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Get to Know About Paraguay
Paraguay is a landlocked country in South America, bordering Argentina in the south, Brazil in the northeast, and Bolivia in the northwest. It covers a total land area of 406,752 square kilometers and has a population of 7,152,703. The capital is Asunción, which is also the largest city, and its citizens speak two languages, Guarani as primary and Spanish as secondary. The predominant religion in the country is Roman Catholicism, and Guaraní (PYG) is their national currency. The overall climate is tropical to subtropical, which has characteristics of wet and dry seasons.
Paraguay’s Gross Domestic Product (GDP) is worth 40.84 billion US dollars, and the GDP per capita is roughly $5,394.46. The Corporate Tax Rate always stands at 10 percent, which will surely attract foreign investments and new corporations.
Doing business in Paraguay is favorable to local and foreign business owners due to the low corporate tax rate. According to the latest annual ratings of the World Bank, the country is ranked 113 among 190 economies in the ease of doing business index. Citizens from the European Union, Japan, Russia, Mexico, and other exempted countries, do not require a visa. Other foreign nationals must obtain a visa upon entry. The country also offers visa on arrival for countries like Australia, Canada, United States, to name a few, at Silvio Pettirossi International Airport only.
There are some challenges that you might face when staying in Paraguay. These include the language barrier which you should take into consideration and business culture that you should adhere to, especially when dealing with the country’s citizens. Understanding the local culture, laws, and regulations is essential for foreigners regardless of what their purpose is in the country.