3 Best and Worst Countries in Latam to do Business
04 May, 2021The pandemic has clearly taken its toll when it comes to company and business wellbeing. In such peculiar times, it goes without saying that people not only try to keep their businesses alive but also steer clear from starting one – if they haven’t already.
While most people would say that a business can be run and started anywhere, a professional business attorney will tell you that there are good and bad countries with varying levels of success rates in accordance to region, that must be taken into account.
Since Latin America was one of the regions most affected by COVID-19, let’s take a look at the three best and worst countries to do business in!
The 3 Best Countries
Overall, it’s considered that Mexico, Peru, and Chile are the best Latin American countries to start a business in. According to reports regarding their economy, they seem to be recovering well from the impact of 2020, to say the least.
Mexico
This particular country is ranked 47th on the global list organized by the World Bank for the very purpose of the discussion we are having today. Namely, we refer to how easy and convenient is to start a business here.
Reportedly, the best part about Mexico is how easy one can get credit and how easy it is to start funding their business right away.
Peru
When it comes to Peru, this country is known for its business taxes and how easy it is to pay them. According to the list compiled by the World Bank, Peru makes it extremely easy for entrepreneurs and business owners to apply for construction permits and to register the property as well.
Chile
The next country on our list is one that has been included in the global competitiveness index. What does this mean? Well, in short, it means that Chile is able to provide its citizens and businesses with a high level of prosperity.
Naturally, this prosperity is ensured by the country’s exceptional productivity.
The 3 Worst Countries
At the bottom of the list, ranked 142, 150, and 188 (out of a total of 190), we have Nicaragua, Bolivia, and Venezuela.
Not much can be said about Bolivia and Venezuela. They both have experienced over-the-top inflation and economic decay, up to a point where people no longer wish to work there and decide to go abroad.
Nicaragua, on the other hand, remains a location that is deemed better for holidays and trips rather than one fit for starting a business. Not to mention that, due to the pandemic, these three countries come with a much higher unemployment rate, which makes it hard for companies to even start operating there.
The Bottom Line
Latin America is not a dreadful region, as many people believe. Mexico, for example, has been in the top 50 best countries to start a business in many instances, thanks to the help it provides to people with its regulations within such matters.
The same goes for Peru and Chile. While they are clearly not the best of the best when it comes to the overall business environment, they still have a couple of aces up their sleeves!
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