Costa Rica continues to make efforts to improve its competitiveness by improving its border distance position according to the World Bank Report “Doing Business 2017“.  This Report assesses the conditions for doing business in a country, and is the benchmark of competitiveness.

Business Competitiveness in Costa Rica The “Doing Business 2017” Report, an annual assessment by the World Bank on the business climate for 190 economies, places Costa Rica in place #62. Regarding Latin America, Costa Rica places 5th in the ranking. In the world, Costa Rica occupies the 7th place in the indicator of obtaining credit, the 27th position in obtaining electricity, 53rd place in obtaining construction permits, and 62nd place in Tax Payments.

“The Government promotes a strategy to improve the conditions of the business climate and the procedures that affect its citizens, as reflected in the progress made in these indicators of international competitiveness.  Being among the top 33% of the countries in the study is a sign of a favorable climate for the generation and attraction of investments”, Economy Minister, Welmer Ramos, said.

Business Competitiveness in Costa RicaIt is important to note that the country has improved in relation to its own indicators, which is called border distance. This is when a country shows scores above 80 of 100, in indicators such as business start-up, electricity generation, and access to credit. Closely followed by cross-border trade, payment of taxes, obtaining permits of construction, and registration of properties.

With the October 4th passing of Law 9392, progress is being made that reforms the Commercial Code and the Civil Procedure Code, and will increase transparency and shareholder rights in matters of corporate governance. In the coming weeks, there will be an official launch of a digital platform that will allow for the transfer of properties. These actions will certainly be reflected in next year’s evaluation.

Business Competitiveness in Costa RicaCurrently, work is being done on the improvement of procedures related to the construction processes by digitizing 35 previous procedures in 22 institutions. In addition, in conjunction with the Judiciary, the government is working on a new reform related to Bankruptcy Law that will favor matters relating to insolvency resolution.

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