Belize placed 106 out of 189 countries in terms of the ease of doing business

The second report: Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, places Belize at 106 out of 189 countries in terms of the ease of doing business. More specifically:”How easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations.” Belize, which fell two ranks from last year, is in the company of countries such as Vietnam, St. Kitts and Nevis, Costa Rica and Pakistan. And in the scope of Latin America and the Caribbean, Belize comes in below the regional average, which is 100. Responsible for the less than impressive grade, says the report, is the complexity that comes along with construction permits, property registration, taxes and even electricity installment. Additionally, the study shows that in relation to the process of launching a business, the country places at 167th, while in terms of getting credit and protecting investors, we are 130th and 138th, respectively. According to report, sponsored by the World Bank  “The economies ranking highest on the ease of doing business therefore are not those with no regulation but those whose governments have managed to create a regulatory system that facilitates interactions in the marketplace and protects important public interests without unnecessarily hindering the development of the private sector—in other words, a regulatory system with strong institutions and low transactions costs.” In defense, CEO in the Ministry of Trade, Investment and Private Sector Development, Mike Singh,  says that the data employed in the report is outdated and that current, more relevant information, will be published in the next report.

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