Contributor供稿：秘鲁Rodrigo, Elías & Medrano律师事务所

Chinese Translation中文翻译：锦天城 王良 律师

A. Legal Framework for Foreign Investment外国投资的法律框架

Peru has a general legal regime that promotes and establishes guarantees for foreign investments. The most important principles governing foreign investment are the following:

秘鲁有促进和保障外商投资的全面法律框架。外商投资管理的重要原则如下：

• Foreign investment is entitled to the same treatment as domestic investments.

外商投资享有与国内投资相同的待遇。

• Foreign investors may invest in any sector of the economy.

外国投资者可以投资于秘鲁的任何经济领域。

• The Government’s prior express authorization is not required.

不需要政府的事先明确批准。

• There are no exchange controls and the use, convertibility, and remittance of foreign currency is unrestricted

不存在外汇管制、外币使用、兑换和汇款限制。

B. Stability Agreements for Investment Protection投资保护的稳定协议

Investors may benefit from Peru’s legal stability regime by entering into Legal Stability Agreements (CEJ), pursuant to which the Government guarantees the stability of the laws governing certain legal regimes and rights for a specific term.

通过签订法律稳定协议（CEJ），投资者可以从秘鲁的法律稳定机制中获益，秘鲁政府承诺在特定期限内向投资者提供法律机制和权利的法律稳定性保障。

Said Legal Stability Agreements (CEJ) have law status between the parties thereto. Therefore, the parties must abide by them and cannot amend them on a unilateral basis. Further, the Government may not unilaterally modify them by adopting a law or revoke them in any way other than the grounds for termination of the infringement provided for in the Legal Stability Agreement (CEJ) itself.

上述法律稳定协议（CEJ）在协议各方之间具有法律效力。因此，各方必须遵守协议，不得单方面修改协议。此外，政府不得单方面通过法律进行修改或以法律以外的任何方式予以撤销，除非符合法律稳定协议（CEJ）中所规定的终止侵权理由。

Legal Stability Agreements (CEJ) may be entered into at any time, provided the legal requirements are met. If an investment in the form of a contribution to a local company’s capital stock has been made before the execution of a Legal Stability Agreement (CEJ), said investment may be used to fulfill the investment commitment requirements for both the investor and the local company’s Legal Stability Agreements (CEJ), provided said agreements are entered into within the next twelve months after the registration of the capital stock increase in the local company’s accounting records.

法律稳定协议（CEJ）可以在任何时候签订，但必须满足法律要求的条件。如果以对本地公司股本出资的形式进行的投资且在法律稳定协议（CEJ）签订之前已经作出，则该项投资可以作为满足投资者和本地公司法律稳定协议（CEJ）的投资承诺，但该协议必须在增资登记载在本地公司的会计凭证后的十二个月内签署。

Generally, the term of any Legal Stability Agreements (CEJ) is ten years, and the time period to comply with the pertinent investment agreement is two years. However, for companies entering into concession agreements by virtue of Legislative Order No. 1362, the term of Legal Stability Agreements (CEJ) of the recipient company and those of each investor may be the same as the concession agreement thereof. In such case, the time period to invest and comply with investment

requirements will be determined by the provisions in the pertinent concession agreement.

一般而言，法律稳定协议（CEJ）的期限为十年，执行相关投资协议的期限为两年。但是，对于投资者根据第1362号法令达成的特许权协议，法律稳定协议的期限可以与特许权协议的期限保持一致。在这种情况下，投资和执行相关投资协议的期限将根据相关特许权协议的约定来确定。

Requirements for Investors under the General Legal Stability Regime

一般法律稳定机制下对投资者的要求

Generally, among other requirements, investors are required to contribute to the capital stock of a local company within a term of two years and the total investment commitment shall be, at least, USD10 million for mining and hydrocarbon activities or USD5 million for all other activities.

Additionally, investment must be directed through the Peruvian financial system.

一般而言，除其他要求外，投资者应当向本地公司股本进行实际出资的期限为两年，对于采矿和油气活动认缴投资总额至少为1,000万美元，对于所有其他活动至少500万美元。此外，该项投资必须通过秘鲁的金融体系完成。

Requirements for Recipient Companies under the General Legal Stability Regime

一般法律稳定机制对受让方公司的要求

Recipient companies may also enter into a Legal Stability Agreement (CEJ) with the Government if they receive investments from at least one investor meeting the requirements set forth by law.

受让方公司也可以与政府签订法律稳定协议（CEJ），条件是受让方公司至少从一个符合法律要求的投资者处获得投资。

Companies fulfilling this requirement may benefit from the stability of the employment and export promotion regimes. In addition, they can benefit from income tax regime stability, provided they meet any of the following requirements:

符合这一要求的公司可以从就业和出口促进机制的稳定性中获益。此外，受让方公司还可以从稳定的所得税制度中获益，前提是符合以下任何一项要求：

• The new investments exceed 50% of the company’s capital stock and reserves accounts, and are allocated to the expansion of its production capacity or to technological improvement; or

•新的投资超过公司股本和储备金的50%，且被分配用于扩大生产能力或技术改进；或

• The new investments entail the acquisition of more than 50% of the shares of a company that is directly or indirectly owned by the Government (as is the case in state-owned companies that are privatized)

新的投资用于收购由政府直接或间接拥有的公司超过50%的股份（被私有化的国有公司也同样适用）

Rights Guaranteed under Stability Agreements

法律稳定协议下的权利保障

• For foreign investors 外国投资者：

Legal Stability Agreement’s guarantee, for the entire term of the agreement and in connection with the amount of the corresponding investment commitment, legal stability of the regulations governing the following regimes and rights:

法律稳定协议对在整个协议期间及与之相应的投资认缴金额提供法律稳定性保障，规定了以下机制和权利：

- Income tax regime: Dividends and any other form of profit-sharing in profits to which foreign investors are entitled will not be affected by modifications or new taxes arising during the period of validity of the Legal Stability Agreement (CEJ).

-所得税制度：股息和任何其他形式的利润分享，外国投资者在法律稳定协议（CEJ）的有效期内有权且不会受到修改或新税收的影响。

- The right to free availability of foreign currency (only for foreign investors);

自由获得外汇的权利（仅适用于外国投资者）;

- The right to freely remit funds, profits, dividends and royalties abroad, without any limitations or restrictions (only for foreign investors);

-自由将资金、利润、股息和提成费汇往国外而不受任何限制（仅适用于外国投资者）;

- The right to use the best exchange rate available on the market;

使用市场上可获取到的最佳汇率的权利；

- The right to non-discrimination.

不受歧视的权利。

• For recipient companies 对于受让方公司：

Legal Stability Agreement’s guarantee, for the entire term of the agreement, legal stability of the regulations governing the following regimes and rights:

法律稳定协议对整个协议期间的法律稳定性提供保障，规定了以下制度和权利：

- Income Tax system (if at least one of the specific requirements is met): Throughout the term of the Legal Stability Agreement, amendments to the Income Tax regime will not be applicable to the titleholder of the Legal Stability Agreement (CEJ). Similarly, taxable income will be calculated based on the same rates, deductions and scale set forth in the legislation in effect at the time of executing the agreement. This protection exists regardless of whether said modifications prove favorable or not to the company;

-所得税制度（如果至少一项特定要求得到满足的话）：在整个法律稳定协议期间，所得税制度的修订不适用于法律稳定协议的权利人（CEJ）。类似地，应税收入将基于签署协议时有效法律中规定的相同比率、扣除额和比例进行计算。该保护一直存在，无论上述修订是否对公司有利；

- Employment system

-雇佣制度

- Export promotion system

-出口促进制度