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Home  /  Specialists of the World Bank tell us about the Doing Business 2016

Specialists of the World Bank tell us about the Doing Business 2016

Specialists of the World Bank tell us about the Doing Business 2016
The Doing Business report is one of the World Bank Group’s flagship publications. Since 2003 Doing Business has been publishing annual quantitative data on the main regulatory constraints affecting domestic small and medium-size enterprises throughout their life cycle across 189 economies.

The Doing Business report finds that Latin America and the Caribbean region as a whole has created a better business environment in the past decade. For example, in 2005 a company was created in 75 days at a cost of 56.2% the regional income per capita and it took 83 days to register a property. As the years went by, for example, the majority of the economies in the regions made big improvements in these 3 areas. As a result of these initiatives, in 2015 an entrepreneur can create on average a company in 30 days, at a cost of 31.5% the income per capita and it take almost a month less to register a property. This is the result of numerous reforms implemented in the region, promoting competitiveness through improving the regulatory climate for business.

In the Doing Business 2016: Measuring Regulatory Quality and Efficiency, Mexico has the region’s highest ranking[1] (38), followed by Peru (50) and Colombia (54) amongst 189 economies worldwide. Several economies in the region rank among the best in the world in areas measured by Doing Business—for example, Colombia in getting credit (2 in the ranking), Puerto Rico in resolving insolvency (7), and Jamaica in starting a business (9).

On average, the region’s economies rank best in the areas of Getting Electricity (79) and Getting Credit (87). Getting a new electricity connection takes 65 days on average for an entrepreneur in the region, compared with a global average of 97 days.

This year Doing Business recorded 24 reforms in Latin America and the Caribbean. Almost half of the economies implemented at least one reform, making easier to do business. However, at a 47 percent the region reported the lowest share of economies reforming among the world’s regions. While the pace of reform activity has slowed, improvements are still being made. In 2004, only eight economies in the region recorded reforms, compared to 15 in the past year.

Many good stories emerge from the region this year. The Doing Business 2016 finds that Costa Rica is the world’s top improver; For the second year in a row, Costa Rica implemented reforms in the areas of paying taxes and getting electricity, in addition to making getting credit easier this year. Jamaica is also among the global top 10 improvers as it implemented a regional high of four reforms. On starting a business, for instance, Jamaica decreased the time to incorporate a business from 15 to three days. And Mexico implemented two reforms in the areas of getting credit and paying taxes during the past year. The Bahamas, Guatemala and Peru also implemented multiple reforms in the past year.

Furthermore, Caribbean economies continued to make remarkable progress in resolving insolvency, saving viable businesses through reorganization. The previous year, Trinidad and Tobago and St. Kitts and Nevis had modernized their insolvency frameworks. For 2014/2015, Jamaica and St. Vincent and the Grenadines adopted new insolvency laws.

Colombia appears as the country in Latin America and the Caribbean that has reformed the most its business regulation since Doing Business started 12 years ago. Amongst several achievements, Colombia reduced from 70 to 11 the number of payments required to file taxes and it has improved access to credit by broadening the range of assets that can be used as collateral.

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