New Zealand has been ranked as the easiest place to start a business out of 185 countries, in a major report out today.
The World Bank and International Finance Corporation’s Doing Business 2013 report said it takes only one day and one procedure to register a private company in New Zealand.
Ranking highly on the ease of doing business index means a country’s regulatory environment is more conducive to starting and operating a firm, the report said.
New Zealand was also rated highest for protecting investors and the third most business-friendly economy.
The World Bank said that by allowing credit bureaus to collect positive information on individuals, New Zealand had made it easier to access to credit information.
Governments around the world have made important strides to improve their business regulatory environment,” said Augusto Lopez-Claros, World Bank director of global indicators and analysis.
“While the reforms we measure provide only a partial picture of an economy’s business climate, they are crucial for key economic outcomes such as faster job growth and new business creation.”
Since 2005, the average time to start a business has fallen from 50 to 30 days, the report said.
It also showed that, over the past eight years, tax compliance has generally become much easier around the world. The time required annually to comply with the three major taxes measured – profit, labour, and consumption – has fallen by 54 hours on average.
Over the past year, 108 economies have implemented 201 reforms to make it easier for local entrepreneurs to do business, the report found.
Singapore ranked highest for ease of doing business, for the seventh consecutive year.
Other countries considered to have the most business-friendly regulation were Hong Kong, China, US, Denmark, Norway, and the UK.
The World Bank Group is one of the world’s largest sources of funding for developing countries.