In this study of nanoscale etching for state-of-the-art device technology the importance of the nature of the surface oxide, is demonstrated for two III-V materials. Etching kinetics for GaAs and InP in acidic solutions of hydrogen peroxide are strikingly different. GaAs etches much faster, while the dependence of the etch rate on the H+ concentration differs markedly for the two semiconductors. Surface analysis techniques provided information on the surface composition after etching: strongly non-stoichiometric porous (hydr)oxides on GaAs and a thin stoichiometric oxide that forms a blocking layer on InP. Reaction schemes are provided that allow one to understand the results, in particular the important difference in etch rate and the contrasting role of chloride in the dissolution of the two semiconductors.