Guatemala: Endorsement of Financial Leasing Regulation

The Congress approved by articles and final wording the Leasing Law, a legal framework that establishes mechanisms for people to lease with option to purchase.

Friday, February 12, 2021

With 101 votes in favor, the Plenary of the Congress of the Republic approved Decree 2-2021, Leasing Law, which regulates leasing with option to purchase in the Guatemalan legislation, informed the legislative body.

According to the Congress, this modality makes it possible for small and medium entrepreneurs to have the opportunity to acquire working capital that contributes effectiveness to their projects and Guatemala joins the seven Latin American countries that have this legal tool for development.

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Among the benefits of this Decree is to grant legal certainty to these operations that also benefits individuals in the purchase of furniture and real estate, both in the domestic and international market, from office equipment, specialized machinery and software, any kind of vehicle, new, used or off-plan housing, the statement said.

This endorsement was well received by the export sector. In a press release, the exporters' association stated that "... the approval of the Leasing Law by the Congress of the Republic, Agexport sees it as a good start for 2021.

This is the first regulation in favor of promoting economic activity, which makes credit and financing tools more flexible for SMEs, MSMEs and entrepreneurs. This is an injection for the generation of formal jobs by promoting the development of companies.

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