Why Set Up Your Business in Paraguay Now?
Paraguay is a country that borders with the top three Latin America powerhouse. Despite being landlocked, it offers so much more than a beautiful natural landscape. But if you plan to set up a business in Paraguay concerning tourism and hospitality, you can count on the colourful culture and charming countryside.
Strength in Agriculture
Agriculture is one of Paraguay’s top economic backbone as it accounts for more than two-thirds of Paraguay’s total exports. As demand for food escalates from anywhere in the world, Paraguay’s economy seems to be bright. It is one of the fastest-growing economies in the region. The country’s fertile soil and adequate water make it an attractive offer you can hardly refuse. What’s more, the land price in Paraguay is affordable. Hence, a business venture in Paraguayan soil is not a bad idea at all.
Paraguay has a competitive corporate tax rate. The country practices tax on a territorial basis. This means any income generated outside Paraguay is not taxed. For business ventures operating and earning revenue in Paraguay, the tax rate is relatively low at only 10%. Compare that to her neighbours such as Brazil; the tax rate is significantly competitive. Almost most of the tax rates in Paraguay does not exceed 10%.
Thanks to the booming economy of the country, more and more people in Paraguay are paid well. Thus, more are enjoying life by having more disposable income. This is an excellent sign to set up a business in Paraguay. It indicates the growing middle class are more ready to experience new or improved products or services. Cost of living in Paraguay is also lower compared to other places where economies are flourishing. Hence, the people of Paraguay are generally a happier lot.
Green, Green Energy – Business Set Up in Paraguay
Paraguay gets its power from nature. Specifically from the Itaipu Dam. That makes Paraguay providing electricity supply via renewable sources. Hence, making operation expenses of business relatively low.
Moreover, businesses nowadays are as concerned as consumers about reducing their carbon footprint. Hence, it is a good selling point to communicate to potential customers worldwide. Thus, Paraguay’s green energy source is another answer to why set up business in Paraguay.
Friendly and Welcoming
Paraguayans are very welcoming. Their traditional culture may be different than yours, but all in all, they are warm and welcoming. Most of them are very rooted in long-held family traditions, yet they are very relaxed. As long as you do business just like any other Paraguayan does, the locals will readily accept you, your family, and even your business strategy. If you are lucky, they could also promote your business among their extended families. The government will assist you to their best ability to get your business up and running. The locals are supportive enough and will not bat an eyelid as long as you mind your own business.
Paraguay is located in the heart of Latin America. The people are a relaxed bunch and will not bother you as long as you act like a Paraguayan to the best you can be. Setting up a business in Paraguay is straightforward with competitive tax even with the fast-growing economy. Above all, all these and many more could be your resolution to why set up business in Paraguay.