Entrepreneurship in Latin America in numbers: Chile creates 9 companies per 1,000 people, more than double the region

Chile registered 9.09 new companies per 1,000 people aged 15 to 64 in 2023, the highest figure in Latin America, according to the World Bank's Entrepreneurship Database. The average for Latin America and the Caribbean was 3.68 in 2024, and the global average was 5.15.

Formal entrepreneurship is measured by the number of limited liability companies registered each year. It doesn't include self-employed people who don't form a company, but it allows countries to be compared under the same rule. In this study we look at which countries create the most companies, how this has changed since 2018 and what it means for anyone who wants to start a business.

9.09

New companies per 1,000 people in Chile

2023, first in the region

3.68

Latin America and the Caribbean average

2024

979,211

New companies registered in Brazil

2024, +86% since 2019

123,159

New companies registered in Chile

2023

Source: World Bank, Entrepreneurship Database

View the data as a table

New companies per 1,000 people in Chile	9.09 | 2023, first in the region
Latin America and the Caribbean average	3.68 | 2024
New companies registered in Brazil	979,211 | 2024, +86% since 2019
New companies registered in Chile	123,159 | 2023

Methodology

We used two World Bank indicators, published in the World Development Indicators (last updated October 8, 2026):

• New business density: limited liability companies registered in the year per 1,000 people aged 15 to 64.
• New businesses registered: the total number of those companies in the year.

The latest available year varies by country (2022, 2023 or 2024); we note it in each case. Changes were calculated by InfoByData from the published data.

Finding 1: Chile, Brazil and Costa Rica lead business creation

0.379.09No data

1. Chile9.09
2. Brazil6.67
3. Costa Rica6.31
4. Peru4.9
5. Panama4.52
6. Uruguay3.23
7. Jamaica2.6
8. Colombia2.22
9. Paraguay1.76
10. Ecuador1.59
11. El Salvador1.14
12. Guatemala1.02
13. Mexico0.95
14. Argentina0.52
15. Bolivia0.47
16. Honduras0.37

Source: World Bank, IC.BUS.NDNS.ZS

View the data as a table

Chile	9.09
Brazil	6.67
Costa Rica	6.31
Peru	4.9
Panama	4.52
Uruguay	3.23
Jamaica	2.6
Colombia	2.22
Paraguay	1.76
Ecuador	1.59
El Salvador	1.14
Guatemala	1.02
Mexico	0.95
Argentina	0.52
Bolivia	0.47
Honduras	0.37

Data is for 2024, except Chile and Bolivia (2023) and Panama (2022). The differences between countries are large: Chile creates almost 10 times more companies per person than Mexico, and more than 17 times more than Argentina.

Finding 2: Chile has been above the region and the world since 2018

Chile peaked in 2021, with 11.47 new companies per 1,000 people, during the post-pandemic recovery. It has declined since then, but remains well above the regional and global averages.

• Chile
• Latin America and the Caribbean
• World

Source: World Bank, IC.BUS.NDNS.ZS

View the data as a table

	Chile	Latin America and the Caribbean	World
2018	8.31	2.36	4.3
2019	8.17	2.59	4.2
2020	8.43	2.69	4.35
2021	11.47	3.5	5.63
2022	9.62	3.42	4.89
2023	9.09	3.55	6.12

In number of companies, Chile went from 153,869 registrations in 2021 to 123,159 in 2023, a 20% decline.

Finding 3: Brazil almost doubled its new companies in five years

In absolute terms, Brazil dominates the region: it registered 979,211 new companies in 2024, 86% more than in 2019. At the other end, Argentina went from 21,641 in 2023 to 15,818 in 2024, a 27% drop.

Brazil (2024)979,211

Chile (2023)123,159

Peru (2024)111,997

Mexico (2024)83,950

Colombia (2024)82,208

Costa Rica (2024)22,333

Ecuador (2024)19,317

Argentina (2024)15,818

Source: World Bank, IC.BUS.NREG

View the data as a table

Brazil (2024)	979,211
Chile (2023)	123,159
Peru (2024)	111,997
Mexico (2024)	83,950
Colombia (2024)	82,208
Costa Rica (2024)	22,333
Ecuador (2024)	19,317
Argentina (2024)	15,818

What a new business needs today to grow

Creating the company is the first step; keeping it going depends on how it's managed. Data from other InfoByData studies offers some clues:

• Use data to make decisions: only 35.06% of small European companies analyze data, compared with 82.03% of large ones, according to our 2026 data-driven study.
• Adopt AI: in Latin America, only 6.8% of small businesses use artificial intelligence, as we show in AI in business in numbers.
• Sell online: 73.56% of Europeans bought online in 2025, but only 21.38% of small companies sell that way, according to our analysis of e-commerce in numbers.
• Measure growth: customer acquisition cost and customer lifetime value show whether growth is profitable, as we explain in marketing KPIs.
• Evaluate new tools carefully: in Chile, companies offering crypto asset services must register with the CMF, as we detail in crypto in numbers.

Limitations of the study

• It measures formal limited liability companies. It doesn't include self-employed workers or informal businesses, which are an important part of entrepreneurial activity in the region.
• Registration systems differ from country to country. A simpler or cheaper registration process can raise the figure without any change in real economic activity.
• It doesn't measure how many companies survive. A new registration says nothing about whether the company is still operating one or five years later.