Investment in domestic commercial aviation services is reserved to Peruvian natural persons and corporations. At least 51% of capital must be owned by Peruvian nationals and be under the real and effective control of Peruvian shareholders or partners permanently domiciled in Peru. This limitation shall not apply to the enterprises constituted under law No. 24882, which may maintain the ownership percentages set in such law (70% of foreign ownership). Six months after the company is authorized to provide commercial air transportation services, foreign nationals or foreign citizens may own up to 70 percent of the company’s capital.
"Article 79.- Of the National Commercial Aviation
79.1 National Commercial Aviation is reserved for Peruvian natural and legal persons.
79.2 A Peruvian legal entity is considered to be one that meets the following requirements within its corporate constitution:
a) Have established their main domicile in the territory of the Republic;
b) At least half plus one of the directors, managers and persons in charge of the control and direction of the company must be of Peruvian nationality or have permanent domicile in Peru, and
c) The property of the legal person must be substantially national. At least 51% (fifty-one percent) of the company's capital stock must be Peruvian-owned and under the real and effective control of shareholders or partners of Peruvian nationality with permanent domicile in Peru. The regulations shall establish the term of validity of this limitation.[...]" (Civil  Air  Transport  Law  (Law  No.  27261 of  10  May  2000),  Article  79 [google translation])
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"Article 159.- National Commercial Aviation is reserved for Peruvian natural and legal persons. A Peruvian legal entity is considered to be one that meets the following requirements:
a) Be constituted in accordance with Peruvian laws and have its domicile in Peru and indicate in its corporate purpose the commercial aviation activity, to which it will be dedicated. To be considered domiciled, it must develop its main activities and install its administration in Peru;
b) Half plus one of the directors, managers and persons who are in charge of the control and direction of the company must be of Peruvian nationality with domicile in Peru or, in the case of being foreigners, must have domicile or habitual residence in Peru;
c) At least fifty-one percent (51%) of the capital stock of the legal entity must be owned by Peruvians and be under real and effective control of shareholders or partners of Peruvian nationality who have domicile or habitual residence in the Peru;
Article 160.- The percentage of the capital stock owned by Peruvians referred to in subsection c) of Article 79.2 of the Law and subsection c) of the preceding article, will be maintained for six (6) months from the effective date of the operation permit, after which the percentage of capital stock owned by foreigners may be up to seventy percent (70%). (*)
(*) Article modified by Article One of Supreme Decree No. 038-2007-MTC, published on October 26, 2007, the text of which is as follows:
"Article 160.- The percentage of capital stock owned by Peruvians referred to in subsection c) of Article 79.2 of the Law and subsection c) of the preceding article, will be maintained during the first six (6) months from of the validity of the first operating permit obtained by the Peruvian legal entity, after which the percentage of capital stock owned by foreigners may be up to seventy percent (70%).
For this purpose, in the case of public limited companies, the shares without voting rights are not computable in the determination of the percentage of the capital stock."
[...]
Title XIX - Complementary Provisions [...]
Sixth.- The limitation established in literal c) of Article 79.2 of the Law, will not be applicable to those companies that were established under Law No. 24882, who may maintain the ownership percentages within the margins established therein.[...]" (Regulations  on  Civil  Air  transport  Law  (Supreme  Decree  N°  050-2001-MTC of  26 December 2001), Articles 159 and 160 and the sixth complementary provision [google translation])
Civil  Air  Transport  Law  (Law  No.  27261 of  10  May  2000),  Article  79
Regulations  on  Civil  Air  transport  Law  (Supreme  Decree  N°  050-2001-MTC of  26 December 2001), Articles 159 and 160 and the sixth complementary provision
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