Wednesday, 27 May 2020

Bureaucracy and Infrastructure Main Problems For “Doing Business” in Costa Rica


QCOSTARICA – Bureaucracy and infrastructure are the main problems when it comes to doing business in the country, this according to the “Doing Business” economy rankings of the World Economic Forum.

Economies are ranked on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Costa Rica in 2015 is ranked 83 (down from 78 in 2014) in ease of doing business and 118 (108 in 2014) in starting a business, out of 140.

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Furthermore, it is the only country in Central America where the infrastructure is mentioned in the top three main impediments to doing business mentioned.

To understand just remember that Costa Rica has the worst roads in Central America.

The report indicates the business reform making it easier to do business in 2015, like making paying taxes easier for companies by implementing an electronic system for filing corporate income tax and VAT, and reducing the time required for getting electricity by improving the coordination between different departments at the utility.

Regarding taxes, Costa Rica has similar to other Central American countries sales and corporate tax rates, the difference is in the payment of social security.

The World Economic Forum – committed to improving the state of the world – is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

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