Consortium Legal - Nicaragua
  June 11, 2014 - Nicaragua

Proposal of Modifications to the Mercantile Register for Creation of Companies
  by Consortium

For the purpose of reducing the time of creation of new companies and helping medium-sized and small companies in their organization, the Ministry of Economy (Mineco) submitted a proposal to make modifications to the Mercantile Register.

Such modifications include changes in tariffs, online inquiries concerning the names of companies, reduction of terms and improvements in procedures.

Juan Carlos Paiz, Presidential Commissioner for Competitiveness and Investment, underscore that “this initiative reduces to 13 days the day of approval of a commercial entity, an action that previously took at least 17”.

With the modification to the Mercantile Registry, Mineco seeks to consolidate the country as the most reforming-oriented in the country in terms of seeking competitiveness, after Guatemala obtained in 2013 a major achievement: going up 14 places in the international rating of “Doing Business”, as one of the 10 countries that made more changes for that purpose.

Rodrigo Valladares, Mercantile Registrar, said that modification to the tax eliminates tariff costs in the registration of business companies. “The reduction of the tariff benefits entrepreneurs, small and medium-sized merchants or businessmen, who may form associations and initiate formal ventures”.

The SMEs in the region create new jobs, contributing in some countries to nearly 40% of the Gross Domestic Product (GDP), even employing 80% of the work force.

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