Everything you need to know about the BIC Law

Company bSustainable businessesBIC Lawsystem b

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By Libelula hace 5 year

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#LeyBIC grants legal identity to triple-impact companiesThe company's operations, i.e. those that integrate the creation of economic, social and environmental value.

The Peru is the third South American country to recognize it, after having been approved in Ecuador and Colombia. The circumstances of COVID-19 make the insertion of this business model even more necessary, since the private sector's view of sustainability is decisive for the country's economic reactivation.

Why is it important?

Entrepreneurs and triple-impact ventures today do not have the legal recognition that protects them and allows them to freely pursue their purpose.
This new legal regime gives recognition to triple-impact companies by making it easier for the State or other market players to identify and enhance themThe aim is to achieve the goals of the 2030 Agenda through them.
Companies and the strength they exert in the marketplace are key to evolving towards a more efficient and sustainable New Economy more inclusive and sustainable.

Who benefits?

Entrepreneurs that are born and grow with the idea of a company with a purpose beyond the generation of economic value.
Companies and SMEs who choose to follow their path in a more sustainable way, either for business or for conviction.
Civil society organizations who are offered a legal alternative that allows them to integrate social and environmental as well as economic objectives into their organizational structure while preserving their foundational purpose.
Investors who opt for a better destination for their investment, seeking to generate a positive impact and guarantees of greater sustainability.
Consumers committed who want to be able to make a better choice.
Employees more identified and better represented through the purpose of the company in which they choose to invest their efforts.

Current status

The BIC Law was enacted November 24, 2020.
On February 23, 2021, a Supreme Decree was published approving the Regulations of the Law of the Collective Benefit and Interest Society (BIC COMPANY). This text specifies the requirements, processes, deadlines, control mechanisms and other details established by the regulatory provisions of this law.