HK Business News

Hong Kong and Singapore are the Most Profitable Regions for Business According to World Bank

Singapore, Hong Kong, New Zealand, Denmark and the United States are the regions with more favorable regulations for doing business, according to a report released this Monday by the World Bank (WB).

The top ten countries in terms more favorable business is complete with Norway, United Kingdom, South Korea, Australia and Georgia.

Among the 185 countries and territories analyzed, Portugal was ranked at 30. Place, ahead of France (34. º) and Spain (44. º).

The study, conducted in partnership with the International Finance Corporation, noted that the trend towards simplification of regulations has been extended worldwide in recent years: since 2005 the average time needed to create a business decreased from 50 to 30 days.

“While the reforms we measured only depict certain aspects of the environment [Business] and regulatory context of an economy, they are crucial to achieving significant economic results as the rapid growth of employment and new business creation,” said the director of Global Indicators and Analysis of the World Bank Group, Augusto Lopez-Claros, speaking to the Spanish news agency Efe.

“Efforts on the part of European economies with fiscal difficulties” to improve regulations and establish “solid foundations for growth” were also highlighted by the body that are especially indicated significant achievements of the developing countries.

This is because the document said, the time to start a business was cut in half, like the need to transfer a property, which fell from 90 to 55 days.

Among the countries most advanced in the last year, the WB stresses Poland, Sri Lanka, Uzbekistan, Burundi, Costa Rica and Mongolia.

Most reforms focuses on reducing complexity and costs of regulatory processes, the institution pointed.

“The authorities deram it has to be clear and reasonable rules is one key element that it promotes investment WELL as crescimento sustainable medium-term” acrescentou Lopez-Claros.

Moreover, the report puts at the bottom of the table countries like Venezuela (180), Democratic Republic of Congo (181), Eritrea (182), Chad (184) and Central African Republic (185).

The study “Doing Business 2013” focuses on regulations applicable to small and medium enterprises covering a dozen stages of its life cycle.

The opening of a business, the management of construction permits, registering property, getting credit, paying taxes and protecting investors and cross-border trade are some of the indicators analyzed in the study.

 

About the author

Martin Gale

Robson Hayashida has over two decades of experience in the computer industry in product development, support, training, and e-marketing. Mr. Hayashida has been working on writing ColdFusion Web Application series, as well as multiple books on SQL, Regular Expressions, Java Server Pages, WAP, Windows development, and has recently being involved in multiple Meteor / MongoDB and Node.JS projects and more.