Nicaragua Investment Information
Doing Business in Nicaragua
Gran Pacifica Investments & Opportunities in Central America
Opportunities
- Summary of the Nicaraguan Economy
- Exchange Rate and Inflation
- Economic Indicators
- Main Business Opportunities
- Contact centers and back office services (BPO)
- Star Products and Products with Business Opportunities
- Energy
- Business Climate
- Financial and Fiscal System
- Commercial entities
- Investors Rights and Investment Laws
- Trade Agreements
- Coffee (Excellent international quality)
- Sugar Cane
- Wheat
- Corn
- Rice
- Peanut
- Cacao
- Tobacco
- Registration of commercial entities (company or corporations)
- Registration of business owners and buying a stamp to seal accounting books (natural persons and juridical entities)
- Power of attorney for merchants
- Registry to keep statistical information on foreign investments
- Issues Registry for Individual Taxpayers (RUC for its acronym in Spanish)
- Registration as a taxpayer, and granting the inscription certificate
- Opening of obligations, issuance of certificate of responsibility
- Starting activities
- Municipal solvency
- Certificate of registration
- Grant power of administration to your legal representative. The procedure should be to present the power of administration on a legal instrument (a photocopy of it certified by an authorized notary). In the case of being a foreigner with a N° 1-Condition Residency, you must present your residency card.
- Register in the Office for General Customs Services (DGA for its acronym in Spanish) and in the Registry System for Direct Importers, if you are going to import. In order to receive the National Importer Registry (RNI for its acronym in Spanish), you have to wait until the Internal Revenue Service (DGI for its acronym in Spanish) provides you the accounting ledger and journal.
- Income Tax (IR for its acronym in Spanish)
- Value-added Tax (IVA or its acronym in Spanish)
- Selective Consumption Tax (ISC for its acronym in Spanish)
- Fiscal Stamp Tax (ITF for its acronym in Spanish)
- Municipal Income Taxes
- Ad-Valorem Taxes
- Registration Taxes
- Service Rates
- Utilization Taxes
- For legal entities, payable taxes should be equal to 30% of their tax base income.
- For natural persons, payable taxes will be calculated according to the following progressive tariffs:
- Corporations.
- Associations and Foundations organized in Nicaragua, unless subject to exemptions.
- Mixed Companies (with state and private capital).
- State entities and companies, unless specifically exempted.
- All commercial, industrial, agricultural and livestock activities, services and other profitable activities carried out by foreign residents, corporate or natural persons are subjected to taxes on earnings.
- Universities and educational centers, state companies and organizations subsidized by the state, diplomatic representatives, churches, charity and social assistance institutions, international organizations have reciprocity with their representation, cooperative partnership legally constituted case have exceeding income, non-profit organizations and trade unions are generally exempted from income taxes.
- Fiscal concessions
- Special exemptions in sector laws such as foreign trade zones, forestry, tourism and temporary admissions
- Accelerated depreciation of assets
- Transfer of capital investments abroad by dissolution, liquidation or voluntary sale of foreign investments.
- Remittal of any profit, dividends, or earnings generated in the national territory after payment of the corresponding taxes.
- Payment and remittal of payments originated by debts contracted abroad and the interests earned by these, as well as royalties.
- Revenues and technical assistance.
- Payments derived from compensation for expropriations.
- One-time duty free permits to import household furnishings and equipment, and other tax exemptions for the net amount of ten thousand dollars (US$10,000).
- Income tax exemption on any of the assets introduced from abroad and declared under this law.
- Exemption on duties and sales taxes as well as the import of one automobile vehicle for personal or general use. Once the vehicle has been introduced in the country, it can only be sold, handed over or transferred to third parties without having to pay taxes, only after five years from the date it was imported.
- Exports by companies protected under the foreign trade zones, mines and quartiers;
- Re-exporting without active upgrading or improvements;
- Scrap exports.
- First category companies. In order to classify in this first category, a company should use 50% national supplies to produce its goods and generate more than 100 jobs; or use a minimum 40% national supplies for production and generate more than 150 jobs; or use a minimum 30% national supplies for production and generate more than 200 jobs.
- Second category companies. To classify in the second category, a company should use, a minimum 30% national supplies for the production of such products and generate more than 40 jobs; or use a minimum of 20% national supplies for production, and generate 100 jobs; or use less than 20% national supplies for production and generate more than 200 jobs.
- Third category companies. To classify in this third category, companies should use more than 30% national supplies for production and generate more than 40 jobs; or use 20% national supplies for production and generate more than 100 jobs.
- Fourth category companies. To classify in this category, a company must use more than 10% national supplies for production and generate more than 10 jobs. Companies belonging to this category will not enjoy fiscal exemptions for automotive vehicles.
- 100% tax free (income taxes)
- Full exemption from municipal and property taxes
- Exemption from all import taxes, tax collections, and sales taxes on imports of raw materials, supplies, machinery, equipment and spare parts
- Allows for operation of individual foreign trade zones so they can operate anywhere. in the national territory
- Competitive labor costs
- Exemption from foreign-exchanger regulations
- 80% to 100% income-tax exemption, depending on the type of activity performed by the company
- Full property tax exemption term
- Tax exemption during the designing period, and the supervision of construction projects in tourism
- Full tax exemption on all construction material and equipment used in the first ten-year period
- Natural forest management
- Extended forestry coverage
- Forestry protection and conservation
- Increased aggregate value
- Better technology
- Promote research
- Strengthen the forestry sector
- Fifty percent (50%) exoneration on Municipal Sales Tax payments and fifty percent (50%) on Income Taxes, for those earnings derived from management of registered planting during the first ten years of enforcement of the present law.
- Exoneration in Property Tax payments, or the minimum payment on the Income Taxes, contemplated in the Fiscal Equity Law for properties with natural forests or in areas designated for reforestation, and where forestry management is carried out through a Forestry Management Plan during the first ten years of enforcement of the present law.
- Companies with any type of business activities, investing in forestry plantations could deduct for income tax purposes as much expenses as 50% of the amount invested.
- Exoneration on payment of import duties for second and third transformation companies that import machinery, equipment and accessories improving their technological level in lumber processing, excluding sawmills.
- One hundred percent (100%) deduction on income taxes, for natural persons, or juridical entities, allocated to promote reforestation, or the creation of forestry plantations. For purposes of this deduction, the taxpayer must first present their forestation proposal to INAFOR.
- Natural persons or juridical entities investing in natural forests or forestry plantations, on their own, or through third parties in their own or someone else's property, can receive the benefits of the incentives created by the present law; however, they must comply with registration requirements set forth in these regulations.
- A three-year exoneration of all import levies for machinery, equipment, materials and input destined for the generation, transmission, distribution and commercialization of the offer and supply of electric energy for public use.
- Fuel oils for electricity generation are indefinitely exempt form any levies.
- Fuel
- Hydrocarbons
- Electricity
- Exoneration from payment of all import tariff rights (DAI for its acronym in Spanish) for machinery, equipment, materials, and any input used in the pre-investment and construction period of the subs-transmission line needed to transport energy from the generation station to the grid – interconnected national system (SYM for its acronym ins Spanish).
- In the case of projects denominated "isolated systems" with their own generation, the exonerations cover the pre-investment tasks, construction work and materials used to generate with renewable resources, and construction of sub-transmission lines, as well as all investments for distribution associated with the project, panel and solar batteries for generating solar energy
- Exemption from the payment of the aggregate value tax (IVA for its acronym in Spanish) for machinery, equipment, materials and input exclusively used for pre investments tasks and material including construction of the sub-transmission line needed to transport energy form the generation station to the grid- interconnected national system (SYM for its acronym ins Spanish).
- Exemption form payment of income taxes (IR DAI for its acronym in Spanish) and minimum defined IR payment, set forth in law N 453, law fiscal on equity, for maximum term of seven years from date of the projects initials commercial or mercantile operation. Likewise, during this same period, income derived from sale of carbon dioxide bonds shall be exonerated from IR payments.
- Exemption from all enforced municipal taxes on real estate, sales and registration fees during the project construction, for ten years period beginning the date when the project begin its commercial operations. It will apply in the following manner: 75% exemption during the first three years; 50% during the following five years; and 25% during the last two years.
- Fixed investments in machinery, equipment and hydroelectric dams will be exempted from all types of taxes, tariffs and municipal taxes for a ten-year period as the initial date of commercial operations.
- Exemption from all taxes that could exist for the exploitation of natural resources for a maximum term of five years after initial operations
- Exemption from revenue stamps taxes (ITF for its abbreviation in Spanish) incurred during the construction and the operation of the project, or from expansion, for a ten-year term.
- Public
- Of general interest
- Of special interest
- Of particular interest
- Non-regulated services
- If a request is made for providing a public service, TELCOR will grant the concession.
- If the request is made to provide services of general interest, TELCOR grants a general interest license.
- If the request is for providing a service of special interest, TELCOR grants a special interest license.
- If the request is made to provide a service of particular interest, the only necessary requirement is to register in TELCOR. Nonetheless, TELCOR may require procedures to obtain special permits in order to operate.
- law 380 on trademarks and other distinctive signs
- regulations to law 380, decree N 83-2001
- general inter-American convention for trademark and commercial protection
- Paris convention for the protection of industrial property
- The same products or services for which the sign registration was requested
- The products or services that are similar to those for which the brand name were registered, if it could cause confusion or error among the consumers.
- The same activities that constitute the line of business of the commercial establishment identified by brand name or sign.
- Laws 354 "law a on patents for inventions utility models and industrials designs", and its regulations
- Decree 1244 , approval of adherence by Nicaragua to the Paris convention for protection of industrial property
- Nicaragua is a member of the patent cooperation treaty (PCT).
- Law 32 on copyright in Nicaragua
- Regulations law on copyright and related rights
- Nicaragua is a member of the Bern, Rome, Geneva, WIPO, WIPO Performance and phonograms treaty, and the Brussels Conventions.
- Law 318 on the development of vegetable varieties in Nicaragua and its regulations.
- Nicaragua is a member of the international convention for the plant variety protection act (UPOV), 1978 act.
- Confidentiality of decisions made in this process.
- Prompt decisions on controversies.
- Pre eminence of the will of the parties. It removes the jurisdictional act in the controversy and turns it into a friendly arrange.
- The laws allows for the possibility of opening an arbitration process even if a legal proceeding has begun in ordinary courts. In this case the intention of the legislator is to leave the conflict resolution to the will of the parties.
- Reduction of work load for the juridical system.
- Collective bargaining agreements can be negotiated with workers to improve work conditions
- Works shifts include day, night, mixed and special shifts. Alternative shifts can be made by mutual agreement between the employer and the employee.
- An individual labor contract establishes labor relations to carry out task or provide an individual service.
- The name of type of contract does not determine the type of contract or labor relation: rather it is the content that determines whether it is labor contract or a contract of another nature, such as professional service.
- The contract should specify the conditions that make up the work relation, including salary, shift, work hours, date and form of payment of the salary, job title and description of functions.
- Consolidate and expand the Caribbean basin initiative
- Diversification of the available export offer
- Develop attraction for direct foreign investment
- Benefits to consumers with commercial opening
- Improvement of import conditions
- Elimination of non-tariff barriers in our regional trade toward the United States ,of America
- Quotas
- Promotes the applicability of national laws
- In-depth Central American Integration
- Chain-reaction with other free trade agreements
- Dominican Republic included in DR-CAFTA
- Intra-regional trade facilitation
- Immediate access to 80% of industrial imports from the United States of America
- Free access for 55% of our agricultural trade with the United States of America, plus access through import quotas for 25% of our current agricultural imports
- Access to an equivalent value of 5% of our current trade through milk, pork and corn quotas
- In total, including additional access, Nicaragua offered immediate access to 85% of our current trade with the United States of America
- Free Trade Agreement Nicaragua - Taiwan
- Free Trade Agreement Central America - Panama
- Free Trade Agreement with Canada
- FTAA: Free Trade Area of the Americas
- Colombia and Venezuela
- Preferential Treatment Agreements
- Caribbean Basin Initiative and the Caribbean Basin Trade Partnership Act (CBTPA)
Investement Framework
Real Estate
Opportunities
Summary of the Nicaraguan Economy
Nicaragua is a mixed economy with public and private economic forces, like in most countries in Latin America. The official currency is the Córdoba, named after the Spanish Coquistador Francisco Hernandez de Cordoba.
Exchange Rate and Inflation
The Cordoba is set on an annual 5% crawling peg with the US Dollar. This establishes the daily echange rate between the Cordoba and the Dollar. The Central Bank of Nicaragua, publishes in advance – in newspapers and its website – the official daily exchange rate for each day of every upcoming month. www.bcn.gob.ni
Economic Indicators
Year |
Real Gross Domestic Product |
Annual Inflation |
2000 |
4.2 |
9.9 |
2001 |
3 |
4.8 |
2002 |
1 |
3.9 |
2003 |
2.3 |
6.5 |
2004 |
5.1 |
9.3 |
2005 |
4 |
10.5 |
2006 |
|
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Main Business Opportunities
Tourism
Since 1999, the Nicaraguan Tourism industry has experienced a steady growth rate mainly due to the country safety and also due to the Law on Incentives for the Tourism Industry “Law 306”. This law allows for a major renovation of the Managua International Airport to comply with international regulations and requirements, and investment from national and international tourism firms. The hotel industry has grown mainly in Managua with international chains such as Inter-continental, Barcelo Resort, Crown Plaza, Hilton-Princess, Best Western, and Holiday Inn, reinforcing the country’s credibility as a tourism destination. The economic and social impact of tourism had led the government of Nicaragua to declare the industry a priority for the country’s economic sustainable development.
Traditional and alternative tourism
Nicaragua has comparative advantages in terms of its natural diversity, unique pre-columbian cultural heritage, Spanish colonial architecture, and ethnic groups with their own living cultures and traditions. Nicaragua has great resources for investment in traditional tourism segments, such as business tourism, beach tourism, and cultural tourism, particularly when dealing with cities that have a wealth of historical patrimony. Also, Nicaragua is an ideal place for alternative tourism such as ecotourism, agro-tourism, sports tourism, soft-adventure and social or community service tourism, mainly lead by mission trips or Non-profit organizations.
Agri-business
The Free Trade Agreement signed with the USA represents an opportunity for the agricultural business of Nicaragua. The country wants to improve its production and quality capacity. Agri-business and food processing have shown great potential. The following list represents a sample of the many agricultural products of the country:
Investments also have been made to develop the dairy sector alongside efforts to strengthen farmer’s capacity in pasteurization, packaging controls and branding. Mid-term plans include the generation of the value added raw materials by industrializing the milk production process through construction of a significant number of cheese factories to produce mozzarella, cachota, and morolique chees, which are highly demanded by international markets.
Forestry
Forestry is identify as a priority cluster within the development strategy of Nicaragua. This sector is made up of hundreds of forest and plantation owners, approximately 80 first-conversion companies. The second conversion company units are about 2000 furniture firms. Recently the wood industry has been under a more strict governmental scrutiny due to serious illegal deforestation problems in national parks. However, a new trend of certified wood producers is starting to lead the future of the industry.
Fisheries and aquaculture
It is possible that Nicaragua is the only Central American country with a strong growth for its fisheries industry without having to over exploit its sea resources. This is so due to the existence of a great diversity in off-shore and inland aquatic habitats that shelter fish with commercial value, of which only a small percentage enter the exports market. The creation of a business cluster for the fishing sector offers the potential for diverged exports with increased demands, becoming the spearhead within a free trade and globalization framework. Shrimp catches in the Atlantic could increase up to 5 Million pounds, while lobster could reach up 3 Million pounds. The Pacific Ocean also has the potential to offer a greater yield of both shrimp and lobster. There is also the potential of developing fishing industries for non-traditional catches on both coasts, but with few immediate possibilities to develop this business. There are also non-exploited species, such as bigheaded shrimp, tuna fish and squid. There is also the potential for developing fresh water fish breeding stations in lake Nicaragua. Currently there is an annual production goal of 3000 tons of cage-grown tilapia per year. The national production of fish and shellfish are mostly for export rather than domestic consumption. The principal markets for Nicaraguan shrimp and lobster are the United States of America, France, Span, Japan and Germany.
Light Manufacturing
This sector involves suppliers of raw materials, industrial parks, suppliers of input such as buttons, threads, labels, elastics, among others. It also has companies that fall into the categories of manufacturers, training services, shipping and transportation. Most of the textile-clothing manufacturing industry in Nicaragua is foreign investment (From Taiwan and the United States). The goals and objectives for 2006 in the light manufacture cluster estimate a growth of 21.5% in exports, from $700 million in 2005 to $850 million in 2006, generating 85,000 jobs equivalent to an increment of 13.3% over figures shown in 2005.
a. Vision of the light manufacturing cluster
The vision of this cluster is to strengthen the competitiveness of Nicaragua manufacturing industry via the development of quality services, qualified human resources, and promotion of technological innovation for production and trade. Important suppliers for multinationals such as Ford Motor, Levi’s, JC Penney, Dickey’s AMC, GAP, Nike, Wal-Mart and other prestigious brands, recognize Nicaragua as their home and are directly benefited by the value of the competitive costs, proximity to key markets, modern communications, and technical and skilled labor force.
b. Productive labor force and competitive cost structure
The labor force in Nicaragua is rapidly becoming recognized as one of the most productive in the region. National scale companies report dedication to work and productivity, with low levels of absenteeism and a low turnover rate. Nicaragua has one of the most competitive structures for operating costs in manufactured goods in Latin America. Labor costs in Nicaragua are 50% less than El Salvador, Guatemala, and Honduras.
c. Average wage
The average market salary paid within the operations; of the Free Trade Zone regimes should include employment benefits. Source: VESTEX, PROESAlASIC, / FIDE, MIFIC, CNZF and CLADCS/INCAE. Employment Benefits: INSS (social security) 15%, legally declared holidays 3.65%, INATEC (professional I training institute) 2%, vacations 8.33%, thirteenth month 8.33%, compensation 8.33%.
d. Other operating costs
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e. Trends in foreign trade zone exports
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Due to its competitive positioning in the industry, Nicaragua has duplicated apparel-industry exports in the last three years, becoming the fastest growing apparel industry in the region. According to the International Development System (IDS), China is leader in confection; as of 2005, it has free-trade quotas with the United States of America and its exports grew by 25.38% during 2004, while Nicaragua grew by 22.57%.
Contact centers and back office services (BPO)
Nicaragua: your competitive option in service and contact centers and BPOs.
Nicaragua offers opportunities for setting up quality service and contact centers at a highly competitive costs in the world market. The first service centers were set up by telecommunications and financial companies for their local clients. Recently, new contact centers have set up operations in Nicaragua to serve the international market. With competitive telecommunications services, a close vicinity to the United States of America, young and competitive labor pool, cultural affinity to the United States of America, and incentives for foreign investment, Nicaragua offers an attractive option for service and contact center operations.
Star Products and Products with Business Opportunities
The Ministry of Development, Industry and Trade, with the sponsorship of Inter-American Development Bank (IADB), conducted the Study of the Exportable Offer with the sole purpose of contributing to the growth and diversification of exports as an effective strategy for the improvement of Nicaragua's sustainable economic development. The study identified Star products, besides the business opportunities recognized at a particular level, as those products presenting a high productive capacity enough to satisfy its demand in quantity, quality and delivery in a satisfactory manner; whose international demand is consolidated. In consequence making possible the sustainable development of exports. Other products presenting potential or an adequate productive capacity were also identified as business opportunities.
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Energy
Nicaragua is in the process of transforming its electricity sector, which has meant promoting the privatization process in energy distribution, creating laws to stimulate investment in power plant installation, maintenance, and operation. The Expansion of the electricity generation to attend increasing demands will be carried out by private capital and renewable energy resources. Various companies have received licenses from Nicaraguan Energy Institute to explore potential projects in geothermic, hydroelectric, and biomass energy for future development of electricity generation. For more information, visit the website: www.ine.gob.ni/
Investement Framework
Business Climate
The World Bank conducted a study in the year 2OO5, reporting that Nicaragua was one of the destinations in the world in which the opening of a new business only took 8 steps, whereas the average for the Central American region takes 11.40 steps. The quantified number of days it takes to establish a company in Nicaragua is 42 days, whereas the regional average is 63 days. In conclusion, in the area, Nicaragua is rated as one of the best and fastest countries to open a new business.
Steps to open a business
1. Registration of real estate property and commercial ownership:
2. Ministry for Development, Industry, and Trade:
3. Internal Revenue Service:
4. Managua City Hall:
Once these registrations have been completed, you should:
Once you have concluded these steps, you will register yourself in the corresponding sector law, depending on the nature of your business or company.
Simplified Procedures
a. One- Stop Office for Investors (Ventanilla Unica de Inversión, MIFIC*)
This office provides service to national and foreign investors to complete the required and basic transactions needed to open a business in a fast, economical, and centralized approach. The major benefit of the VUI office is that it has been delegated functions of public institutions involved in the creation of a business, such as the Merchant Public Registry, the Foreign Investment Statistical Registry of the Ministry for Development, Industry and Trade; Managua City Hall, and the Internal Revenue Service. *Note: MIFIC is the Ministry for Development, Industry and Trade For more information, visit website: www.mific.gob.n/vui
b. One-Stop Office for Construction Procedures (Ventanilla Unica de la Construcción)
This office simplifies, speeds up and centralizes procedures related to construction, in conformity with the law. Additional information is available at Managua City Hall.
c. One- Stop Office for Exports Procedures (Ventanilla Unica para Exportar)
This office simplifies, speeds up and centralizes procedures related to exports, in conformity with applicable laws, requirements and regulations of the destination country (Center for Exports Procedures - CETREX). The law establishes self-service for imports, exports and other regimes, Law 265, published in La Gaceta nº 17 dated January 24, 2001. Regulations Decree n.º 3-98, La Gaceta nº31, dated February 16, 1998.
e. INTUR Information Service Center
The information Services Center was created to give better services to investors and the general public by facilitating procedures related to tourism projects within the framework of Law 306. The CAP office also assists foreigners in the registration process of companies in the National Tourism Registry, 3n with the application of the residency, among other services. The CAP office concentrates on the above-mentioned procedures in a one-stop office – located in the office of INTUR in Managua- to respond to requests.
Financial and Fiscal System
Financial System
The Central Bank of Nicaragua (BCN for its acronym in Spanish), the National Banking System, and financial companies integrate the Nicaraguan Financial System. The latter category includes private banks, financial institutions, insurance companies, general deposit warehouses, stock exchange posts, and the stock exchange.
The Central Bank of Nicaragua (BCN) has the responsibility of guaranteeing the stability of the national currency, and the execution of internal and external payments; it determines and implements Monetary and Exchange Rate Policies in coordination with the Government's Economic Policy, always in compliance with the fundamental objectives of the Bank (Articles 3 and 4 of Law 317, Organizational Law of the Central Bank of Nicaragua). For more information, visit the website: www.bcn.gob.ni
Banks and Other Financial Institutions Superintendence (SIBOIF for its acronym in Spanish) safeguards the interests of depositors who entrust their funds in financial institutions legally authorized to receive money. The Bank Superintendence also preserves the security and trust of the general public in authorized financial institutions by promoting an adequate supervision to ensure the solvency and the liquidity of the resources that have been entrusted in these institutions (Article 2, Law 316, Organizational Law of the Superintendence of Banks and Other Financial Institutions). For banking laws currently in effect, please visit: www.superintendencia.gob.ni
Main Banks
Banco de Finanzas, S. A. (B. D. F.) Address: Esquina Opuesta Hotel Crowne Plaza.
Telephone: (505) 22403000. Fax: (505) 2228-1254 Web Site: www.bdfnet.com
Banco de América Central, S. A. (B. A. C.) Address: Carretera a Masaya, km. 4 1/2, Edificio Grupo Pellas, Centro BAC Telephone: (505) 2274-4444. Fax:(505) 2274-4441 Web Site: www.bac.net
Banco Uno Address: Rotonda el Güegüense 20 vrs al Oeste, contiguo al Restaurante el Churrasco.
Telephone: (505) 2254-4848. Fax:(505) 2266-8796 Web Site: www.banco-uno.com.ni
Banco de la Producción, S. A. (BANPRO) Address: Plaza Libertad, Frente a Plaza el Sol. Managua.
Telephone:(505) 2278-2508. Fax: (505) 2278-4113 Web Site: www.banpro.com.ni
Banco de Crédito Centroamericano, S. A. (BANCENTRO) Address: Edificio LA FISE (Antiguo Centro óscar Pérez Cassar) Telephone: (505)278-2777 Fax (505) 2278-6001.
Web Site: www.bancentro.net , www.lafise.com
BANISTMO Address: km 4 Carretera a Masaya, contiguo al Hotel Princess.
Telephone: (505) 2270-1200 Fax (505) 2270-1127 : Web Site: www.banistmo.com.ni
Banco ProCredit Address: Centro Comercial El Retiro, frente a Costado Este Plaza España Telephone: (505) 2255-7676 Fax (505) 2268-1630.
Financial Institutions
Financiera Arrendadora Centroamericana, S. A. (FINARCA) Address: Texaco Lomas de Guadalupe 1 c. al Oeste. Telephone: (505) 2278-8298 Fax(505) 2278-8184. Web Site: www.finarca.com
Financiera Nicaragüense de Desarrollo (FINDESA) ~ Address: Paseo Tiscapa , Busto José Martí 1 c. al Este, 1 ~ 1/2 al. Norte ~ Telephone: (505) 22558800. Fax: (505) 2222-6623 ~ Web Site: www.findesa.com.ni
Foreign Bank Branches
In conformity with Article 9 of Law N° 314, legally constituted banks in foreign countries can operate in this country through branches established for that purpose, without prejudice to their participation as shareholders in constituted banks. Foreign banks legally constituted abroad with authorization to practice in Nicaragua under Law N° 314 are considered to be legally established here and are subject to the laws of the Republic of Nicaragua. For more information, visit the website: www.bcn.gob.niFiscal system
The Ministry of Finance (MHCP for its acronym in Spanish) regulates taxes, and the country's fiscal policies. The Internal Revenue Service (DGI for its acronym in Spanish), is in charge of administrating and collecting national taxes.Main National Taxes
Municipal Taxes
Income Taxes
It is important to point out that income taxes are applied on all of the net income with Nicaraguan origin, regardless of the income-earners nationality, address, or residency status. Taxes are charged even it the goods or services are paid outside Nicaragua. Income is considered of Nicaraguan origin if it derives from goods or services that exist in the country; services provided to persons in the national territory, even when the person providing the service to persons in national territory is not physically present; or for businesses carried out or have developed in Nicaragua, regardless of where income is perceived. In effect, Nicaragua is trying to adopt the "worldwide income" system.Tax Base
The tax base to calculate annual income taxes is net income. Net income is understood to be the gross income minus deductions authorized by this law. When the taxpayer presents a negative net income, or one less than the minimum taxable income, the tax base for income tax payment will be determined as such: the annual income tax will be subject to a minimum payment, to be paid by all juridical entities and natural persons who are involved in entrepreneurial activities or business activities subject to income tax payment, and who have had their commercial operations for more than three years.Minimum Payment Calculations
For persons referred to in the above paragraph, except for financial institutions that operate here, the minimum payment is determined on the basis of the monthly average value of local assets declared for that year. The minimum payment rate will be 1 % of the declared amount annually. The minimum payment required by financial entities that operate in the country will be determined on the basis of the average monthly balance at the closing of the previous period and total deposits presented by liabilities in the institution´s balance. The payment rate for this payment shall be six-tenths of one percent (0.6%) annually.Tax Rates
The Fiscal Equity Law establishes that taxes shall be appraised, due, collected and paid over the tax base for the corresponding assessable year. The amount paid should be the result of the calculation previously done according to the following terms: |
Income Tax Declaration
All natural persons who have a gross income over fifty thousand Cordoba (C$50,000.00) during the assessable year, and all legal entities, whatever this gross income may be (even when it’s exempted by law), should make an income-tax declaration before the Internal Revenue Service (DGI), under advise that false declaration can be penalized as a civil crime during the assessable year based on the requirements set forth in the regulations for the Law on Fiscal Equity.Declaration for Foreign Residents
All non-residents who have a work permit visa must present their income tax declaration, retention certifications or certification of exemption – as corresponds. These should be duly sealed by the corresponding fiscal authorities in the offices of the General Office for Immigration and Naturalization, in order to request the respective exit visa.Entities Subject to Taxes
Income generated by companies established in Nicaragua, is taxable. See the following business entities:For further information, visit the website: www.dgi.gob.ni
Commercial Entities
Commercial Code
The legal framework of commercial partnerships responds to economic needs, the business environment and above all, the global business system in which we now live. So far, commercial partnerships are the best way to organize capital and minimize personal business risks. Partnerships are born from multi-lateral contracts as they merge to create a business, allowing for a fast transfer of investment capital, especially shares.Types of Companies
In Nicaragua, a company can be created by corporations, simple collective partnerships with limited liabilities, special or limited partnership with shares, individuals and subsidiaries of foreign companies. In principle, the Commercial Code regulates the organization, administration, development, operation, merger, closure and liquidation of partnerships. Depending on the area of business, there may be complementary laws and administrative regulations issued by administrative entities (banks, tourism, communications, transportation, energy, fossil fuel energy, foreign trade zones). The Commercial Code sets forth the types of partnerships that can be created for business development:
Simple Collective Partnership with Limited Liability
Partners have joint liabilities on all legally contracted obligations under the firm or trade name, but they can limit their responsibility by adding to the firm or trade name, the phrase Limited Liability. It does not issue shares, but rather it involves participation in the social capital.
Special or Limited Partnership:
This partnership has two types of partners: administrators who are fully responsible, and special partners who are only responsible for the amount of capital contributions.
Special or Limited Partnership with Shares:
In this case, special or limited partners are only responsible for the amount of their shares.
Corporations:
Are created with partners placing an initial social capital contribution, having a legal purpose, and under the law (excluding exceptions). Partners/shareholders participate through subscribed and paid shares, which are representative of the capital belonging to the Corporation. The administration is entrusted to a Board of Directors that can be revoked. Shareholders are responsible for up to the amount of capital represented by their shares. In all cases, all partnership must be registered in the corresponding Public Commercial Registry. Once registered, the partnership is legally established for business. The Commercial Code is the main law that regulates and governs company behavior, in addition to regulations set forth in the social pact and social or corporate by-laws. A Corporation is the most common structure of an organization of commercial partnerships in Nicaragua. According to the opinion of most lawyers and corporate attorneys, a corporation is the legal framework that provides the best protection for partners, their rights and obligations, and is most similar in legal terms to a corporation in the United States of America. Corporations with foreign partners are to be ruled by foreign-investment laws, as well as to the same laws applying to local companies, For further information, please visit the website: www.csj.gob.ni
Investors Rights and Investment Laws
A. Direct foreign investment and the rights of private property
The Constitution of Nicaragua guarantees the same rights to foreign investors as they are guaranteed to national investors. Article n.º 44 of the Constitution, states that the right to private property and goods is guaranteed. According to the constitution, the government must protect, promote and foster investment in properties, cooperatives, collectively, and social investment to try to guarantee a social and economic democracy. The State guarantees business freedom. Businesses organized under the structure established by the Constitution, have equal rights under the law and the Government's economical policies. Investors not wishing to buy a property, have the option to rent the space needed to open a business; for example, an industrial park or a complex of corporative offices. According to international real estate agencies, buying property in Nicaragua is a good investment.B. Investment incentives in Nicaragua
During the last few years, open market policies such as large scale privatizations, ratification of free trade agreements, protection for personal and intellectual property and free repatriation of earnings and capital by foreign investors have been implemented in order to stimulate investments by the private sector and improve competitiveness in Nicaragua.
Investment Incentives
Guarantees for Foreign Investment Foreign investors enjoy free access, purchase and sale of available foreign currency, as well as a free currency conversion. Among others, foreign investors can freely carry out any of the following, without being affected by other obligations required in the country:
Foreign Investment Promotion Law and Regulations – Law 344
The Foreign Investment Promotion Law guarantees free access to the purchase and sale of foreign currency by investors, such as free convertible currency, capital transactions abroad, and remittal of profits for investors. Investors can be protected with an insurance against non-commercial risks backed by bilateral treaties or conventions signed by Nicaragua.
Disputes or claims with investors can be settled by international arbitration. The Foreign Investment Law is intended to promote investment; contributing to job creation, as well as to the country's economic and social development.
Foreign investment in particular, is a great source of employment, the transfer of know-how, and technology. Investment increases exports and will allow Nicaragua to become more competitive in the global market.
Resident Pensioners or Individuals Living on Investments - Law 628
This law is for residents pensioned or retired by government entities and official organizations, private companies in their respective countries, as well as any other person who enjoys any type of permanent and stable income generated abroad. They should be over forty-five years old and enjoy a monthly income of not less than four hundred dollars (US$400) or its equivalent in any other foreign currency, plus one hundred dollars per month (US$100) for each dependent family member in the country. Among the incentives granted by this Law, are:
For further information, visit the website: www.intur.gob.ni
Law for Fiscal Equity and its Regulations - Law 453
The Law for Fiscal Equity allows for a 1.5% tax return on FOB (Free on Board) exports that are accredited to income taxes (IR), among other incentives. Exporters who make use of Law 382, the Law of Temporary Admission for Active Improvement and Expedite Exports, can credit 25% excise taxes (ISC for its acronym in Spanish), paid for fuel purchases used for input. This credit is not transferable to third parties and only applies for the fiscal period during which the purchases were made. For commercial fishing activities, including industrial, artisan and aquaculture activities, the excise tax (ISC) will apply in the following manner:
The excise tax (ISC) that is not subject to direct credit against income taxes can be deducted as or expense for such tax. A 1.5% tax credit on FOB exports was established to promote goods exported from Nicaragua, as well as for farmers or manufacturers who produce these goods. This benefit will be credited to the exporters’ annual income tax, prior presentation before the International Revenue Service stating that he/she transferred the corresponding portion to the producer or manufacturer whichever the case may be. The following exports are exempted from this benefit:
This benefit will be effective for a seven-year period as of the date that the law takes effect.
Law on industrial Export Free Trade Zones
The foreign trade zone is an ideal industrial sector for foreign investors. Once approved by the National Commission for Free Trade Zones, companies administrating or operating free trade zones, can enjoy fiscal incentives, and benefits set forth in the Law on Industrial Free Trade Zones for Exports including among others, the Privileges of the World Trade Organization (WTO). The special designation, offered by the World Trade Organization, allows Nicaragua to keep tax free zone benefits after the year 2008.
Companies using free trade (or tax free) zones classify under the following categories:
Law on Export Processing Zones, Decree 46-91, offers incentives such as:
Other advantages in the Export Processing Zones/ EPZ
Law on Incentives for the Tourism Industry in the Republic of Nicaragua and its Regulations - law 306
Several tourism activities enjoy benefits in the "Tourism Incentives Law." Natural persons or juridical entities investing directly in the development of tourism activities, or that indirectly participate by funding such activities; as well as if these activities are part of the Special Tourism Planning and Development Zones (ZEPDT) for its acronym in Spanish, defined and determined as such by the Nicaraguan Tourism Institute (lNTUR), can also benefit from exemptions and fiscal credits under the present law. Companies willing to invest and operate in areas and facilities belonging to the State, where the Executive Branch through INTUR is interested in developing high-quality tourism activities can also benefit from concessions the terms, and conditions set forth in a long-term contract. This law grants:
Law for the Conservation, Promotion and Sustainable Development of the Forestry Sector - Law 462
Forestry development will be carried out in coordination with other related public sector entities and with the private sector participation. It will have the following objectives:
Natural persons or juridical persons investing in natural forests and forestry plantations, on their own or as third-party initiatives, shall benefit from incentives created by the present law, if they comply with the registration requirements set forth in the regulations.
This law grants:
Temporary Admission for Active Improvement and Export Facilitation - Law 382
This law establishes that direct or indirect imports, under the Temporary Entry Regime for Active Perfectionism, are not subject to payment of fiscal duties or taxes. The privilege of the Customs Regime is to allow entry of certain goods without payment of duties, import taxes or any other taxes under that condition that these goods will be subject to some type of subsequent operational activity. The objective of this law is to regulate required simplification of formalities for temporary entry of goods for the purpose of going thru a process of improvement as well as those materials required for the assembly and re-exporting of textile products. This includes sales to the different Industrial Free Trade Zones for Exports. Duties and taxes are either exempted or, reimbursed under this law, including tariffs and any other tax of fiscal nature encumbered on imports, local sales or gross income, that increase the price of raw materials, intermediate or capital goods acquired by the exporter, either through a direct import or local purchase, and has been directly or indirectly incorporated into exported goods, or used to produce such goods. Optional exemptions for companies that directly or indirectly export at least twenty-five percent (25%) of their total sales with an export value not less than fifty thousand U.S. dollars (US$ 50,000.00) can claim exemptions to duties and taxes, according to procedures set forth in this law and its regulations. The national commission for promotion of exports is the entity that administers this law. The commission’s secretariat is located in the ministry for development, industry and trade ministry (MIFIC for its acronym in spanish).
Law for the electricity industry law 272
This law provides the juridical framework that regulates the electricity sector in Nicaragua. Published in La Gaceta, official bulletin n. 74 dated April 23, 1998 and its regulations (decree n.42-98) published in La Gaceta, official bulletin n. 116 dated June 23 of that same year, as well as its subsequent amendments, granting the following benefits:
Domestic consumption of electricity increases by 7% annually in Nicaragua, creating the need to increase the current generation capacity by 1.176 MW in the next 20 years. The volcanic range on the pacific coast and diverse water resources in the country offer a great opportunity for generating geothermal and hydraulic energy. The Nicaraguan energy institute (INE for its acronym in Spanish), administers the energy sector, which in turn is divided into three sub sectors:
There are some estimates that Nicaragua could be receiving in the next five years US$ 500 million from exporting fuel oil. This income could alleviate the deficit in the balance of payments.
Hydrocarbon sub sector
Hydro-carbon supplies (downstream) Imports, exports, refinement, transportation, storage, marketing and any other service related to hydrocarbon supplies, it can be performed by any natural person or juridical entity , national or foreign, within the public license or authorization to build the corresponding fuel oils facilities, in compliance with all the requirements in our legislation. Consumer prices for different fuel oil by products (except liquid power gas LPG) are free of state control. Therefore, prices are set by participants in the supply chain, taking into account variations in international prices.
Law for promotion of electricity generation with renewable sources- law 532
The purpose of this law is to promote the development of new power-generation projects using renewable resources. This laws sets forth the economic and financial incentives to support the framework of sustainable exploitation of renewable energy sources such as: projects that expand the installed generation capacity of power plants which are currently in operation, with renewable resources; and electric energy generation projects that use biomass or biogas sources produced in sustainable manner. The law was created with purpose of coping with international prices increases- allowing for the production of Aeolic, hydraulic, geothermal and biogas energy, so we are not solely dependent on petroleum. This law offers an additional advantage in energy production with this type of renewable resource by reducing generation and consumer costs. According to this law, new projects and expansions that classify as electricity generation projects with renewable resources (PGEFR for its acronym in Spanish), can be owned by any natural or juridical entity either private, public or mixed under following incentive model:Article 8: investors will have a ten-year term to claim the benefits set forth in this law, starting the date the law goes into effect.
General Law on telecommunications and postal services, and its regulations – Law 200
This law regulates all matters relating to communications. The regulations for this law set forth the regulatory framework to obtain concessions and licenses. Telecommunications services are divided into the following categories:
Anyone interested in providing telecommunications services must request authorization from telecommunications regulating agency. Authorization will be issued according to the requested service.
In the case of non-regulated services, the only requirement is to register in TELCOR. If the request made for experimental purposes or to cover an emergency, TELCOR can give a temporary authorization as long as they are in compliance with certain requirements. In addition to the above described authorizations, a permit is required in order to allocate a frequency. Note: concessions, licenses, permits or authorizations granted by TELCOR cannot be mortgaged, sold, transferred or willingly used in whatever manner and they are not transferable.
Laws for the protection of intellectual property rights
It is becoming increasingly more important for businessmen to have good understanding of the intellectual property rights systems in order to manage intellectual assets in a more effective manner for their companies. Regardless of the products, either manufactured goods or services provided, your company probably uses and creates a great deal of assets with intellectual property rights. Therefore, you should systematically consider the necessary measures to protect, manage and observe your rights with the purpose of obtaining the best possible commercial results thanks to your copyright ownership.
Trademarks and other distinctive signs
Gives an owner of a brand name the exclusive right to commercially use the registered trademark or sign related to a product or service, to a group of products or services, or with respect to a commercial establishment, meaning that, without the specific authorization of whoever inscription, no other person can use the registered trademark or sign in relation to:
The patent is the exclusive right granted by the republic for a determined period of time.
Copyright
The laws protects copyrights for all original intellectual creations that take place in the arts and letters and science, recognizing that the title-holder has a set of rights that guarantee respect for the author as such (moral rights), and other that impede utilizing or exploiting of the work by third parties without due authorization (economic or patrimonial rights).
Law on the development of vegetable varieties
The administration for obtaining vegetable varieties of intellectual property registry (RPI for its acronym in Spanish) avails plants breeder, producers of new plants varieties, farmers, researchers, universities and the public in general, information referring to the protection of a vegetable variety, basic concepts procedures to follow for obtaining a plant breeder title, protection conditions, the rights and duties of a producer of new plants varieties, legislation that regulates the protection for development of vegetables varieties, and adhesion to an international agreement.
Law on the protection of layout designs of integrated circuits and its regulations – Law 324.
Decree N 38-2001
The purpose of this law is to establish the rules that regulate the protection of layout designs and integrated circuits, that is, all three-dimensional disposition of elements, expressing at least one active element, in some or all of the interconnections of an integrated circuit, as well three-dimensional disposition prepared for integrated circuit to be manufactured.
Law on the distribution of programming carrying signals transmitted by satellite and its regulation – Law 322
Decree N44-2001
The purpose of this law is to protect entities or transmitting organizations that distribute program-carrying signals by means of wires, cable or other similar communications channels sent to a satellite or passing through a satellite, with the purpose of guaranteeing the adequate resources to prevent its non-authorized utilization (article 1 of the law). In addition to the above mentioned laws and international treaties, it is necessary to mention that Nicaragua signed an agreement with the United States of America in 1998 on intellectual property rights in which parties committed themselves to modernize and ensure effective respect for their respective legislations in all matters relating to intellectuals property. In Nicaragua, the agreement on all aspects relating to intellectual property rights related to trade, better known as ADPIC for its abbreviation in Spanish, was implemented in the year 2000, which came into being in the Uruguay summit, and is one of twenty-eight multilateral agreements ratified by each of the members countries, when they ratified the WTO agreements. ADIPC, like the agreement between the United States of American and Nicaragua, enforces in general the modernization and respect for the intellectual property of each of the signatory countries, with the difference that in case of incompliance with the ADIPC agreements, the beginning country will be excluded from the World Trade Organization, WTO. If you wish to learn more about the intellectual property in the Ministry for Development, Industry and Trade, or visit the webpage: For further information, visit the website: www.rpi.gob.ni
Mediation and Arbitration Law – Law 540
In contractual relations, all natural or juridical entities, including the state, have the right to mediation or and arbitration process, to solve their economic (patrimonial) and no economic (non-patrimonial) disputes. This new law applies to alternative methods of conflict resolution, mediation and arbitration, both of national international nature, without prejudice of any pact, convention, treaty or any other instrument of international law to which Nicaragua is a party. The following are most important aspects of the law as it relates to investors:
International Arbitration
Nicaragua is signatory of the International Centre for Settlement of Investment Differences (ICSID) since 1995 and the New York convention, since June 10, 2003. there are alternative mechanism for the solution of disputes in the free trade agreements, the United Nations Commission for International Merchant Law (UNCIML), MIGA and OPIC.
MIGA: Multilateral Investment Guarantee Agency, World Bank (1990) www.miga.org
ICSID: International Centre for Settlement of Investment Differences (1995) www.worldbank.org/icsid
PIC: Overseas Private Investment Corporation (1990) www.opic.gov
Labor laws
Labor relations are detailed in the Nicaraguan labor code. Law 185, defines rights and obligations for employers and workers. Likewise, foreign companies shall be ruled by the labor laws set forth in the labor code, always reaffirming international treaties with the International Labor Organization (ILO).
Labor contracts
For further information, visit the website www.mitrab.gob.ni
Employer Obligations
Contribution for Training
Employers should pay 2% of the employees’ salary to the national technological institute (INATEC for its acronym in Spanish) for training purposes.
Social Security
Employers must register in the Nicaraguan Institute for Social Security (INSS for its acronym in Spanish) when opening a new business. They must register the new employees within the first three days after being hired. For the rest of the regional departments in Nicaragua, and especially in rural areas, 9% rate applies for employers and 4.25% for employees. Free-lance or self employed workers have access to social security with a quota of 18.25% over salary. Late payments will be penalized with 3% fine over the total contribution.
For further information, visit the website: www.inss.org.ni
Trade Agreements
Central America- Dominican Republic and the United States of America Free Trade Agreement (DR-CAFTA)
Ratified by the government of Nicaragua on October 10, 2005 and by the United States of American on July 27, 2005. it was entered into force April 1, 2006. This treaty consolidates and broadens the scope of benefits obtained trough the Caribbean basin initative. It improves the region´s potential for economic growth, and streamlines attraction of direct foreign investment, turning the region into a platform where foreign investors can access United States of America markets form Central American territory.
The Importance of the United States of America as Nicaragua’s Main Trading Center
The United States of America is Nicaragua´s main trading partner. A brief reference of its importance as trade partner reinforces the strategy that clarifies the fact that we cannot significantly increase our exports without relaying on a clear and safe framework of export facilities within our country. The United States of America is our major trading partner in terms of exports and imports, as well as foreign direct investment. The trade balance between Nicaragua and the United States of America registered a positive growth on exports, 4.4% in 2005 in relation to 2004.
Balance of Trade Nicaragua / United States of America 2003/2004 (millions of U$)
Years |
2004 |
2005 |
Growth 2004/2005 |
Exports |
263.4 |
275.0 |
4.4 |
Imports |
489.8 |
522.0 |
6.6 |
Balance |
-226.4 |
-247.0 |
9.1 |
DR-CAFTA Objectives
Excluded goods: White corn for Nicaragua, sugar for the United States of America.
Quotas: Guaranteed minimum access for a product that allows the entry of certain volume of goods for a determined period of time with preferential rates.
 |
Central America – Chile Free Trade Agreement
Signed in Guatemala on October 18, 1999, specific negotiations are still pending. Bilateral signatures are also awaiting; which include listings for tariff phase-out, rules of origin, and reserves in the service chapter, contemplated in an arrimetri treatment reflected in it's desgravation calendars.
Central America - Dominican Republic Free Trade Agreement
It was signed by the Presidents on April 16, 1998 in Santo Domingo, Dominican Republic. It went into effect on September 3, 2002.
Main Products Benefited
Fruit and vegetables, footwear, beef and processed or canned food.
Free Trade Agreement with Mexico
A bilateral agreement that entered into effect on July 1, 1998, Decree n.º 48-98, dated June 26, 1998, La Gaceta, Official Bulletin n.º 121, dated June 30,1998.
It encompasses, preferential treatment granted to Nicaragua. Main Products Benefited Beef, beans, fish, shrimp, fruit and vegetables.
Negotiations in Process
Partial Scope Agreements
The agreement known as the Caribbean Basin Initiative (CBI) is a unilateral program for tariff benefits granted by the United States of America to Central America and the Caribbean. This initiative has played a key role in streamlining trade and economic developments in the region. The program’s main objective is to increase investment, both national and foreign, in non-traditional sectors to diversify economies in the region’s countries and increase their exports.
The most recent legislation of the Caribbean Basin Initiative (officially known as the Caribbean Basin Trade Partnership Act – CBTPA), went into effect in October 2000, and allows clothing manufacturers a list to assemble in Central America and the Caribbean, import raw fabrics from the United States of America to be processed in a regional country, and manufacture clothing. These are exported tax-free entry for other products assembled or manufactured in the region, as long as they comply with the basic requirements of the country of origin.
Expansion of the CBI has increased commercial benefits in the original law initiative for the Caribbean Basin, in effect since October 1, 2000 up to September 30, 2008, or until the FTAA enters into effect.
Cámara de Agentes Aduaneros (CADAEN): Nicaraguan Customs Agents Chal11ber (CADAEN) Bello Horizonte Rolter 2 c. al Sur 40 m. al Oeste Módulo n.º 5 Tel.: (505) 2249-6998 cadaen@ibw.com.ni
Cámara de Industria Nicaragüense - Alemana German Chamber of Industry in Nicaragua: Cine Cabrera 2 c. al Este Edificio La Merced Local n.º 6.
Tel: (505) 2222-7829, 222-7075 - Fax: 222-7054 cicna@munditel.com.ni
Cámara Oficial Española de Comercio de Nicaragua: Spanish Official Chamber of Commerce in Nicaragua: Los Robles Restaurante Marseillaise ½ c. arriba Tel.: (505) 2278-9047 - Fax: (505) 2278-9088 gerencia.camacoes@cablenet.com.ni camacoesnic@cablenett.com.ni
Cámara de la Pesca de Nicaragua (CAPENIC): Nicaraguan Chamberf of Fisheries (CAPENIC) Camino de Oriente Módulo B-2 7 Y 8 Tel.: (505) 2278-7091 capencic@ibw.com.ni
Cámara Nicaragüense de la Construcción (CNC) Nicaraguan Chamber of Construction (CNC): Bolonia Aval Card 2 c. al Oeste 10 vs. al Sur Tel.: (505) 22663363 -Fax: (505) 22683327 cncsecre@ibw.com.ni
