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October 31, 2014

Spain improves the business environment

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Spain improves the business environment

Spain is a only developed country, where the most have reduced the time to create a new company.

In average the procedures to open a new business take 13 days instead of 23 in 2014, according to the World Bank.

Impressive and influential Doing Business report, in which the World Bank intends to use a single index to assess favorable economic and legal terms in a specific country for opening new businesses, often leaves a bad impression about the Spanish economy. “We have repeatedly evalueted significantly below our actual capabilities,” admitted the Economy Minister Luis de Guindos, a year ago. But the structural reforms and methodological changes in the politics of the country, this year brought a drastic change, and the result that Spain is a country that more reduced the time to generate new business and, therefore, the country is now situeted on 33 position in the overall index (compared to position 52 last year), which assesses the ten areas of the economy.

The average procedures for opening a new business in Spain fell from ten to six. And the average time to complete the paperwork has been reduced to ten days, from 23 to 13. Only 10 countries, none of them is developed one, have reduced the time required to obtain permits for opening business. And in the case of a partial index covering these and other aspects of economic activity – the cost of the procedures and the amount of capital required for the establishment of the company in relation to per capita income – in this case, an improvement compared to last year, is also significant: Spain climbed to 74th place from the 142.

Therefore, although these indicators in Spain are still lower than in most countries in the euro zone, the growth  this year allow us to say that in Spain is much easier and faster to open a new company or business than in Germany, Luxembourg and Austria, according to the World Bank Report.

 

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