Global business complexity index highlights the Uruguayan country as an “attractive” destination for investment.
Uruguay continues to be one of the countries with the greatest ease of doing business in South America, although it worsened some positions compared to 2023, according to the results of the 11th edition of the Global Business Complexity Index prepared by TMF Group.
The report accessed by El Observador indicates that Uruguay is ranked 26th in the Index (it was ranked 35th in the previous measurement). In South America, the only jurisdiction with greater ease of doing business is Ecuador, which is ranked 30th.
According to the study, several factors contribute to Uruguay's decline in the ranking. As an example, it is noted that “foreign companies face considerable operational challenges when establishing themselves in the country, for example, opening a bank account can take months, and the new requirement to submit information on the beneficial owner and/or the main controller to a central registry adds a layer of administrative complexity.”
In any case, they highlight that despite the aforementioned bureaucracy, "political stability contributes to making this country an attractive destination for investment."
The predictability of the rules of the game is highlighted, the transparency of the regulations and the effectiveness of the procedures contribute to facilitating the development of the businesses of foreign investors, the report says.
Some of the main economies in Latin America such as Colombia, Mexico, Brazil and Peru are among the 10 “most complex” countries to do business in. In the case of Argentina, it goes from occupying position 10 to 12.
GREECE, THE MOST COMPLEX COUNTRY IN THE WORLD TO DO BUSINESS
When it comes to complex jurisdictions, Greece ranks first in this year's Global Business Complexity Index, rising from sixth place in 2022 and second in 2023.
Meanwhile, it is confirmed that the United States does not appear among the 10 most business-friendly countries, maintaining the trend of 2023. On the other hand, the Netherlands, Denmark, the United Kingdom and Hong Kong remain firmly among the 10 least complex jurisdictions.
New this year is the inclusion of Jamaica in the list of the 10 most favorable jurisdictions, ranking 70th, compared to 49th the previous year.
Meanwhile, the Cayman Islands retains its position as the simplest jurisdiction in which to do business, ranking 79th. Saudi Arabia, newly added to the report, ranks 37th as one of the most complex jurisdictions.
The list of the 10 most business-friendly jurisdictions is made up of Jamaica, British Virgin Islands, Jersey, United Kingdom, Netherlands, New Zealand, Hong Kong, Denmark, Curacao and Cayman Islands, which are between position 70 and 79 of the ranking.
And the top 10 of the most complex are Greece, France, Colombia, Mexico, Bolivia, Turkey, Brazil, Italy, Peru and Kazakhstan, between positions 1 and 10.
