WORLD – Singapore has been again named by the World Bank, for the seventh consecutive year, as the easiest place to start a business; followed by Hong Kong, New Zealand and the United States.
Britain, however, falls three places down the World Bank’s 2013 Doing Business index.
Entrepreneurs only have to wait one day to get all their paperwork complete in order to start up a business in New Zealand where the cost, on average, is US$129. In the Republic of Suriname the process takes 208 days.
The global average is 25 days to work through an average of seven administrative procedures in order to set up a business, the World Bank claims.
Chad was found to provide the worst environment for starting a business.
The World Bank rates economies in 10 categories and measures the number of bureaucratic and legal steps required to start a business or to register and transfer commercial property. It also examines how long it takes and how much it costs to comply with regulations, for example time and money needed to enforce contracts, file for bankruptcy or trade across borders. The report also measures the levels of legal protections for investors and property in place in a given country.
The World Bank recently noted that Russia has entered the top five of the world’s biggest economies, overtaking Germany. Russia’s US$3.4 trillion GDP now rates behind only the US, China, India and Japan.
Do you have news for CMW? Email: pcolston@mashmedia.net
