Average time to start a business drops 78% since 2019, shows Ministry of Economy

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The average time taken to open a business in the country fell by 78.3% from August 2019 to the same period this year. The data are from the Business Map Panel, from the Special Secretariat for Productivity and Competitiveness (Sepec) of the Ministry of Economy.

According to the survey, in August 2019, the time to open a business was 4 days and 10 hours. Last month, the same process was done in 23 hours.

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Comparing January this year –when the average time was 2 days and 7 hours– with August, the reduction was 58%.

When looking at the accumulated average of this year until August, the data show that opening a business takes 1 day and 13 hours.

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The movement of opening and closing of companies has been monitored since 2019.

Agility, however, is accompanied by a slowdown in the number of new businesses. About 2.73 million companies were opened from January to August this year, compared to 2.81 million in the same period in 2021.

On the other hand, company closings accelerated in the same period of comparison. While 2021 saw 927,000 deals close, 2022 sees 1.14 million.

Source: CNN Brasil

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