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Guatemala’s New Business Reforms Aim to Increase Competitiveness

Article Summary:

Guatemala is embarking upon major business reforms to create a business-friendly climate in the country. Two of the 16 proposed reforms are to boost bankruptcy laws and modernize the commercial code.

Photo Credit: Siglo 21

Original Article Text From Siglo 21 via Google Translate :

Perform 16 reforms to Facilitate Business

The Government of Guatemala, through the Ministry of Economy (Mineco) reported that 16 amendments have been made ​​to facilitate business, events that have already been reported to the World Bank (WB) to take it into account when preparing the index known as Doing Business , which assesses the conditions under which firms operate in each country.

In the most recent rating, Guatemala held the position 97 among 183 countries with the greatest ease of doing business, and the 165 in terms of starting a business.

To construct the indicator are analyzed regulations affecting local businesses and economies classified into 10 areas, such as managing construction permits, registering property, protecting investors, tax payments and cross border trade.

The World Bank representative in Guatemala, Oscar Avalle, states that the Government of Guatemala identified four areas where we can work together to facilitate business.

For this purpose, reported the World Bank reforms involve the modification of the procedure in the payment of income tax (Tax Law Update) and installation of electronic payment for the return of the Social Security Institute (IGSS).

Also included, 7 reforms in updating building permits, negotiations with the Municipality of Guatemala and the Ministry of Environment and Natural Resources (MARN). Other 7 are related to business registration in the Register.

“In addition to improving our position in the Doing Business, the goal is to be one of the 10 most reformers in the world, “said the head of Mineco, Sergio de la Torre.

The executive director of the National Competitiveness Program (Pronacom), Jaime Diaz, pointed out that these reforms have the ability to change the country’s business outlook.

“With changes in the Companies Registry reduces transaction time and this year is expected to arrive in a week, to then become a 48-hour procedure, with the help of technology,” he adds.

De la Torre said that with the launch of the One Stop Shop for Construction Licenses facilitates the development of this sector, which shows high performance and great opportunities to create jobs.

The World Bank representative said that the Government of Guatemala to improve competitiveness and business climate, can help foster economic growth including, reducing poverty and inequality (read: Other changes ).

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From Siglo 21

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