In order to promote the culture of entrepreneurship in the country, Law 5669/2016 has been recently enacted, whose main purpose is the creation of a regulatory and institutional framework that provides the basis for promoting entrepreneurship and business creation and retention in the formal economy through the establishment of incentives to the development of enterprises, access to financing and the stability thereof to generate the jobs that Paraguay needs.

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

While we do not place ourselves in the best positions of the ranking, we are taking important steps at national level to promote this culture of great impact on the economy, given that national companies created by entrepreneurs generate direct benefits to the national economy, necessitating its promotion.

As part of that goal, that Law creates the National Directorate of Entrepreneurship (DINAEM) under the Vice Ministry of Micro, Small and Medium Enterprises (MSMEs), and the National Register of Entrepreneurs.

Another important and valuable to every entrepreneur seeking a profitable source of funding point is that the law provides the impetus for the Vice Ministry (MSMEs) promote Centers Business Incubation, and the creation of Seed Capital Fund, the Fund Angels Investors and investment networks, for SMEs and entrepreneurs have greater financial tools to promote their businesses, causing them to be profitable and sustainable over time.

Undoubtedly, a profitable financing accompanied by a comprehensive legal advice-spanning area intellectual property, tax, corporate, labor among others- will allow every entrepreneur can achieve its main objective, which is to consolidate their venture.

Starting a business is always the realization of a dream for those who undertake and, therefore, is essential to know the advantages start with a broad comprehensive advice and vast experience. Vouga Lawyers supports and encourages entrepreneurship culture, with the hope that Paraguay climb in the Ranking of GEDI and consolidated as a country with an ecosystem suitable for the development of entrepreneurs.