Starting business takes a lot of effort. Apart from the expertise and the funds that is required to start the business, legal approvals or approvals from various officials in each country is important too. These rules for approving a business opportunity varies from country to country. In countries such as New Zealand, it takes a day to get an approval whereas in Venezuela it takes 230 days. The stark difference is alarming. Due to this, New Zealand remains as the easiest country to start your business in and Venezuela being the toughest.
According to the survey that was conducted by World Bank, it has been estimated that New Zealand has taken the top spot in the rankings being the easiest place on the planet to do business and Venezuela has ranked 187th out of the 190 economies. New Zealand has gone past Singapore which was holding the top rank for the past decade.
Some of the indicators that the World Bank was looking at was starting a business, permits with respect to construction, property registration and the facility to avail credit. United States ranked down from the overall table into the eight position from the long standing seventh. However, it was ranked high for getting credit and the way they deal with firms that are insolvent.
Although United States ranked top on some categories, the overall rating for the country is at 51st place. Due to the recent economic reforms, three countries have improved in their business side. They are Brunei, Kazakhstan and Kenya. Somalia is the worst economy according to the survey. The war that has been launched against most of the east African nations has pushed their rank under paying taxes to the bottom. In fact Somalia has no tax system in place which leads to limited protection for minority investors.
Some of the other nations that has ranked in the top ten category are: New Zealand, Singapore, Denmark, Hong Kong, South Korea, Norway, United Kingdom, United States, Sweden and Macedonia.
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