Improvements in the process of property registration and in the protection of investors were the elements that helped Costa Rica get to the 61st place in the 2018 Doing Business index, a business climate measurement that assesses 190 countries
At the Latin American level, Costa Rica is surpassed only by Mexico (49), Chile (55), Peru (58) and Colombia (59). It is also followed by El Salvador (73), Panama (79) and Guatemala (97).
Compared to a year earlier, there is an advance of one position. But due to the changes in the methodology applied by the World Bank, in the first instance it is not comparable with the previous years.
The country’s progress in improving competitiveness is the result of reforms in the area of property registration, investor protection and obtaining electricity. It was achieved through regulatory changes included in Law 9392 and the Regulation of Law issued with Executive Decree No. 40406-MEIC.
The regulations increase transparency and the rights of shareholders in matters of corporate governance and conflicts of interest. It also provides greater access to corporate information in legal proceedings and disclosure in transactions between related parties.
The areas in which the country continues to show better performance is Obtaining credit (12th position), Obtaining electricity (21st position) and Register of properties (49th position).
However it ranks 127th (out of 190) in opening a business and 129th in compliance with contracts.
The Ministry of Economy, Industry and Commerce (MEIC) said that work is currently being done to improve procedures related to property registration.
In addition, together with the Judicial Branch, efforts are being made to create a new Law on Bankruptcy Law that would favor the indicator of resolution of insolvency and obtaining credit.
The Doing Business Index is calculated annually by the World Bank.