Based on information from our own network, published data from the World Bank and other business sources, we have compiled the following chart, that shows -for the major countries in the region-,
How long it takes to open a company in a given jurisdiction,
Number of standardized procedures needed in order to legally start the business,
SOUTH AMERICA
COUNTRY
TIME (days)
# OF STEPS
Argentina
38
17
Bolivia
54
18
Brazil
59
17
Chile
35
12
Colombia
48
14
Ecuador
62
13
Paraguay
68
16
Peru
70
11
Uruguay
45
10
Venezuela
72
19
Average for 10 countries
55
15
CENTRAL AMERICA & CARIBBEAN
COUNTRY
TIME (days)
# OF STEPS
Belize
43
8
Costa Rica
75
11
Dominican Republic
78
12
El Salvador
30
10
Guatemala
30
13
Haiti
170
15
Honduras
40
14
Jamaica
15
10
Mexico
32
9
Nicaragua
45
10
Panama
22
8
Puerto Rico
12
8
Average for 12 countries
24
11
Broadly speaking, for most of the jurisdictions, the following steps and documents are required:
Checking of name with the Commercial Registry office.
Checking and registration of Company's representative/s.
Registration with the Commercial Board of the Country’s respective state.
Registration for taxes / social security.
Registration with the Ministry or Secretary of Economy of Country / State.
Registration with the Municipality of the place of business.
Registration of the employees and officers.
Registration with the employees’ union.
Getting different types of licenses and certifications
