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Get to Know About Guatemala
Guatemala is a country in Central America. It is a neighbor to Mexico, Belize, Caribbean, Honduras, El, and Salvador. Moreover, Guatemala has been connected to the pacific ocean to its south. Guatemala is a developing nation that has an area of 107,889 square kilometers and is home to an estimated 17.26 million people (IMF).
Despite being the largest economy in Central America, Guatemala is one of the poorest countries in Latin America. The per capita income is $8,413, which might seem good enough for the living cost. However, there is a substantial disparity between the rich and the poor. According to the World Bank, 59.3 percent live under the poverty line.
However, Guatemala has steadily been taking the strides on development. It now has significant tourism and agriculture industries, both of which are the biggest drivers of its economy. Moreover, the country exports a lot of sugarcane, palm oil and other raw materials for biofuel production. Doing business in Guatemala is a huge yes if you have the right business plan because things like these show that the nation is not devoid of unexplored opportunities.
The corporate tax rate is 25%. You get a high-quality workforce at lower costs, and the government has been introducing various incentives exclusively for Foreign Direct Investments. Nevertheless, the (CAFTA-DR) also allures investors, according to which 100% of US consumer goods can enter Guatemala without any duties. Despite these plus points, the country still has challenges such as the poverty we discussed above, high crime rate, weak infrastructure, and lack of system transparency.