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Peru’s WTS and TSC become Collective Benefit and Interest (BIC) companies
Two Peruvian sustainable textile companies, WT Sourcing Peru SAC (WTS) and (TSC) have become Collective Benefit and Interest Companies (BIC), a status awarded to companies in Peru that show a commitment to providing social, economic and environmental benefits during their operations.
Companies can apply to be registered as a BIC company and are awarded that status by meeting the parameters established in the country’s so-called BIC law, which confers a status that acknowledges their commitment to protecting the environment, making a positive contribution to society ad the economy.
The transformation of a company’s business model to a BIC model allows it to generate a positive impact, integrating the achievement of their selected purpose of social and environmental benefit to their economic activities.
Companies that choose to align themselves with the Peruvian government’s BIC program define themselves as having a positive social, economic and environmental impact. Companies that wish to join and receive BIC status must outline their goals in terms of the benefits their operations will bring, in order to be awarded that status.
In order to achieve BIC status, It is key that the purpose of collective benefit and interest is aligned with the sustainable development goals, are realistic for the business and, at the same time, are properly reflected in the company’s strategic plan in order to achieve objective and measurable results
For the transformation process into BIC companies, WTS and TSC were both advised by Niubox Peru, which was the first Peruvian legal consultancy to itself become a BIC company.
The Niubox team advising the two companies was led by Fiorella Colonna Murgueytio, and who was assisted by Angela Valdivia, Anita de la Piedra and Daniela García.
The consultancy provided by Niubox included the evaluation of the business model of WTS and TSC, the definition of their profit purpose, the guidance and elaboration of the necessary documentation for the corporate change, and the design of their BIC strategic plan for the following years.
The in-house legal team working for WTS and TSC was made up of Jania Rozas and Andrea Arce.
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