.ch
                                                       conperginegra@bluewing.ch



• Zϋrich
  Consulate
  Löwenstrasse 69, 8021, Zürich, Switzerland.
  T: +41 44 211 8211
     +41 44 211 8212
     +41 44 211 8207
  F: +41 44 211 8830
  E: mail@conperzurich.ch
  W:www.conperzurich.ch



Taiwan                                            Thailand


• Taipei                                          • Bangkok
  Commercial Office of Peru in Taipei               Embassy
  Suite 2411, International Trade Building, 333     Glas Haus Building, 16 th. Floor, 1 Sukhumvit 25
  Keelung Rd., Sec. 1, Taipei 110, Taiwan.          Road, Klongtoey, Bangkok 10110, Thailand.
  T: +8862 2757 7017                                T: +66 2 260 6243
  F: +8862 2757 6480                                   +66 2 260 6245
  E: postmaster@ast.peru.org.tw                        +66 2 260 6248
     ggordon@peru.org.tw                            F: +66 2 260 6244
  W:http://www.peru.org.tw                          E: info@peruthai.or.th
                                                    W:www.peruthai.th.com




                                                                     Peru's Business & Investment Guide       79
          United Kingdom                                  Uruguay


          • London                                        • Montevideo
             Embassy                                        Embassy
             52 Sloane Street London – SW 1X 9SP, UK        Obligado 1384 Montevideo, Uruguay.
             T: + 44 207 235 1917                           T: +598 2 707 1420
                + 44 207 235 8340                              +598 2 707 6862
                + 44 207 235 3802                              +598 2 707 2834
             F: + 44 207 235 4463                              +598 2 707 8214
             E: postmaster@peruembassy-uk.com               F: +598 2 707 7793
             W:www.peruembassy-UK.com                       E: embamontevideo@embaperu.org.uy
                                                            W:www.angelfire.com/country/embaperu



          U.S.A.


          • Washington                                    • Atlanta
             Embassy                                        Consulate
             1700 Massachussetts Avenue. N.W.               4360 Chamblee Dunwoody RD. Suite 580,
             Washington D.C. 20036-1903, U.S.A.             Atlanta, GA 30341, U.S.A.
             T: +1 202 833 9860 al                          T: +1 678 336 7010
                +1 202 833 9869                             F: +1 678 990 1920
             W:www.peruvianembassy.us                       E: info@consulperuatlanta.com
                                                            W:www.consulperuatlanta.com



          • Boston                                        • Chicago
             Consulate                                      Consulate
             20 Park Plaza, Suite 511, Boston,              180 North Michigan Avenue Suite 1830
             Massachussets, U.S.A.                          Chicago Illinois 60601, U.S.A.
             T: +1 617 338 2227                             T: +1 312 782 1599
             F: +1 617 338 2742                                +1 312 853 6173
             E: conperboston@msn.com                           +1 312 853 6174
                                                            F: +1 312 704 6969
                                                            E: sipan@ameritech.net



          • Dallas                                        • Denver
             Consulate                                      Consulate
             9330 Amberton Parkway, Suite 2130, Dallas,     1001 S Monaco Parkway, suite 210 Denver,
             TX 75243, U.S.A.                               Co 80224, U.S.A.
             T: +1 972 234 0005                             T: +1 303 355 8555
                +1 972 234 0022                             F: +1 303 355 8003
                +1 972 234 0027                             E: conperdenver@consuladoperu.net
                +1 972 234 0028
                +1 972 809 0101
             F: +1 972 498 1086



          • Hartford                                      • Houston
             Consulate                                      Consulate
             250 D Main Street Hartford, Ct. 06106,         5177 Richmond Avenue. Suite 695 Houston.
             U.S.A.                                         Texas 77056, U.S.A.
             T: +1 860 548 0266                             T: +1 713 355 9517
                +1 860 548 0337                                +1 713 355 9438
             F: +1 860 548 0094                             F: +1 713 355 9377
             E: conperhartford@aol.com                      E: conperu@sbcglobal.net
                                                            W:www.sbc.yahoo.com




80 Ernst & Young
                                                                                             Appendixes




U.S.A.


• Los Angeles                                   • Miami
  Consulate                                       Consulate
  3450 Wilshire Boulevard, Suite 800 / Los        444 Brickell Avenue Suite M-135 Miami,
  Angeles, California 90010, U.S.A.               Florida 33131, U.S.A.
  T: +1 213 252 5910                              T: +1 786 347 2434
     +1 213 252 9795                              F: 305 373 5388
     +1 213 252 8599                                 305 381 6027
     +1 213 252 8498                              E: ofcomper@gate.net
  F: +1 213 252 8130                              W:www.consulado-peru.com
  E: comperla@mpowercom.net



• Nueva York                                    • Paterson
  Consulate                                       Consulate
  241 East 49th Street New York, N.Y. 10017,      100 Hamilton Plaza 12th floor, Paterson
  U.S.A.                                          NewJersey, 07505, U.S.A.
  T: +1 646 735 3828                              T: +1 973 278 3324
     +1 646 735 3868                              F: +1 973 278 0254
  F: +1 646 735 3866                              E: consulado@conpernj.org
  E: ofcopeny@aol.com                             W:www.consulado.peru.com
  W:www.consuladoperu.com



• San Francisco
  Consulate
  870 Market St. Suite 1067 San Francisco Ca.
  94102.
  T: +1 415 362 5185
     +1 415 362 7136
     +1 415 332 5647
  F: +1 415 362 2836
  E: conpersf001@aol.com



Vatican City


• Rome
  Embassy
  Vía Di Porta Angélica N° 63 Scala A, 3°
  Piano, 00193 Rome, Vatican City.
  T: +3906 6830 8535
  E: embaperuva@tim.it
  W:www.xoomer.virgilio.it/embaperuva
  E: conperhartford@aol.com




                                                                  Peru's Business & Investment Guide   81
          Venezuela


          • Caracas                                          • Puerto Ordaz
             Embassy                                           Consulate
             Av. San Juan Bosco con 2da Transversal.           Urbanización Roraima, Calle Roraima con
             Edificio San Juan, Piso 5, Altamira, Caracas,     esquina de calle Aguila, Mz 4; casa N° 20
             Venezuela.                                        Alta Vista Sur Puerto Ordaz, Estado Bolivar,
             T: +58 212 264 1420                               Venezuela.
                +58 212 264 1483                               T: +58 286 961 4945
             F: +58 212 265 7592                                  +58 286 961 6225
             E: lepnicaracas@cantv.net                         F: +58 286 962 3865
                                                               E: copordaz@cantv.net
                                                               W:www.consuladogeneraldelperuenpuertoordaz.com




82 Ernst & Young
Notes
Notes
Declaration
This publication contains summarized information and is therefore intended for general guidance
only. It is not intended to be a substitute for detailed research or the exercise of professional
judgment. Neither the local Ernst & Young entity nor any other member of the global Ernst
& Young organization can accept any responsibility for loss produced to any person acting or
refraining from action as a result of any material in this publication. On any specific matter,
reference should be made to the appropriate advisor.
Ernst & Young

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About Ernst & Young
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