The ISO code of Guatemala is GT according to the ISO 3166 standard. The local name of the country is the same as its English name. Guatemala capital city is Guatemala City. People in Guatemala speak the Spanish language. In the year 1838, Guatemala emerged as a sovereign political entity. The largest city in Guatemala is Guatemala City.
Guatemala is located in the UTC -06:00 time zone, which is also called Central Standard Time or CST. The internet country code top-level domain (ccTLD) for Guatemala is .gt. The International dialing code for Guatemala is 502. People in Guatemala drive on the right side of the road. Total land area of Guatemala is 108,889 km² (approx. 42,042 mi²). Guatemala is not a landlocked country. It means that is is bordered by at least one major body of water.
Guatemala is located in North America. Guatemala is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Guatemala faces various issues, including deforestation in the Peten rainforest, soil erosion, water pollution.
Doing business in Guatemala
We offer various corporate services in Guatemala jurisdiction. These services can serve both, people coming from Guatemala and foreigners. If you plan on doing business in Guatemala you might be interested in contacting us.
To find out about starting your business in Guatemala click on company formation in Guatemala.
To find out how to open a bank account in Guatemala and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Guatemala.
Choose preferred service below or continue reading to find out more about Guatemala.
Demographics of Guatemala
The total population of Guatemala is 17,245,346 people. In Guatemala, the population density is 145 people per square kilometer (377 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Guatemala is 0.5122. Guatemala has approximately 72764 foreign immigrants. The median age is approximately 21 years. In Guatemala, 16 in every 100 people use internet. Guatemala has a Human Development Index (HDI) of 0.628.
The majority religion of Guatemala is Christianity, Guatemala is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Guatemala.
Culture of Guatemala
People in Guatemala speak the Spanish language. According to data on inbound tourists in Guatemala, 1,331,000 tourists arrive in the country each year. The first McDonalds in Guatemala was opened on 6 June 1974, and it was located in Guatemala City. One of the most popular national dishes of Guatemala is fiambre. To read more click on culture of Guatemala.
Geography of Guatemala
Guatemala is considered to be a large nation because of its total area. Its total land area is 108,889 km² (approx. 42,042 mi²). Guatemala is located in North America. Its capital city is Guatemala City. Guatemala has 4 neighbouring countries. Its neighbours include Belize, El Salvador, Honduras, and Mexico. Total length of land borders of Guatemala is 1667 kilometers (~644 miles).
The highest point of Guatemala is Volcán Tajumulco, with its official height being 4220 m (13,846 ft). Including land mass and EEZ, the total area of Guatemala is approximately 223,059 km² (~86,123 mi²). The most notable natural resources found in Guatemala are petroleum, nickel, rare woods, fish, chicle, hydropower.To read more click on geography of Guatemala.
Economy of Guatemala
The currency of the country is Guatemalan quetzal. The symbol used for this currency is Q, and it is abbreviated as GTQ. 2.7% of population in the country are unemployed. The total number of unemployed people in Guatemala is 465,624. Each year, Guatemala exports around $10.29 billion and imports roughly $16.7 billion. The Gini Index of the country is 55.1. Guatemala has a Human Development Index (HDI) of 0.628.The Global Peace Index (GPI) for Guatemala is 2.215. Guatemala has a government debt of 28.8% of the country's Gross Domestic Product (GDP), as assessed in 2014. Guatemala is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Guatemala is $119,811 billion. Each year, consumers spend around $31,776 million. The ratio of consumer spending to GDP in Guatemala is 0%, and the ratio of consumer spending to the world consumer market is 0.0916. The corporate tax in Guatemala is set at 25%. Personal income tax ranges from 5% to 7%, depending on your specific situation and income level. VAT in Guatemala is 12%. In 2013, Guatemala received 299.4 million USD in foreign aid.In 2014, the foreign aid amounted to 387.9 USD.To read more click on economy of Guatemala.
Infrastructure of Guatemala
Infrastructure quality in Guatemala is rated to be at 2.54. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Guatemala, 78.5% of the population has access to electricity. There are 357,552 internet hosts in Guatemala. Guatemala has 291 airports nationwide.
The logistics performance index of Guatemala is 2.8. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.68. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Guatemala is 5. To read more click on infrastructure of Guatemala.
Politics of Guatemala
Guatemala, is a unitary presidential republic. With regard to political and civil freedoms, Guatemala is 2. Citizens in Guatemala experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Guatemala, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Jimmy Morales.
According to the World Bank Group, the government effectiveness index of Guatemala is -0.71. This indicates that the government of Guatemala is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Guatemala, the legislative power is vested in a Congress of the Republic. The Global Peace Index (GPI) for Guatemala is 2.215. The strength of legal rights index for Guatemala is 9. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. In 2013, Guatemala received 299.4 million USD in foreign aid. In 2014, the foreign aid amounted to 387.9 USD. Guatemala is a member of the United Nations (UN). On 21 November 1945, it joined the UN at it inception date as a full member state. Guatemala is one of the original UN member states who founded the organization. Guatemala is a member of the World Bank. To read more click on politics of Guatemala.
Environment of Guatemala
Guatemala emits 0.7 metric tons per capita of CO2. 108894 km² of Guatemala's territory is covered in forests. and forest land comprises 100% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Guatemala is 5. To read more click on environment of Guatemala.
Company formation in Guatemala
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Guatemala.
When establishing a company in Guatemala, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Guatemala that will affect the establishment and growth of one's business. Contact us or click on company formation in Guatemala to read additional information when setting up a business.
Bank account opening in Guatemala
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Guatemala. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Guatemala, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Guatemala or contact us.