The ISO code of Paraguay is PY according to the ISO 3166 standard. The local name of the country is the same as its English name. Paraguay capital city is Asuncion. People in Paraguay speak the Spanish, and Paraguayan Guaraní languages. In the year 1876, Paraguay emerged as a sovereign political entity. The largest city in Paraguay is Asunción.
Paraguay is located in the UTC -04:00 time zone, which is also called Paraguay Time or PYT. The internet country code top-level domain (ccTLD) for Paraguay is .py. Other domains assigned to Paraguay are .lat. The International dialing code for Paraguay is 595. People in Paraguay drive on the right side of the road. Total land area of Paraguay is 406,752 km² (approx. 157,047 mi²). Paraguay is a landlocked country.
Paraguay is located in South America. Paraguay 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 Paraguay faces various issues, including deforestation, water pollution, inadequate means for waste disposal pose health risks for many urban residents, loss of wetlands.
Doing business in Paraguay
We offer various corporate services in Paraguay jurisdiction. These services can serve both, people coming from Paraguay and foreigners. If you plan on doing business in Paraguay you might be interested in contacting us.
To find out about starting your business in Paraguay click on company formation in Paraguay.
To find out how to open a bank account in Paraguay and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Paraguay.
Choose preferred service below or continue reading to find out more about Paraguay.
Demographics of Paraguay
The total population of Paraguay is 6,896,908 people. In Paraguay, the population density is 16.4 people per square kilometer (43 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for Paraguay is 0.1689. Paraguay has approximately 185776 foreign immigrants. The median age is approximately 26.8 years. In Paraguay, 27.08 in every 100 people use internet. Paraguay has a Human Development Index (HDI) of 0.676.
The majority religion of Paraguay is Christianity, Paraguay 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 Paraguay.
Culture of Paraguay
People in Paraguay speak the Spanish, and Paraguayan Guaraní languages. According to data on inbound tourists in Paraguay, 610,000 tourists arrive in the country each year. The first McDonalds in Paraguay was opened on 21 November 1996, and it was located in Asuncion. One of the most popular national dishes of Paraguay is sopa paraguaya. To read more click on culture of Paraguay.
Geography of Paraguay
Paraguay is considered to be a large nation because of its total area. Its total land area is 406,752 km² (approx. 157,047 mi²). Paraguay is located in South America. Its capital city is Asuncion. Paraguay has 3 neighbouring countries. Its neighbours include Argentina, Bolivia, and Brazil. Total length of land borders of Paraguay is 4655 kilometers (~1,797 miles).
The highest point of Paraguay is Cerro Peró, with its official height being 842 m (2,763 ft). Including land mass and EEZ, the total area of Paraguay is approximately 406,752 km² (~157,047 mi²). The most notable natural resources found in Paraguay are hydropower, timber, iron ore, manganese, limestone.To read more click on geography of Paraguay.
Economy of Paraguay
The currency of the country is Paraguayan guarani. The symbol used for this currency is ₲, and it is abbreviated as PYG. 4.7% of population in the country are unemployed. The total number of unemployed people in Paraguay is 324,155. Each year, Paraguay exports around $14.7 billion and imports roughly $12.37 billion. The Gini Index of the country is 53.2. Paraguay has a Human Development Index (HDI) of 0.676.The Global Peace Index (GPI) for Paraguay is 2.023. Paraguay has a government debt of 14.% of the country's Gross Domestic Product (GDP), as assessed in 2013. Paraguay 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, cement, textiles, beverages, wood products, steel, base metals, electric power.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Paraguay is $58,493 billion. Each year, consumers spend around $21,503 million. The ratio of consumer spending to GDP in Paraguay is 0%, and the ratio of consumer spending to the world consumer market is 0.062. The corporate tax in Paraguay is set at 10%. Personal income tax ranges from 8% to 10%, depending on your specific situation and income level. VAT in Paraguay is 10%. In 2013, Paraguay received 104.4 million USD in foreign aid.In 2014, the foreign aid amounted to 94.2 USD.To read more click on economy of Paraguay.
Infrastructure of Paraguay
Infrastructure quality in Paraguay is rated to be at 2.46. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Paraguay, 98.2% of the population has access to electricity. There are 280,658 internet hosts in Paraguay. Paraguay has 799 airports nationwide.
The logistics performance index of Paraguay is 2.78. 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 2.89. 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 Paraguay is 73. To read more click on infrastructure of Paraguay.
Politics of Paraguay
Paraguay, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Paraguay is 2. Citizens in Paraguay experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Paraguay, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Mario Abdo Benítez.
According to the World Bank Group, the government effectiveness index of Paraguay is -0.92. This indicates that the government of Paraguay is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Paraguay, the legislative power is vested in a Congress. The Global Peace Index (GPI) for Paraguay is 2.023. The strength of legal rights index for Paraguay is 2. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Paraguay received 104.4 million USD in foreign aid. In 2014, the foreign aid amounted to 94.2 USD. Paraguay is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Paraguay is one of the original UN member states who founded the organization. Paraguay is a member of the World Bank. To read more click on politics of Paraguay.
Environment of Paraguay
Paraguay emits 0.8 metric tons per capita of CO2. 184750 km² of Paraguay's territory is covered in forests. and forest land comprises 45% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Paraguay is 73. To read more click on environment of Paraguay.
Company formation in Paraguay
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 Paraguay.
When establishing a company in Paraguay, 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 Paraguay that will affect the establishment and growth of one's business. Contact us or click on company formation in Paraguay to read additional information when setting up a business.
Bank account opening in Paraguay
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Paraguay. 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 Paraguay, 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 Paraguay or contact us.