Posted by: Norma Jaen | Associate at Alvarado y Asociados.
We have just concluded 2022 and began 2023, and as every year, there have been changes in the laws and regulations that govern commercial and operational activities in Nicaragua, below we list the main ones:
– Reforms to the Law of Notaries and the Commercial Code: In April, Law No. 1113 was published, through this law the duties and obligations that the notaries as obligated subjects in matters of money laundering prevention have, were ratified. Therefore, the notaries in Nicaragua have to report to the competent authorities, among other transactions, all public deeds authorized by them regarding to the purchase or donation of real estate whose value exceeds one hundred thousand dollars (US$ 100,000.00) and notaries are also obliged to request to any company, prior to the execution of any act or contract, its final beneficiary declaration certificate.
– New law that governs NGOs: In May, Law No. 1115, the General Law for the Control and Regulation of Non-Profit Organizations, was published, the previous law was repealed. The new law regulates how, this kind of entities must be incorporated, the objects or purposes that they can pursue, the way in which the amendments and reforms must be carried out, the grounds for dissolution and the general obligations they have, as well as the powers of their regulatory body, the Ministry of the Interior through the General Directorate for Control and Registration of Non-Profit Organizations.
– New national holiday: By means of Law No. 1118, Mother´s day which in our country is on May 3Oth was declared as a national holiday, consequently, workers will have (on this day) the right to rest with full pay in the manner provided in the labor laws.
– New real estate brokerage law: In September 2022, Law No. 1129, the Nicaraguan Real Estate Brokerage Law, came into force, which regulates this union, establishing that to operate in the country they must have a license issued by the Ministry of Development, Industry and Commerce, the minimum clauses that contracts must contain were stated, the necessary registration for both brokers and agents as obligated subjects before the Financial Analysis Unit (UAF) was also ratified, and the rights and
obligations of brokers and agents were clearly established.
If you want to know more information about these or other laws, do not hesitate to contact us.