Colombia 3rd best Latin country to start business: Report

Colombia is the third best country in Latin America to start a business, the Latin Business Chronicle reported Monday.

According to the publication’s Latin American Entrepeneur Index, Chile has the continent’s best entrepeneural environment, followed by Panama.

Colombia’s third position is due to the low starter’s cost, a good access to loans and risk capital, a short delay in starting a business and relatively little bureaucracy to start a business, the Latin Busniess Chronicle said in a press release.

The index was compiled from data by the 2012 Doing Business index of the World Bank and the Global Competitivty Index of the World Economic Forum.

Latin America’s worst countries for starting a business are Venezuela, Nicaragua and Bolivia.