Peru continues to rank as one of top economies in Latam in business regulations
Local entrepreneurs throughout the region saw an improvement in the business environment in the past year. Half the economies in the Latin America implemented at least one such reform in 2013/2014, the report finds.
Peru, like other economies in Latin America, is now among the best performers globally in several areas measured by the World Bank Group report. For example, ten years ago, a Peruvian entrepreneur would have had to spend more than 33 days to register a property transfer. Now it would take her only 6.5 days, less time than in the United States (15 days) or Austria (20.5 days).
Doing Business 2015: Going Beyond Efficiency shows that economies in Latin America and the Caribbean took steps to remove obstacles to business activity and strengthen legal institutions.
For example, Costa Rica and Guatemala both adopted an electronic system for filing and paying corporate taxes, saving companies more than 60 hours a year in the time spent on tax compliance. Uruguay passed a law aimed at speeding up the resolution of commercial disputes and implemented a risk-based inspection system that reduced customs clearance time.
The report finds that Colombia is the economy in the region where it is easiest to do business. In addition, Colombia has implemented the largest number of regul20atory reforms in the region since 2005, with 29 in total.
Joining Colombia in the top five on the ease of doing business in Latin America are Peru, Mexico, Chile, and Puerto Rico (territory of the United States).
The report finds that Singapore tops the global ranking on the ease of doing business. Joining it on the list of the top 10 economies with the most business-friendly regulatory environments are New Zealand; Hong Kong SAR, China; Denmark; the Republic of Korea; Norway; the United States; the United Kingdom; Finland; and Australia. ■