Chile Declared the Best Place to do Business in South America
A recent study conducted by The World Bank and the International Finance Corporation (IFC), shows that Chile is the best country in South America with which to do business.
WASHINGTON D.C., USA — According to research done by the World Bank and the IFC, Chile is the most accessible and efficient region to start a new business or to invest. Other Latin American countries such as Peru, Colombia, Mexico and Panama were taken into account but fell short in comparison.
The report, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises, shows that many countries in South America have made significant progress in terms of improving business practices in the past ten years. Mostly due to reforms in local businesses regulations, developing countries are finally receiving the good grates from international observers.
According to the statistics taken between 2011-2012, Augusto Lopez-Claros (Director of Global Indicators and Analysis at the World Bank Group) affirms that “authorities finally understand that establishing clear and reasonable rules is essential for attracting investments and stimulating development.”
A closer look at Chile’s progress shows that after the recent business reform, the number of new firms registered increased to almost 20,000 between 2011 and 2012.
Chile maintains the 34 position among 185 other economies. However, not all neighboring countries are doing as well. The study estimates that regions such as Argentina, Venezuela and Bolivia still have a lot of work to do in order to secure a promising future for local and international businesses.
The study mainly focused on small to medium-sized businesses and the regulations that are adhered to during their time of operation. That is to say, the analysis takes into account ten different indicators focused on measuring how companies do in terms of paying taxes, protecting investors, purchasing operations, etc.