Saint Leo University
Table of Contents
Peru Business Statistics4
Appropriate Business Attire5
Meetings and Greetings5
Language and Conversations6
Dining Etiquette and Facts7
Role of the Family8
This paper will explore and discuss the business environment in Peru. The cultural aspects will be examined and facts and statistics about Peru will be given. Cultural aspects to be discussed will be how meetings are conducted, how to greet and address potential business partners, the appropriate business attire, language and how it relates to business, religion, role of the family, and gift giving, and dining etiquette. Peru is a great country to start and run a business.
The purpose of this paper is to research doing business in Peru and to realize the culture differences, and once this culture differences are realized, be able to apply the knowledge learned to run a successful business in Peru.
Peru is a country located in South America. The capital of Peru is Lima. Peru is the third largest country in South America. The US dollar is widely accepted in most areas of Peru; however, the official currency of Peru is the Nuevo sol. According to the Central Intelligence Agency, the estimated population of Peru in July of 2011 will be 29,248,943 people (The World Fact Book: Peru, 2011). The official language of Peru is Spanish. Peru is divided into three regions that consist of the coastal region, the mountainous region, and the jungle region. Peru has geography just as diverse as its population. Peruvians are known for their friendliness and hospitality and go out of their way to make foreigners feel welcome (Doing Business in Peru | Peruvian Social and Business Culture). In Latin America, Peru is the number one producer of gold, silver, zinc, and tin. In 2008, Peru’s GDP grew by 9.7% in the first quarter and 11% in the second quarter when compared to the previous year’s corresponding quarters (UHY International Ltd, 2009). According to the U.S. Commercial Service website, the Peruvian economy continues to out-perform other regional economies and many economies around the world (U.S. Commercial Service, 2011).
Peru Business Statistics
Peru is considered to be a great country to conduct business. According to the Doing Business website, Peru is ranked fairly high in several key categories important to doing business there. In ranking 183 economies around the world, Peru ranks 36 in ease of doing business. In regards to starting a business, Peru ranks 54th out of 183. In regards to getting credit, Peru ranks 15th out of 183. Peru ranks 53rd out of 183 in regards to trading across borders (The World Bank, 2011).
Appropriate Business Attire
When conducting business meetings, business attire is extremely important. For men, it is standard to wear a well-tailored business suit. Any other type of casual business attire is not considered appropriate. For women, the appropriate business attire is considered to be a suit or dress. Tuxedos for men and evening gowns are required for invitations to official parties (Business Etiquette Peru: Merca Trade).
Meetings and Greetings
Peruvians look at the time in a very relaxed and flexible manner. This is called “la hora peruana”, which is translated to Peruvian time. This means that many times business meetings might be delayed. The visitor in no circumstance should be late, so always arrive on time. Appointments should be made two weeks in advance and confirmed one week in advance. The work week in Peru is typically six days a week, Monday through Saturday. Business hours are usually 8:00 am until 6:00 pm. Peruvians take longer lunches and many offices are closed from 1:00 pm until 3:00 pm. With that being said, business meetings during lunch are common...