Mexico And Monaco Comparison

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Mexico and Monaco have two almost opposite cultures. The Mexican culture is most known for putting a lot of emphasis on relationships, while Monaco’s is based on luxury and status. Mexicans value family as the utmost importance. To Mexicans, extended family is just as important as immediate family. They are also thought to be laid back, and usually are never on time. They previously incorporated naps into their daily schedule, commonly known as siestas, however this is more a thing of the past as they have become a faster paced society. Mexicans also have a very strong work ethic and will work hard to provide for their families. Religion is a priority in their culture as well. Devout catholicism is widely practiced throughout Mexico. Most…show more content…
Business is conducted very formally. Thirty percent of Monaco’s population are millionaires. They have the world’s lowest poverty levels. It is often referred to as a “playground for the rich and famous.” Monaco has the highest number of millionaires and billionaires per capita in the world. Their population consists of only around thirty eight thousand citizens and the country is 0.78 square miles. It is the second smallest country in the world, and the most densely populated. Citizens of Monaco speak primarily French, English, or Italian. The most commonly practiced religions are Roman Catholicism, Anglican, Jewish, and Muslim. Their urban population rate is one hundred percent. Monaco’s literacy rate is ninety nine percent and almost ninety one percent of their population has internet access. The life expectancy is nearly ninety years, which is the highest life expectancy in the world. This is ten years longer than the life expectancy of America. Monaco has no natural resources. They are seven hours ahead of American time, making potential offshoring work more difficult. The largest sources of income for Monaco are tourism, gambling at the world famous Monte Carlo Casino, and banking. They use the Euro as their currency, although they are not technically a part of the European…show more content…
Mexico was listed by the World Bank’s “Doing Business” index in 2015 as the third easiest place in Latin America to do business. Mexico has been working hard at improving and reforming regulations on business. They have made it easier to get electricity, pay taxes, and trade across borders. They have also made stronger contract enforcements. Mexico has a flat corporate tax rate at thirty percent which also helps to simplify business. There are also downsides to doing business in Mexico. They do not have a very sound legal infrastructure. There is not an abundance of accountability and the legal system is not held to as high of a standard as it is in the United States. There is also a lot of bribery and corruption that takes place throughout Mexico. It was said that often times companies must include five percent of their expenses relating to bribes. Mexico is also very dependent on the United States economy, which could be good or bad. Monaco is known to have many tax incentives in place for encouraging foreigners to do business in their country. They are commonly referred to as a tax haven, as there are no income taxes and very few taxes in general. Seventy five percent of the country’s income is from foreign businesses. This could be beneficial for offshoring because they are used to doing business with other countries and seem to have a favorable set up to make the process easier. The number of

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