World Bank reports on improved business climate in the DR

A report by the International Finance Corporation (IFC) and the World Bank reveals that the Dominican Republic is among the six Latin American economies that since 2005 have significantly improved their local business environment.

The report, Doing Business 2013, says that the Dominican Republic is ranked 45th among 50 world economies that since 2005 have improved their regulations regarding commercial activities.

Reforms implemented by the country include guidelines for starting a business, reduction in the cost of registering property, improvement in online websites that offer information and on-line forms for the payment of duties,  a new law for the registration of companies(Law 479-08), and a reduction in tax rates for companies, among other significant reforms.

“The progress experienced by the Dominican Republic is truly remarkable in its attempt to improve the business environment in less than a decade, a relatively short period of time, specifically between 2005 and 2009,” said Augusto Lopez-Claros, director of the Department of Global Indicators and Analysis, for the World Bank Group.

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