In order to promote the culture of entrepreneurship in the country, Law 5669/2016 , whose main purpose is the creation of a regulatory and institutional framework that lays the foundations to promote the entrepreneurial culture and the creation and permanence of formal businesses in the economy, through the establishment of incentives that allow the development of companies, access to financing and their stability to generate the jobs that Paraguay needs, was recently enacted.

This year, the Global Entrepreneurship and Development Institute (GEDI) placed Paraguay in 93rd place in the world ranking and in 17th place in the world ranking.[1] at the regional level, in terms of an ecosystem suitable for starting a business venture.

Although we are not among the top ranked companies, we are taking important steps at the national level to promote this culture of great impact on the economy, taking into account that national companies created by entrepreneurs generate direct benefits to the national economy, which makes it necessary to promote them.

Within the framework of this objective, the aforementioned Law creates the National Entrepreneurship Directorate (DINAEM), under the Vice-Ministry of Micro, Small and Medium Enterprises (MYPYMES), and the National Registry of Entrepreneurs.

Another noteworthy point of great value for any entrepreneur seeking a profitable source of financing is that the Law establishes that the Vice Ministry (MYPYMES) will promote Business Incubation Centers, as well as the creation of the Seed Capital Fund, the Angel Investors Fund and investment networks, so that SMEs and entrepreneurs will have more financial tools to promote their ventures, making them profitable and sustainable over time.

Undoubtedly, profitable financing accompanied by comprehensive legal advice -including intellectual property, tax, corporate, labor and other areas- will allow every entrepreneur to achieve his or her main objective, which is to consolidate his or her enterprise.

Starting a business is always the realization of a dream for those who undertake it and, therefore, it is essential to know the advantages of starting it with a comprehensive and experienced comprehensive advice. Vouga Abogados supports and promotes the culture of entrepreneurship, with the desire that Paraguay climbs in the GEDI Ranking and consolidates itself as a country with an ecosystem suitable for the development of entrepreneurs.

For further information, please contact: Walter David Vera wvera@vouga.com.py

[1] https://thegedi.org/countries/paraguay