Latin America Cutting Red Tape -- Slowly

If you are thinking of starting a business in Latin America, arm yourself with patience.

Friday, September 12, 2008

It takes 20 times longer to open a company in many countries in the region than in the United States, Singapore or New Zealand.

According to a new report by the World Bank's International Finance Corp., several Latin American countries continue to be among the world champions of bureaucracy, while Eastern European, Asian and African countries are moving much faster to reduce government red tape, making it easier for its people to start new businesses.

The report, Doing Business 2009, is the sixth such annual report conducted by the IFC, and measures several areas of each country's regulations affecting current or potential businesses. While Colombia, the Dominican Republic and Uruguay made some progress in cutting red tape last year, most other countries in the region fell behind the rest of the world in 2007, the report says.

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Position in 2010 Rankings: Panama 72 (62 in 2009), El Salvador 86 (80), Guatemala 101 (100), Nicaragua 117 (119), Costa Rica 125 (121), Honduras 131 (128).

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Latin America Cutting Red Tape -- Slowly

September 2008

If you are thinking of starting a business in Latin America, arm yourself with patience.

It takes 20 times longer to open a company in many countries in the region than in the United States, Singapore or New Zealand.

According to a new report by the World Bank's International Finance Corp., several Latin American countries continue to be among the world champions of bureaucracy, while Eastern European, Asian and African countries are moving much faster to reduce government red tape, making it easier for its people to start new businesses.

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