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Executive Report on Strategies in Honduras
ICON Group International, June 2007, Pages: 384
How to Strategically Evaluate Honduras
Perhaps the most efficient way of evaluating Honduras is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Honduras
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Honduras. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Honduras:
Openness to Trade in Honduras
Openness to Direct Investment in Honduras
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Honduras. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Honduras over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Honduras when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Honduras as an area of dominant influence in Latin America and, potentially, the world.
As a whole, this report presents a strategic assessment of Honduras by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN HONDURAS
Economic Fundamentals and Dynamics
Government Intervention Risks
Honduran economic policy has undergone substantial liberalization in recent years, with an emphasis on lower tariffs and reduced trade barriers, limited restrictions on foreign investment, elimination of price controls, and gradual decentralization. Regulatory requirements, although streamlined in recent years remain time consuming and costly. Rapidly growing public sector wages and a predominance of administrative personnel has contributed to fiscal problems and difficulties in expanding the levels and quality of social services.
Infrastructure Development
Airports
Four international airports serve the nation’s capital Tegucigalpa, the commercial center of San Pedro Sula, the tourist island of Roatan, and the coastal city of La Ceiba. Three gateway cities (Houston, Miami and New Orleans) are only 2-1/2 hours flying time from Honduras. Several international freight and passenger airlines provide daily direct flights and connections between Honduras and numerous world destinations.
The city of San Pedro Sula has a modernized international airport, which could become a hub of regional air travel. This 24-hour a day transportation facility is equipped with a modern control tower, computerized customs facilities, and a comfortable passenger terminal. The San Pedro Sula International Airport handles approximately 32,000 metric tons of cargo and around 500,000 passengers per year.
Electrical Generating Systems
Currently, the energy demand in Honduras is growing at about 7.4 percent a year. The National Electrical Energy Company (ENEE) distributes 97 percent of the electricity consumed, the rest is accounted for by industries that generate their own electricity. Though 91.3 percent of the country’s urban homes have access to electricity, only 31.8 percent of rural homes enjoy access.
Honduras’s current installed electric power generation capacity is 871.6 MW, of which 431.6 MW is hydroelectric, and 440 MW is thermal. The electrical power system in Honduras is comprised of five hydroelectric plants and nine thermal plants, five of which are operated by private power generators. The hydroelectric plant at the El Cajon reservoir has an installed capacity of 300 MW, which represents 35 percent of the country’s total generating capacity. Currently all the turbines and the dam are functioning but running at just 66 percent capacity due to expected water shortages.
Telecommunications
Access to telecommunications services in Honduras is well below the Latin American average. The installed telephone network capacity of Honduras’s state owned monopoly-provider of wired telephony is about 415,131 lines, with 309,702 lines in service. Line penetration for the entire country is 63 percent, with 4.88 telephone lines per one hundred inhabitants. Celtel is the largest cellular service provider, accounting for over 260,629 lines, almost half the market. Hondutel remains the only legal company for national and international wired telephony services.
Ports
Honduras has ports on both the Atlantic and Pacific Oceans that are served by a number of shipping companies linking the country with the U.S., Asia, Europe, and the rest of the Western Hemisphere. The National Port Authority (E.N.P.), an autonomous governmental institution established in 1965, is responsible for operating Honduras’s seaports and providing loading and warehousing services for vessels and merchandise handled at the different ports.
The northern port of Puerto Cortés, Honduras’s principal seaport and Central America’s largest deep-water port, operates 24 hours a day and is also used for the shipment of goods to and from El Salvador and Nicaragua. Puerto Cortés, located 35 miles from the industrial city of San Pedro Sula, is among the three main ports in Central America, which handle over 80 percent of the region’s total sea cargo. Puerto Cortés caters to a broad range of cargo shippers’ needs, including no waiting time and modern Roll-on/Roll-off (Ro/Ro) and containerized facilities. Shipping time to major southern U.S. ports is approximately 48 hours. Honduras has two other ports capable of handling ocean-going freight: Puerto Castilla on the Atlantic and San Lorenzo on the Pacific. Located near most of the shrimp farm activity, the San Lorenzo port is 28 feet deep and has 973 feet of docking space. The Caribbean ports of Tela, La Ceiba and Puerto Lempira can only handle small coastal craft. Most companies in Honduras utilize Puerto Cortés, which controls nearly 90 percent of the country’s vessel traffic.
Roads and Highways
Honduras has a 13,603 km official road network connecting the ports and airports with the secondary cities and rural areas of the country. The country has good surface connections with the rest of Central America, and the domestic road network has generally satisfied local and foreign companies’ distribution and transportation needs. Of Honduras’s total roads, 3,199 km is paved primary roads; 2,565 km is (sometimes paved) secondary roads and 7,839 km is (rarely paved) tertiary roads. Honduras’s road network is managed by the Ministry of Public Works, Transportation and Housing (SOPTRAVI), which contracts its construction and maintenance works out to the private sector. Post Hurricane Mitch reconstruction efforts resulted in 100 percent reconstruction of primary roads that have since deteriorated to fair to good condition. Among the financing sources for the rehabilitation of public works is the U.S. Agency for International Development, the U.S. Department of Agriculture, Inter-American Development Bank, the World Bank, and the Central American Bank for Economic Integration.
Water and Sewage Systems
Honduras has 4,538 water systems operating through domestic connections, administered by water and sanitation village boards, municipalities, and SANAA, the National Water and Sewage Service. SANAA operates the water system in Tegucigalpa and 31 other towns, as well as the capital’s waste water system. Some municipalities operate their own water and sewer systems. The Italian-based firm ACEA services the potable water and sewerage for the city of San Pedro Sula.
Access and service quality still needs to be improved in the water sector, both rural and urban. According to official sources, total water coverage in Honduras is 79.5 percent (90 percent urban and 70 percent rural). Coverage with domestic connections only is 67.8 percent (87.9 percent urban and 49.5 percent rural). Access to sewerage network services is 71.10 percent (93.89 percent urban and 49.50 percent rural). Coverage for service with water treatment is 44.36 percent (85 percent urban and 14.6 percent rural).
Major and Third Country Competitors
The close proximity of Honduras to the United States and recognition of the high quality and reliability of American products constitute advantages for U.S. exporters and manufacturers. Exposure to U.S. cable TV stations by middle and upper class Hondurans also contributes to a generally high receptivity of U.S. products and services. Competition from local domestic suppliers is limited. Competition from third-country suppliers is medium to heavy.
The U.S. is Honduras’s chief trading partner, supplying over half of Honduras’s imports and purchasing about half its total exports. The Central American Common Market countries (El Salvador, Guatemala, Costa Rica and Nicaragua) are Honduras’s second largest trading partners followed by Mexico. Within the European Union, Germany stands out as Honduras’s most important trading partner, followed by Belgium, Spain, Holland Italy, and the United Kingdom. Honduras also maintains important commercial relations with the Asia-Pacific group, especially Japan, Taiwan and Korea. Other trading partners include Canada, Panama, Colombia, Chile, Brazil, Ecuador, Argentina and the Dominican Republic.
Third country competition varies by sector. Competition is strongest in the automobile, computer, consumer goods, food industry, telecommunications equipment, and electrical appliance markets. U.S. firms still dominate areas such as electrical power systems, construction equipment, forestry and woodworking equipment, telecommunications equipment and computer software. Competition from Asian and European firms, however, is rapidly growing.
Political Risks
Economic Relationship with the United States
Honduras and the U.S. share a traditionally close and friendly bilateral relationship. Honduras considers the United States its most important international partner, and the U.S. is Honduras’s largest bilateral trading partner, accounting for over 50 percent of Honduran exports. Honduras is also the only Central American country with a long-term U.S. military presence, with U.S. military personnel at Honduras’s Soto Cano airbase near Comayagua (northwest of the capital city of Tegucigalpa) now numbering approximately 500.
Honduras and the U.S. take similar positions on many foreign policy and regional issues. Honduras is a supporter of the process to create a Central American Free Trade Agreement (CAFTA), favors Central American integration, and supports the Summit of the Americas process, which calls for the creation of a Free Trade Area of the Americas. Honduras is also an active member of multilateral organizations, such as the Organization of American States and the United Nations.
Politics and the Business Environment
The most important political issues affecting the business climate in Honduras are the administration of justice and rule of law. The lack of judicial security, a deteriorating security environment, and endemic corruption pose real risks, making business disputes difficult to resolve. While President Maduro’s administration is pro-business and supports free trade, his Nationalist party does not hold a majority in the Honduran Congress. The result is that the President must rely on the support of coalition partners to advance his legislative agenda.
The Political System
A republic since 1821, the country’s democratic renaissance began in 1980 when elections were held for a constituent assembly that subsequently produced Honduras’s current constitution. Free and fair elections for president, legislators, and municipal governments have been held every four years since 1980.
Under its constitution, Honduras has three branches of government: a president, elected for a four-year term and not eligible for re-election; a 128-member unicameral Congress elected for four-year terms; and an independent judiciary headed by a fifteen-member Supreme Court elected by Congress for a seven-year term.
The two major political parties in Honduras are the National Party and the Liberal Party. Both have roots in the conservative/liberal division that has dominated Central American politics since the early 1800s. Despite a long history of bitter political rivalry, both parties can now be characterized as centrist in ideology and committed in principle to the democratic process as a means to any needed political change.
Since 1980, the Liberals have won all national elections except those of 1989 and 2001, when the Nationalists won. Voters were able to cast separate ballots for president, Congress, and mayors in the 1997 elections. Ticket splitting has recently resulted in local governments led by opposition candidates.
In 1994, the Government of Honduras established a semi-autonomous Public (Justice) Ministry headed by an Attorney General. Congress elected the most recent Attorney General in 1999 to a five-year term. The Public Ministry takes the lead in most public prosecutions, including those involving corruption and abuse of public authority. Corruption continues to be a major obstacle to economic development.
In January of 1999, the constitution was amended to abolish the position of military commander in chief of the Honduran Armed Forces (HOAF), thus codifying civilian authority over the military. A civilian minister of defense now exercises command and control over the HOAF.
Marketing Strategies
Distribution Channel Options
Distribution channels in Honduras are similar to those in the U.S. However, Honduras has fewer levels of distribution and a more limited number of specialty, chain, and department stores. Tegucigalpa and San Pedro Sula are the major distribution centers for imported products. The most common alternative channels include selling directly to customers, selling through intermediaries based in the United States, and selling through local distributors/representatives. U.S. firms will find that a single distributor or representative is sufficient to cover all of Honduras, given its relatively small size.
Representatives and distributors tend to carry rather broad lines on a non-exclusive basis. The number of full-service local distributors that stock large inventories of parts and equipment is limited. Many local buyers make direct contacts with U.S. suppliers at the factory or warehouse level. Storeowners often buy goods in small lots from stores, export brokers, or wholesalers in the U.S., particularly in Miami, New Orleans and Houston, the principal gateway cities.
In certain sectors, such as automobiles, computers, and electric power generation equipment, local firms who also represent other foreign competitors represent U.S. companies. In other cases, U.S. companies are not represented locally, often losing opportunities in a market that is traditionally receptive to U.S. products. To market aggressively, U.S. exporters should establish local representation or a local sales office.
Agents and Distributors
The civil and commercial codes, Supreme Decree 549, Official Register (La Gaceta) No. 22366, of December 7, 1977, govern the principal-agent relationship in Honduras. This law is entitled “Law of Agents, Distributors and Representatives of National and Foreign Enterprises,” and includes a provision for penalties for wrongful termination that discourages exclusive distribution agreements. Principals may not terminate the contract without just cause, unless they fairly compensate the agent for damages suffered. Only Honduran nationals or Honduran legal entities registered with a local chamber of commerce and the Ministry of Industry & Trade may represent foreign firms.
Foreigners exporting to Honduras are not required by law to sell through an agent or distributor, except when selling to the government. Although a U.S. firm may export directly to Honduran companies, appointing a local agent, representative, or legal advisor is strongly recommended to help with import procedures, sales promotion and after-sales service. Independent intermediaries are especially important for smaller companies, as their knowledge of the market and of the relevant business customs and practices adds to the strength of the U.S. manufacturer/exporter. U.S. companies are advised to evaluate local prospects in terms of the services and benefits provided, considering factors such as location, financial strength, quality of the sales force, warehousing facilities, reputation in the market, outlay on advertising, product compatibility and overall experience.
Exporters of pharmaceuticals, agro-chemicals, food items, animal feeds and medicines are required to register their products before they can be sold in the Honduran marketplace. Pharmaceuticals, food items and medicine-related products must be registered with the Ministry of Public Health. Agro-chemicals and animal feeds must be registered with the Ministry of Natural Resources.
Renewable periods for representation and non-exclusive relationships are strongly recommended when drawing up the agent/distributor agreement. After successfully locating prospective intermediaries, U.S. exporters should contact a Honduran lawyer for assistance with contract arrangements. A written agreement often avoids later disputes and misunderstandings between the U.S. company and the local partner.
Foreign firms wishing to participate in public tenders are required to do so through a local authorized representative. In terms of participation in international public bids in general, foreign firms engaged in the execution of construction, design, consulting, and rehabilitation projects are required, under the State Contracting Law, to register provisionally at the Company Registration and Classification Committee of Civil Engineers (CIRCE). Once a contract for a specific project has been awarded, foreign firms are required to register on a permanent basis with the Honduran Organization of Civil Engineers (CICH). In general, since the timeframe between the public bid announcement and the presentation of bids is often short, having a local partner enhances the U.S. firm’s ability to prepare a competitive offer.
Franchising Activities
In recent years the number of U.S. franchises operating in Honduras has grown rapidly. There are about 58 foreign firms now operating in Honduras under franchising agreements. Most of these firms are U.S. fast-food and casual restaurants, such as T.G.I. Friday’s, Applebee’s, Tony Roma’s, Ruby Tuesdays, Pizza Hut, McDonald’s, Wendy’s, Subway, Burger King, Church’s Chicken, Sbarro, Cinnabon, Pretzels, Popeye’s, Season´s, Domino’s Pizza, Papa John’s, Little Caesar’s and Kentucky Fried Chicken (KFC). Among other foreign businesses operating under franchise agreements are automotive aftermarket services, clothing, movies and entertainment, cleaning and pest control, health & fitness, electronics, cosmetics & toiletries, business services, convenience stores, dry-cleaners, car rentals, mailing, and fast-printing. In addition, several major hotel chains are entering the market through construction of new facilities and acquisition of existing properties, such as Holiday Inn, Real Inter-Continental, Clarion Hotels, Best Western, Barceló Resorts, Microtel Inn and Marriott International. In general, demand in this sector has been spurred by the local market need for quick services, convenient hours and locations, quality products, and most importantly, solid customer service.
Regional stability and the growth in investor confidence have contributed directly to the increase in the availability of U.S. franchises in various economic activities. Some of the positive market entry factors found in Honduras for franchisers include the availability of suppliers and personnel, the absence of trade barriers and a high receptivity to U.S. goods and services (especially if no equivalent local product or service exists). Honduras has no locally developed franchises.
On May 29, 1992, the Honduran Congress passed a new investment law that is increasingly responsive to foreign investors’ needs. Among other things, the investment law provides for national treatment for most foreign direct investment, guaranteeing the right to foreigners to freely establish, acquire, and dispose of interests in business enterprises within constitutional bounds.
Finding the right partner will determine the ultimate success or failure of the franchise venture in Honduras, and potential franchisees must be carefully selected. The most promising candidates are those with proven financial resources that have already established a successful business in the country.
Direct Marketing Options
Direct marketing is a relatively new concept in Honduras, mainly because telecommunications and mail delivery infrastructures are not well developed for this type of marketing. Among the companies that currently utilize non-conventional distribution channels are TV Offer, Ofertel (direct response TV), Avon Oriflame and Romanel (catalog and door-to-door sales), and J.C. Penney (catalog sales). Mail advertising of products and services is generally conducted through credit card companies, thus limiting the target market only to their respective credit card holders. Local company listings and mailing information can be obtained through chambers of commerce and industry associations in the country.
Electronic Commerce is gradually evolving in the Honduran market, as local internet connectivity is in a rapidly developing stage at both private and government levels. Although local statistics are unavailable, an increasing number of companies are starting to utilize computer sales as an additional distribution channel in Honduras.
Joint Ventures and Licensing Options
The Honduran Investment Law (Decree #80-92) allows foreign investment and joint ventures between national and foreign investors through the execution of contracts whereby the contracting parties may contribute land, capital, services, technology, technical assistance or other assets for the production or marketing of goods and services. Licensing agreements, in which foreign firms are authorized to produce a patented product in exchange for royalty payments, are also guaranteed under the country’s regulatory framework for investment. Laws applicable to joint venture and sharing contracts are also contained in Chapter XIII, Title II, Book IV of the Commercial Code.
A wide variety of opportunities for investment and strategic alliances are offered through joint venture initiatives. The 1992 Investment Law provides that, with few exceptions, there are no limits on the percentage of capital that can be owned by a foreigner. Thus, no special policy exists to regulate joint ventures, except that in certain sectors majority control must be in the hands of Honduran nationals. These include companies that wish to take advantage of the Agrarian Reform Law; wish to obtain commercial fishing rights; are local transportation companies; are representatives, agents, and distributors for foreign companies; or seek to operate radio and TV stations. In general terms, the greatest opportunities for joint ventures can be found in the industrial, mining, agricultural, tourism, power generation, forestry, construction, and service sectors.
The Foundation for Investment and Development of Exports (FIDE), a private institution dedicated to supporting the development of new export and investment sectors, works with local businesses to strengthen their capacity to attract foreign joint venture partners, and locates appropriate manufacturing facilities for investors. FIDE also operates an office in Miami, Florida, dedicated to promoting Honduras as a site for investment and production contracts (2901 S. Bayshore Drive, Unit 7-F, Miami, FL 33133, Tel. 305-441-7700, Fax 305-441-1010). FIDE’s Internet site, which also provides useful information on Honduras, is http://www.hondurasinfo.hn.
The Constitution of Honduras requires that all foreign investment complement, but not substitute for, national investment. In certain types of industries, majority Honduran ownership is required. There are also limits on the amount of land a single corporation may own. Small-scale commercial and industrial activities with an investment no greater than Lps. 150,000.00 (about $8,500/excluding land, buildings and vehicles) are reserved exclusively for Honduran nationals. Licensing of foreigners to practice law, medicine, engineering, and other professions is tightly regulated by national professional organizations.
Except for foreign currency earned by companies operating in free-trade zones and industrial parks, Honduran law allows that all foreign exchange earnings on exports from Honduras be repatriated. The liberalization of Honduras’s foreign exchange regime now makes it easier for companies operating in the country to remit dividends and royalties, return capital overseas and make payments on foreign debt. Foreign exchange authorizations by the Central Bank have been eliminated, and foreign debt authorizations now take less than 48 hours to obtain. Remittances of dividends and royalties must still be approved by the Central Bank.
Taxation is an important issue to consider when investing in Honduras. The Financial Balance and Social Protection Act, Decree 194-2002 of June 5, 2002, introduced changes to the income tax, business assets tax, sales tax and car registration duties. Decree 131-98 of May 20, 1998 established a 4% tax on tourism-related services (including hotel accommodations, car rentals, and travel agents). Hotels and lodging facilities that serve a low-income clientele and are designated by the Honduran Ministry of Tourism are exempt from payment of this tax.
The corporate tax rate is 15% on the first LPS. 200,000.00 of taxable income and 25% on any income above that amount. As of 1999, the maximum income tax rate (above 500,000.00 lempiras) is 25%. Except for firms operating in the industrial parks, located in the free tourism zones (ZOLT) or under the Temporary Import Regime, income tax is payable on income derived from operations within Honduras. The annual period for computing the tax on taxable income begins on January first (1) and ends on December thirty-first (31).
Non-resident aliens (and foreign companies not located in Export Processing Zones and Free Trade Zones) are only taxed on the gross income earned in Honduras. A 35% tax is assessed on corporate dividends and royalties for use of copyrights, patents, trademarks, and designs. Wages, salaries, commissions, or any other type of compensation are taxed at 35%. Under Decree 194-2002, the 15% tax levied on income, profits, dividends or any other type of profit sharing reserve receipts will be phased out according the following schedule: (10% in 2002; 5% in 2003 and 0% in 2004). The same schedule applies to the 10% tax applied to income earned by natural or artificial persons who are residents of or domiciled in the country, for dividends or any other type of profit sharing or reserve receipts. Capital gains are taxed as normal income, while capital losses can be used to offset capital gains only from the same period. Income from public shows is taxed at 30%, and insurance premiums at 15%. Honduras also collects excise, property, and municipal taxes based on income obtained during the previous year.
Other percentages taxed on the gross income earned in Honduras include films and videotapes for movies and television: 15%; royalties for mining, quarrying and other natural resource operations: 10%; income from the operation of airplanes, vessels and land vehicles: 10%; income from operations of communication firms: 5%; interest earned on bonds, notes, securities, and other obligations: 5%; any other income not covered above: 20%.
Public or private artificial persons who make payments or grant credits to natural or artificial persons who are residents of Honduras but who are not exempt from the income tax, must withhold and pay to the tax authorities 12.5% of payments made or credits granted for professional fees, per diem allowances, commissions, awards, bonuses, and remuneration for technical services. Payments made under labor contracts entered into during the fiscal year, the fees for which are the sole source of income and do not exceed Lempiras 90,000.00, are exempted.
There is a 1% tax on net assets in Honduras. This tax applies to companies whose capital is greater than LPs. 750,000. However, the income tax paid by these companies is credited against the net assets tax, and many companies do not have any additional liability. Exempt from the net asset tax are individuals whose total net assets do not exceed Lempiras 3,000,000.00 ($166,000.00); businesses in their pre-operative stages; and businesses operating in free trade zones, industrial processing zones, tourism free zones and maquilas. Payment of this tax is deductible from the income tax.
Other than the Tax Information Exchange Agreement (TIEA), signed between the United States and Honduras in 1991, there are no tax treaties between the U.S. and Honduras.
Creating a Sales Office
Foreign businesses setting up operations in Honduras are subject to the Commercial Code, which recognizes several types of mercantile organizations: individual ownership, general partnership, simple limited partnership, limited liability company, corporation and joint stock company. In July 2002, the Government of Honduras ratified a law on simplification of administrative procedures in establishing a company (Article 308 of the Commercial Code, Decree No. 255-2002).
Locating and securing a suitable l
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