Paraguay may not be the first place you consider when expanding your business internationally. However, this South American powerhouse is becoming a popular choice for savvy entrepreneurs looking to increase their brand presence in LATAM markets. Though landlocked, the country has extensive internal marine channels and consistently delivers high quality products and services domestically and to its neighbours.
Paraguay is an attractive country to set up in. This is because of its ease of access, and rapidly growing middle-class boosting expenditure and growth. Paraguay's straightforward tax requirements and relaxed stance on maintaining a presence in the country make it the perfect option for digital nomads when looking at their options for declaring taxes in Latin America.
Paraguay has astonishing annual rates of economic growth, averaging at 4% between 2015 and 2017, and thus making it one of the most underrated jurisdictions in the region. Paraguay is a pool of varied market opportunities with high-performing sectors, including flourishing industries in agriculture, services, and mining. Although highly attractive, it will always be a challenge for foreign businesses entering a new market to grapple with and fully understand local laws, taxes, and regulations.
For more information about our accounting and taxation services in Paraguay, please get in contact with our local team.
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