Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SMV's autorización de funcionamiento, including banking and payment rails.
Get an investment license in Peru.
Peru licenses intermediation in two steps and prints both clocks. The Superintendencia del Mercado de Valores grants a sociedad agente de bolsa its autorización de organización within 30 days and its autorización de funcionamiento within another 30 (Reglamento de Agentes de Intermediación arts 22, 28), under the Ley del Mercado de Valores consolidated by D.S. 020-2023-EF. The fund side is separate: a sociedad administradora de fondos de inversión needs S/ 750,000 of subscribed and paid capital plus a guarantee (D.Leg. 862 arts 13, 13-A), the sociedad administradora de fondos mutuos its own authorisation. The SAB's own floor sits in LMV art. 189 and the SMV updates it each year; we confirm the current figure with the Superintendencia before quoting. The register holds 20 SAB, 18 SAFM directory rows (two of them funds in liquidation) and 33 SAFI; the market is 34,157,732 people, taxed at 29.50% with 5% on dividends abroad.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Peru in brief
Two authorisations, two clocks, and one figure the SMV updates each year.
The Ley del Mercado de Valores is Decreto Legislativo 861 of 1996, consolidated by Decreto Supremo 020-2023-EF of 10 February 2023. Art. 6 defines intermediation as the habitual purchase, sale, placement, distribution, brokerage, commission or negotiation of securities for others, and the Superintendencia del Mercado de Valores - a technical body attached to the Ministerio de Economía y Finanzas - grants both the autorización de organización and the autorización de funcionamiento of every agente de intermediación. The Reglamento de Agentes de Intermediación, Resolución SMV 034-2015-SMV/01, names two types: the sociedad agente de bolsa, an exchange member, and the sociedad intermediaria de valores, which is not (art. 2). Every one of the 20 agents on the register at 17 September 2026 is a SAB. Their scope runs from intermediation and market-making to administración de cartera and investment-banking services, executed through certified Representantes - Asesor, Operador, Administrador de Cartera, Funcionario de Inversión (art. 40 as amended by Res. 012-2022).
The clocks are in the regulation. The Intendencia General de Supervisión de Entidades pronounces on the autorización de organización within 30 days of filing (art. 22) and the Superintendente on the autorización de funcionamiento within another 30 (art. 28), each period suspended while observations are answered. Capital splits by entity. A sociedad administradora de fondos de inversión pays in S/ 750,000 (D.Leg. 862 art. 13), keeps its patrimonio neto in a ratio to the funds it manages that the SMV may set no higher than 0.75%, and lodges a guarantee (art. 13-A); a SAB evidences the capital of LMV art. 189, a figure the SMV updates each year and we confirm with the Superintendencia before quoting. Once live, an agent holds capital operativo at 18% of its 36-month average net income (Res. SMV 037-2016). We build from Lima.
One regulator, two steps: the SMV authorises a SAB to organise in 30 days and to operate in another 30 (RAI arts 22, 28); a SAFI pays in S/ 750,000 (D.Leg. 862 art. 13); the SAB capital of LMV art. 189 is updated yearly and confirmed with the SMV. 20 SAB, 18 SAFM rows, 33 SAFI.
Renta 29.50%, 5% on dividends abroad, 4.99% on external interest, contribuciones of 0.0135% of turnover. 34,157,732 people. Built from Lima.
The two builds
The S/ 750,000 fund manager - or the two-step SAB.
One regulator, two files: the SAFI on a printed floor of S/ 750,000 and a 20-business-day fund registration; the sociedad agente de bolsa through organisation and functioning authorisations of 30 days each, on a capital the statute sets in art. 189 and we confirm with the SMV. We fix the entity first, then build once.
The S/ 750,000 SAFI - or the two-step SAB.
01 - SAFI · FONDOS DE INVERSIÓN
The fund manager with a printed floor
The sociedad administradora de fondos de inversión of Decreto Legislativo 862: a sociedad anónima whose object is managing one or more fondos de inversión (art. 12), authorised by the SMV to organise and to operate, on S/ 750,000 of subscribed and paid capital (art. 13), a patrimonio neto ratio to funds under management capped at 0.75%, a guarantee by bank deposit, carta fianza or póliza de caución (art. 13-A), and each fund registered within 20 business days (art. 23). Thirty-three are on the register.
The sociedad administradora de fondos de inversión of Decreto Legislativo 862: a sociedad anónima whose object is managing one or more fondos de inversión (art. 12), authorised by the SMV to organise and to operate, on S/ 750,000 of subscribed and paid capital (art. 13), a patrimonio neto ratio to funds under management capped at 0.75%, a guarantee by bank deposit, carta fianza or póliza de caución (art. 13-A), and each fund registered within 20 business days (art. 23). Thirty-three are on the register.
- ✓Sociedad anónima with exclusive object (art. 12)
- ✓S/ 750,000 subscribed and paid (art. 13)
- ✓Patrimonio ratio capped at 0.75% of funds
- ✓Guarantee: deposit, carta fianza or póliza (art. 13-A)
- ✓Fund registration in 20 business days (art. 23)
- ✓33 SAFI on the SMV register · 0.0035% monthly contribución
02 - SOCIEDAD AGENTE DE BOLSA
Capital per LMV art. 189 · confirmedThe two-step intermediary
The exchange-member broker under the LMV and the Reglamento de Agentes de Intermediación: intermediation, market-making and price stabilisation, administración de cartera and investment-banking services, authorised to organise in 30 days (art. 22) and to operate in another 30 (art. 28), staffed by SMV-certified Representantes (arts 40-44A), holding capital operativo at 18% of average net income (Res. SMV 037-2016) and paying 0.0135% of equity turnover to the SMV. The art. 189 capital figure is confirmed with the SMV before quoting.
The exchange-member broker: organisation in 30 days, functioning in 30 more, certified Representantes, capital operativo at 18% - and the art. 189 figure confirmed.
- ✓Intermediation, market-making, administración de cartera
- ✓Organisation 30 days (art. 22) + functioning 30 days (art. 28)
- ✓Capital under LMV art. 189 · figure confirmed
- ✓Capital operativo 18% of net income (Res. 037-2016)
- ✓Certified Representantes · Anexo F exam, 70% pass mark
- ✓20 SAB on the register · SIV also available
Costs and timelines are confirmed for your case before any work begins. The SMV's TUPA application fee and Tarifario, and the SAB and SAFM capital figures of LMV arts 189 and 259, are each confirmed with the Superintendencia before filing.
Why Peru
Two printed clocks, and one figure confirmed with the SMV.
Peru sells a regulation that prints its periods, a fund floor in soles, and a dividend rate the neighbours do not match.
✓
30 days, then 30 days
RAI art. 22: the Intendencia pronounces on organisation within 30 days; art. 28: the Superintendente on functioning within 30. Each stops only while observations are answered.RAI arts 22, 28.
✓
A fund floor in soles
D.Leg. 862 art. 13: S/ 750,000 subscribed and paid for a SAFI, with the SMV's patrimonio ratio capped at 0.75% of funds managed - a figure you can budget from the statute.SAFI, in the statute.
✓
5% on dividends abroad
LIR art. 56: 5% on dividends to non-resident companies since 1 January 2023 - against 20% in Colombia and Chile's 35% Impuesto Adicional, credited for the corporate tax paid.Against 20% and 35% nearby.
✓
34,157,732 people
INEI's first results of the 2025 census, reported by El Peruano on 29 May 2026 - the pool behind the Bolsa de Valores de Lima.Census 2025 first results.
✓
A small, visible register
20 agents, all SAB, 18 SAFM rows and 33 SAFI on the SMV directories in September 2026: a market where a new entrant is counted, not lost.20 SAB, 33 SAFI.
✓
The figure the SMV updates
LMV art. 189 sets the SAB capital and the SMV updates it yearly. We confirm the current amount with the Superintendencia before anyone drafts and print it in your quote with its reference.Confirmed in your quote.
How it compares
How Peru differs from other routes.
The honest comparison: a two-step clock and a soles floor - against a neighbour that prints everything, one that indexes its floor to inflation, and a dollar-pegged hub.
Peru vs other jurisdictions
| Feature |  Peru | Other jurisdictions |
|---|---|---|
| Regime | LMV (D.S. 020-2023-EF) · RAI - SMV | CMF Chile · SFC Colombia · SMV Panama |
| Capital | SAFI S/ 750,000 · SAB per art. 189 | 6,000 UF Chile · B/.250,000 Panama · IPC-indexed Colombia |
| Scope | Domestic market, no passport | Domestic only - no passport |
| Timeline | 30 + 30 days (RAI arts 22, 28) | 30 days Chile · no published clock Colombia and Panama |
Regime
PeruLMV (D.S. 020-2023-EF) · RAI - SMV
Other jurisdictionsCMF Chile · SFC Colombia · SMV Panama
Capital
PeruSAFI S/ 750,000 · SAB per art. 189
Other jurisdictions6,000 UF Chile · B/.250,000 Panama · IPC-indexed Colombia
Scope
PeruDomestic market, no passport
Other jurisdictionsDomestic only - no passport
Timeline
Peru30 + 30 days (RAI arts 22, 28)
Other jurisdictions30 days Chile · no published clock Colombia and Panama
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Peru | SMV SAB · SAFM · SAFI | 29.50% IR · 5% dividends | SAFI S/ 750,000 · 30 + 30 days |
 Chile | CMF corredor de bolsa · AGF | 27% · 35% Adicional | 6,000 UF · 4,000 UF guarantee · 30 days |
 Colombia | SFC comisionista de bolsa | 35% · 40% comisionistas to 2027 | AMV membership · capital IPC-indexed |
 Panama | SMV casa de valores · asesor | 25% · 10% dividends | B/.250,000 · B/.50,000 asesor · B/.10,000 fee |
PeruLicense typeSMV SAB · SAFM · SAFI
Taxation29.50% IR · 5% dividends
RequirementsSAFI S/ 750,000 · 30 + 30 days
ChileLicense typeCMF corredor de bolsa · AGF
Taxation27% · 35% Adicional
Requirements6,000 UF · 4,000 UF guarantee · 30 days
ColombiaLicense typeSFC comisionista de bolsa
Taxation35% · 40% comisionistas to 2027
RequirementsAMV membership · capital IPC-indexed
PanamaLicense typeSMV casa de valores · asesor
Taxation25% · 10% dividends
RequirementsB/.250,000 · B/.50,000 asesor · B/.10,000 fee
Before you apply
Requirements for the Peruvian licence.Requirements for the licence.
The SMV verifies people before organisation and premises before functioning; the craft is a file that passes both gates without an observation. The checklist below is what a passing application contains.
01
Peruvian sociedad anónima - a SAB or SIV authorised by the SMV on the organizadores' application (RAI arts 19-28), or a SAFI with fund administration as its object (D.Leg. 862 art. 12); individuals act only as certified Representantes (arts 40-44A).
02
Capital - S/ 750,000 subscribed and paid for a SAFI (art. 13); for a SAB the capital of LMV art. 189 (art. 205 for a SIV), evidenced at the figure the SMV currently publishes, which we confirm before drafting.
03
SAFI ratio and guarantee - patrimonio neto kept in the ratio to funds managed that the SMV sets, never above 0.75%, and a guarantee in favour of the regulator by bank deposit, carta fianza or póliza de caución (arts 13, 13-A).
04
Shareholders and controllers - solvencia económica y moral and none of the impediments of anexo B of the Normas Comunes (RAI art. 27).
05
Directors and managers - solvencia, professional capacity and at least four years of relevant experience, free of statutory impediments (art. 27).
06
Operating readiness - internal manuals, client policies, physical infrastructure and technological capacity verified before the autorización de funcionamiento (art. 26); electronic systems kept operativo y vigente with confidentiality safeguards (art. 9).
07
Certified Representantes - Asesor, Operador, Administrador de Cartera and Funcionario de Inversión (art. 40), each holding the SMV certification from the Anexo F exam at a 70% pass mark, renewed before expiry or the authorisation is suspended (arts 40-44A).
08
Client records - account statements free on the website within 15 calendar days of month-end (art. 18-A), orders by electronic, telephone or telematic channels recorded and kept unaltered (art. 50), and client operations abroad held within the indicator-20 limit (art. 113).
09
Capital operativo - 18% of average annualised net income over the last 36 months, or of cumulative income in the first year for a new agent (Res. SMV 037-2016), plus the SMV's solvency, liquidity-coverage and client-assets ratios.
10
Contribuciones - 0.0135% of equity turnover and 0.005% of debt for an agent, 0.0035% a month on fund net assets for a manager (0.00245% through 31 December 2026), paid within five business days of month-end and capped at the lesser of 1.5% of audited income or 36 UIT (Ley Orgánica art. 18); the TUPA application fee is confirmed.
01
S.A. authorised by the SMV.
02
S/ 750,000 SAFI · art. 189 SAB.
03
0.75% ratio + guarantee.
04
Shareholders: solvencia, no impediments.
05
Directors: four years' experience.
06
Manuals, premises, systems (art. 26).
07
Certified Representantes, 70% pass.
08
Statements in 15 days; orders logged.
09
Capital operativo 18%.
10
Contribuciones 0.0135% · cap 36 UIT.
Reflects the LMV (TUO D.S. 020-2023-EF), the Reglamento de Agentes de Intermediación (Res. SMV 034-2015), Res. SMV 037-2016 and D.Leg. 862 as of 2026.LMV TUO 2023 + RAI, Res. 037-2016, D.Leg. 862, as of 2026.
How it works
From first call to the SMV's autorización de funcionamiento.
01
Entity and scope
SAB, SIV, SAFM or SAFI - and for an agent the services its Representantes will carry.Services fixed.
02
Organizadores and capital
The sociedad anónima, shareholders vetted under art. 27, S/ 750,000 for a SAFI or the art. 189 figure confirmed with the SMV.Art. 189 confirmed.
03
Autorización de organización
The Intendencia General de Supervisión de Entidades pronounces within 30 days (art. 22), the clock stopping while deficiencies are remedied.30 days (art. 22).
04
Autorización de funcionamiento
Manuals, infrastructure and systems verified (art. 26); the Superintendente pronounces within 30 days (art. 28).30 days (art. 28).
05
Registered and live
SMV register entry, BVL membership for a SAB, CAVALI custody, certified Representantes and the monthly contribución running.BVL, CAVALI, live.
Quick facts
RegulatorSMV
LawLMV · TUO D.S. 020-2023-EF
Agents ruleRAI · Res. SMV 034-2015
SAFI capitalS/ 750,000 (D.Leg. 862 art. 13)
SAB capitalLMV art. 189 · confirmed
Statutory clock30 + 30 days (arts 22, 28)
Register20 SAB · 18 SAFM rows · 33 SAFI
Corporate tax29.50% · 5% dividends
Two authorisations does not mean two standards; it means people first, premises second. Shareholders and directors are judged in the organisation file (RAI art. 27); manuals, systems and infrastructure in the functioning file (art. 26). The art. 189 figure is taken from the SMV before either is drafted.
On the ground in Peru
Run from our Lima office.
Prifinance - Peru
Lima · Peru
Lima, Peru
01
Entity and scope
SAB or SIV, SAFM or SAFI - fixed in writing before drafting, with the modular scope LMV art. 184 lets the SMV attach and the floor that follows.Fixed in writing.
02
The two files
The organizadores' application under RAI arts 19-22 and the functioning file under arts 26-28 - manuals, policies, infrastructure and systems - drafted in Spanish to the regulation's own list.Drafted in Spanish.
03
People and certification
Directors with four years' experience under art. 27 and Representantes certified through the SMV's Anexo F exam - sourced in Lima.Sourced in Lima.
04
Capital and launch
The S/ 750,000 paid in or the art. 189 figure evidenced, the guarantee lodged, BVL membership and CAVALI access sequenced with the second 30-day decision.BVL and CAVALI live.
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Good to know
Taxation of investment firms in Peru.
A single 29.50% rate, a 5% withholding on dividends abroad that the region's other doors do not match, and a supervision levy charged on turnover rather than on the licence.
Impuesto a la Renta 29.50%
LIR art. 55, as amended by D.Leg. 1261 from 1 January 2017: 29.50% on the net income of domiciled third-category taxpayers.LIR art. 55.
Dividends abroad 5%
Art. 56 (D.Leg. 1541, from 1 January 2023): 5% on dividends and other profit distributions to non-resident companies; art. 54 applies 5% to non-resident individuals.Art. 56, from 2023.
Deemed distributions 5%
Art. 24-A g: a 5% additional tax on amounts treated as indirect distributions of profit - the rule that polices what a shareholder takes out informally.Art. 24-A g.
External-credit interest 4.99%
Art. 56: interest on loans from abroad carries 4.99% withholding - the rate that prices a parent's funding of the Peruvian entity.External credits.
IGV on fees
The IGV rate and its treatment of financial services are confirmed per structure; the position for your fee line is set out in the quote.Confirmed per structure.
SMV contribuciones
Res. CONASEV 095-2000 as amended: 0.0135% of equity turnover, 0.005% of debt turnover, 1% of the standard rate on own-account equity trades; managers 0.0035% a month on fund assets; cap the lesser of 1.5% of income or 36 UIT (Ley Orgánica art. 18).0.0135% turnover.
Tax summary
Corporate tax29.50%
Dividends to non-residents5%
Deemed distributions5% additional
External-credit interest4.99%
SMV contribución0.0135% turnover · cap 36 UIT
*Figures as of 2026 per Peruvian law. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Peruvian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Peru · SMV
Launch your investment firm in Peru with expert support.
Full-service assistance - from the Peruvian sociedad anónima and the organizadores' file to the two SMV authorisations, certified Representantes and ongoing compliance - run through our Lima office.
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Request a free conclusion →FAQ
The Peruvian investment licence, answered.
Who licenses investment firms in Peru?+
The Superintendencia del Mercado de Valores, a technical body attached to the Ministerio de Economía y Finanzas (Ley Orgánica art. 1). It grants the autorización de organización and the autorización de funcionamiento of agentes de intermediación, SAFM and SAFI, and supervises them; banks sit with the SBS.
What is the difference between a SAB and a SIV?+
Exchange membership. The Reglamento de Agentes de Intermediación art. 2 defines the sociedad agente de bolsa as the exchange-member intermediary and the sociedad intermediaria de valores as the one outside it; every one of the 20 agents on the SMV directory at 17 September 2026 is a SAB.
What capital does a SAB need?+
The capital of LMV art. 189, which the SMV updates each year; a SIV evidences the capital of art. 205. We confirm the current amount with the Superintendencia before anyone drafts and print it in your quote with its reference.
How long does authorisation take?+
Two periods of 30 days: the Intendencia General de Supervisión de Entidades pronounces on organisation within 30 days of filing (RAI art. 22) and the Superintendente on functioning within 30 (art. 28), each suspended while observations are answered. The organisation file is judged on people (art. 27), the functioning file on manuals, systems and premises (art. 26).
What is capital operativo?+
The ongoing floor of Res. SMV 037-2016: 18% of the average annualised net income of the last 36 months, or 18% of cumulative income in a new agent's first year, then of the latest 12 months - alongside the SMV's solvency, liquidity-coverage and client-assets-to-net-worth indicators.
What people does the SMV require?+
Shareholders and controllers with solvencia económica y moral and no anexo B impediments; directors and managers with professional capacity and at least four years of relevant experience (RAI art. 27); and certified Representantes - Asesor, Operador, Administrador de Cartera, Funcionario de Inversión - who pass the Anexo F exam at 70% and renew before expiry (arts 40-44A).
How are Peruvian investment firms taxed?+
Impuesto a la Renta at 29.50% (LIR art. 55), 5% on dividends to non-residents (arts 54, 56), 5% additional on deemed distributions (art. 24-A g) and 4.99% on interest on external credits. The IGV position on your fee line is confirmed per structure in the quote.
Is there an investor-compensation scheme?+
The LMV has Fondo de Garantía articles, and what they cover for an agent's clients is confirmed with the SMV per case rather than promised here; custody runs through CAVALI, and account statements must be free on the agent's website within 15 days of month-end (RAI art. 18-A).
Peru or Chile for a new firm?+
Peru buys a two-step clock of 30 plus 30 days, a SAFI floor of S/ 750,000 and a 5% dividend withholding; Chile buys a single 30-day clock under Ley 18.045 art. 28, floors of 6,000 UF plus a 4,000 UF guarantee, and a Fintec registration with capital deferred. Chile is the more legible statute; Peru is cheaper to repatriate from.
Why Prifinance for Peru?+
A Lima office for both SMV files, the art. 189 figure taken from the Superintendencia before anyone drafts, directors and Representantes sourced and certified locally, and the two 30-day clocks of RAI arts 22 and 28 run without an observation left open.
Who licenses?+
The SMV.
SAB vs SIV?+
Exchange member or not.
SAB capital?+
Art. 189; confirmed.
How long?+
30 + 30 days.
Capital operativo?+
18% of net income.
People?+
Art. 27 + certified reps.
Taxes?+
29.50% + 5% dividends.
Compensation?+
Fondo de Garantía, per case.
Or Chile?+
Repatriation vs legibility.
Why you?+
Lima, both files.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Superintendencia del Mercado de Valores or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.