The global economic recession may have temporarily retarded business activity, but numerous countries are making necessary modifications to strengthen domestic regulations to catch investment and encourage business. World Bank’s Ease of doing business that ranks countries on the basis of how easy it is to carry out economic activities. The higher the ranking, the more favorable that country is for people to establish and run a local company. Nation with first position is the best for doing new business since they have most favorable environment to carry on economic activities. Countries that got high ranking ideally establish and put in force laws that simplify property rights and lessen the cost of resolving disputes. This index takes into account many factors such as availability of electricity, property registration process, financial institution, taxes, minority investor protection and above all power of legal system to enforce contracts and resolving insolvency. Despite a still sluggish global economy, most countries worldwide enacted reforms to make their economic regulatory environments more business friendly. Here are the World Bank’s top 20 most business-friendly nations:
Singapore retains the top spot as the country that has best business friendly environment. Simple Automated electronic method for filing taxes reducing the potential for corruption and reduce dependence on tax officers in Singapore. Business-friendly laws and flexible immigration policy encourage investor to carry on business in the country.
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