Brazil is in need of investment to grow its economy, but according to a recent World Bank report, bureaucracy still creates big hurdles for entrepreneurs looking to build a business there.

According to the World Bank's annual Ease of Doing Business Index, Brazil dropped 13 positions this year - down to 124th - among 190 nations.

Among the reasons why the report cited Brazil's complicated tax system and the difficulties involved in getting government permits.

The Brazilian government is struggling to balance the country's accounts - like the pension system - to create conditions for growth.

But toward fixing the economy on a large scale, the local business community said authorities need to pay attention to seemingly smaller details, the conditions entrepreneurs here face that often make it harder to invest in the country.

The difficulties in doing business in Brazil affect both small entrepreneurs and big investors, those here and abroad. While the country needs all the investment it can get to lay a path to sustainable growth.