A. Permanent Structures 永久性组织形式

i. Frequently used Corporate Structures 常用公司组织形式

The stock corporation and the limited liability company are the most important and frequently used company types regulated under the General Corporations Law (LGS” for its Spanish acronym), effective on January 1, 1998.

股份公司和有限责任公司是1998年1月1日生效的《秘鲁普通公司法》（西班牙语首字母缩写为“LGS”）所规范的最重要和最常用的公司类型。

The LGS Law recognizes and regulates seven types of corporations:

LGS法认可并规范以下七种类型的公司：

(i) Stock corporations, in its three corporate forms: general stock - S.A.; closely held--S.A.C. and publicly held - S.A.A 股份公司有三种公司形式，普通股份- S.A.；封闭持股- S.A.C.；公众持股- S. A.A.

(ii) General partnership 普通合伙企业

(iii) Limited partnership 有限合伙企业

(iv) Limited partnership by shares 股份有限合伙企业

(v) Commercial limited liability company商业有限责任公司

(vi) Ordinary civil society 普通市民社会组织

(vii) Limited liability company有限责任公司

On the other hand, Legislative Decree No. 1409 and its Regulations, published in September 2018 and October 2019 respectively, create and regulate a new corporate form: the Simplified Closed Stock Company (S.A.C.S.). This new corporate form, which allows only natural persons to be shareholders, seeks to have a more expeditious constitution procedure.

另一方面，2018年9月公布的第1409号立法法令及2019年10月公布的实施细则创设并规范了一种新的公司形式：简易封闭股份有限公司（S. A. C. S.）。这种新的公司形式，只允许自然人成为股东，设立程序更为快捷。

The most common corporations in commercial practice are the stock corporations. In general, Peruvian regulations on corporations are similar to those established in other jurisdictions. Peruvian legislation recognizes and regulates three types of stock corporations: (i) general stock - S.A.; (ii) closely held - S.A.C.; and (iii) publicly held - S.A.A. These three types of corporation mentioned above have the essential features of any stock corporation, that is, stocks are issued, their ownership is divided into equity shares and they have limited liability.

商业实践中最常见的公司是股份公司。一般而言，秘鲁对公司的规定与其他司法管辖区的规定相似。秘鲁立法认可并规范三种类型的股份公司：（i）普通股份- S. A.; （ii）封闭持股- S. A. C.; （iii）公众持股- S. A. A.。上述三种类型的公司均具备股份公司的基本特征，即：发行股票、所有权分被均分成股份、承担有限责任。

(i)A general stock corporation is a capital stock company. Its capital is represented by shares which give titleholders the rights set forth in the LGS Law, as well as in the respective company bylaws.

普通股份公司是一种资本股权公司。其资本由股份所代表，并赋予股份持有人在LGS法中所规定的，以及在各自的公司内部章程中所规定的权利。

(ii) Specific regulations regarding closely held corporations include characteristics proper to a

capital stock company, and also provide a suitable corporate structure for a limited number of shareholders who are usually involved in the company management. Given the importance of shareholders’ personal factors in terms of ownership and capital management, its shares cannot be listed on the stock market.

关于封闭持股公司的特殊规定包含了股份公司的特征，也为通常参与公司经营管理、有限数量的股东提供了合适的公司组织形式。鉴于股东在所有权和资本管理方面具有人合性的重要考虑，其股份不能在证券市场上市。

(iii) An publicly held corporation must comply with one or more of the following conditions: (i) have made a primary public offering of shares or bonds convertible into shares; (ii) have more than 750 shareholders; (iii) more than 35% of its capital stock must belong to 175 or more shareholders, without considering within this number those shareholders whose individual owner equity does not reach two per thousand of the capital or exceeds 5% of the capital stock; (iv) it is incorporated as such; or (v) all shareholders with voting rights have unanimously approved to adopt such corporation system. Publicly held corporation must register its stock in the Stock Market Public Registry. This means that its stock trading of free transfer may not be restricted, unless otherwise expressly provided in the LGS Law. This type of corporation is subject to supervision by the Superintendence of Stock Market (SMV).

（iii） 公众持股公司必须符合以下一项或多项条件：（i）已经首次公开发行了股票或可转换为股票的债券；（ii）超过750名股东；（iii）超过35%的股本属于175名或以上的股东，但不考虑其中个人所有者权益未达到资本千分之二或股本总额超过5%的股东；（iv）已经按照公众持股公司的形式设立；或（v）所有有投票权的股东一致同意采用这一公司制度。公众持股公司必须在证券市场公开登记处登记其股票。这意味着除非LGS法明确规定，其股票的自由转让不得受到限制。这种类型的公司受证券市场监管局（SMV）的监管。

Regulations applicable to the limited liability company - S.R.L. are similar to those for closely held corporations as members’ personal factors are involved in these types of companies pursuant to the LGS Law. In these companies, capital is represented by membership interest.

根据LGS法，适用于有限责任公司-S. R. L.的法规与封闭持股公司相似，封闭持股公司成员的人合因素也体现在这些类型公司中。在这些公司中，资本代表着股东权益。

a. General Features一般特征The table below describes the most relevant features of the general stock corporation, closely held corporation, and limited liability companies.

下表详细描述了股份有限公司、封闭持股公司和有限责任公司的主要特征：

b. Management管理层

The table below provides a general overview of the corporate bodies involved in the management of general stock corporation, closed corporation, and limited liability company.

下表提供了涉及股份有限公司、封闭公司和有限责任公司管理的法人机构的总体概述。

c. Incorporation Process 设立流程

The process of incorporating a company takes approximately 15 business days. For founding partners of non-resident entities or individuals that are abroad at the time of incorporation, they will be required to have the corresponding powers of attorney registered. These documents must be registered before the Public Registry. This process could take up to 15 additional business days.

设立一家公司的流程大约需要15个工作日。设立时在国外的非居民实体或个人身份的创立合伙人，需要登记相应的授权委托书。该等文件必须在公共登记处登记。完成该流程可能额外需要15个工作日。

The table below is a timetable detailing the steps that need to be taken to incorporate a company in Peru:

下表详细说明在秘鲁设立一家公司的步骤和所需用的时间：

ii. Branches 分支机构

An alternative to setting up corporations is to establish branches, which are deemed to have permanent legal representation and enjoy procedural autonomy in the sphere of activities assigned to them by the parent company, in accordance with the powers granted to their representatives. Branches do not have independent legal status. The table below describes the requirements and procedure to establish a branch in Peru.

设立公司的另一种选择是设立分支机构，分支机构被视为具有永久的法定代表地位，并根据授予其代表的权力，在母公司授权的活动范围内享有程序上的自主权。分支机构不具有独立的法律地位。下表描述了在秘鲁设立分支机构的条件和程序。

iii. Joint ventures 合资企业

Peruvian law defines two different types of joint ventures: the consortium and the silent partnership agreement (contrato de asociación en participación). This is not an exhaustive list, so that other associative contracts, such as associations or joint ventures, are also permitted under Peruvian law, without the need for specific regulation.

秘鲁法律定义了两种不同类型的合资企业：联合体和沉默合伙协议（缔约以参加组织）。但这并不是一个详尽的清单，其他联合合同，例如协会或合资企业，也被秘鲁法律允许，不需要特别的规定。

The consortium is defined as a contract in which two individuals or legal entities join together in order to participate in a certain business to share profits and reduce their transaction costs. Consortiums do not generate a separate independent entity from its partners.

联合体被定义为两个个人或法律实体联合在一起的合同，以参与特定的商业活动，分享利润并降低交易成本。联合体并不产生独立于其合作伙伴的单独实体。

The LGS defines the silent-partnership agreement as a contract by means of which an individual or company grants to a person or persons (whether individuals or legal entities) a participation in the profits of the business that it carries out with third parties. In exchange, the participating partner usually provides some kind of contribution to the business. In this type of contracts, the participating party remains hidden from third parties with whom its partner may undertake business activities.

LGS法将沉默合伙协议定义为一种合同，通过该合同，个人或公司授予一个或多人（无论是个人还是法律实体）参与其与第三方开展的商业活动的利润。作为交换，参与的合作伙伴通常向企业提供某种形式的出资。在这种类型的合同中，参与方不出现在合作伙伴与第三方可能从事的商业活动中。

B. Agency / Reseller / Franchising / Distribution Networks 代理/经销商/特许经营/分销网络

Peruvian law does not have any specific provisions for the establishment, requirements or treatment of agency, distributors, franchises or distribution networks. Likewise, there are no rules for the protection of the agent or distributor. Consequently, any agency, resale, franchise or distribution business conducted by Peruvian entities will be governed by the provisions of the contract entered into between the parties and the general provisions applicable to contracts and obligations.

秘鲁法律没有任何关于设立、要求或对代理、经销商、特许经营或分销网络的规定。同样，也没有关于对代理商或经销商的保护规则。因此，任何由秘鲁实体进行的代理、转售、特许经营或分销业务将受双方之间签署合同的约束，适用于合同条款和义务约定。

Franchising agreements must be registered before the National Institute for the Protection of Competition and Intellectual Property (“INDECOPI” for its Spanish acronym), the Peruvian trademark authority, in order to use the marks involved in said agreements.

特许经营协议必须在秘鲁商标管理机构，竞争和知识产权保护部进行注册（西班牙语缩写为“INDECOPI”），以便使用该协议中涉及的商标。

C. Representative Offices and other “Non-Permanent” Establishments代表处和其他“非常设”机构

Foreign companies may establish representative offices and “non-permanent” establishments without the need for any registration or approval, except in certain regulated industries, such as banks and insurance companies. These types of establishments must have sufficient powers of representation so that the agreements signed by these establishments are enforceable under Peruvian law.

外国公司无需任何注册或批准，可以设立代表处和“非常设”机构, 但某些受监管行业除外，如银行和保险公司。这类机构必须有充分的代表权限，以使其签署的协议具有秘鲁法律上的效力。

D. Authorizations and Registrations 授权和注册

The undertaking of certain business activities requires prior approval from the competent authorities. This is the case, for instance, for banking and financial, insurance, and telecom activities, among others. Likewise, any activities involving natural resources, both renewable and nonrenewable, require prior authorization or granting of a concession by the competent governmental authorities.

从事某些商业活动需要主管部门的事先批准。例如，银行和金融、保险和电信等活动。同样，涉及自然资源（包括可再生资源与不可再生资源）的任何活动，需要政府主管部门的事先批准或授予特许权。

E. Sensitive Industries / Restrictions on Foreign Ownership敏感行业/对外资所有权的限制

Generally, Peruvian law does not establish restrictions on undertaking any business activity or owning property in Peru, except for the limitations on shareholding ownership by foreigners in local companies in certain industries such as air and maritime transport, banking, among others, as well as the real estate property referred to in section V., subparagraph I. on property law and real estate investment.

一般而言，秘鲁法律对在秘鲁从事任何商业活动或拥有财产不设限制，除了对某些行业中外国人的持股比例进行限制外，如航空和海运，银行等，以及关于物权法第五部分第（1）项中所涉不动产及不动产投资。

F. Political Risk and Related Issues 政治风险和相关问题

Peru has provided a stable legal and business environment for the past 25 years. As a result, the country has recently been considered as a country with investment grade by major risk assessment entities. Provided they meet certain minimum requirements, foreign investors are entitled to enter into the Legal Stability Agreements referred to in Section IV below.

在过去的25年中，秘鲁提供了稳定的法律和商业环境。因此，该国最近被重要的风险评估机构认定作为适宜投资的国家级别。只要外国投资者满足某些最低要求，有权签订法律稳定协议。