Country Snapshot -
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Latin America & Caribbean
Upper middle income
Below are select highlights for the data included in the profile.
- Chile is ranked 34th out of 189 economies in Doing Business 2014, with no changes in the aggregate ranking compared to last year. Recent reforms introduced in the country include the creation of a new online system for business registration that made it easier to start a business.
- According to the latest Enterprise Surveys data (2010), labor regulations, inadequately educated workforce, and access to finance represent the top three business environment constraint experienced by private sector firms in Chile.
- Chile is one of the most open countries to foreign equity ownership, as measured by the World Bank Group Investing across Sectors indicators. It takes 11 procedures and 29 days to establish a foreign-owned limited liability company in Santiago, Chile. This is one of the shortest processes among the Investing across Borders Latin America and the Caribbean countries. Accessing public industrial land is possible through public auction, with some exceptions that allow a direct sale of public land after approval from the public authority holding the land. Foreign companies can also lease or purchase private land. Leases of private land do not need to be executed before any authority such as a notary public. As regards resolution of commercial disputes, Chile has a dual arbitration system. Domestic arbitration is governed by the Chilean Code of the Judiciary (1943) and the Chilean Code of Civil Procedure (1893). International commercial arbitration is governed by the Chilean Law on International Commercial Arbitration (2004), which strictly follows the 1985 UNCITRAL Model Law.
- Chile is ranked 7th in the Heritage Foundation’s 2014 Index of Economic Freedom. As a global leader in economic freedom, Chile continues to uphold principles of limited government through prudent public finance management that has kept public debt and budget deficits under control. The country’s active participation in the ongoing Trans-Pacific Partnership negotiations reflects its steady commitment to trade and investment liberalization.*