Dominican Republic improved its business climate

According to the report Doing Business 2013

A new report by the International Finance Corporation (IFC) and the World Bank places the Dominican Republic between the six economies of the region that improved the most their business climates since 2005. The other five are Colombia, Guatemala, Peru, Mexico and Uruguay.

The report Doing Business 2013: Smart Regulations published yesterday for small and medium enterprises, says Dominican Republic ranks 45th of 50 economies that have improved regulation of commercial activities since 2005.

Some of the reforms implemented by the country include the provision for starting a business, reducing the cost of registering property, improved websites intended for documentation and customs payments, a new company law (Law 479-08) and reducing income tax rates for business, among other reforms.

“It’s remarkable Dominican Republic’s progress in improving the business environment within a relatively short period of nearly a decade, especially between 2005 and 2009”, said Augusto Lopez-Claros, director of the World Bank Group’s Global Indicators and Analysis Dept.

In 2009 the Dominican Republic was among the top 10 reformers worldwide. However, since 2009 the country has lagged behind compared to other economies. This year, globally, the country ranks 116th out of 185 economies, 8 positions below, compared with the previous year.

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