People around the world most especially investors are looking for the best destination to invest either by starting a business or investing in an existing one.
But what attracts investors or entrepreneurs, in general, to invest in a particular country is, the ease of doing business in that particular country.
Top 5 Countries for Ease of Doing Business
The ease of doing business is an index that is usually published by the World Bank, where high rankings indicate better, simpler regulations for businesses and stronger protections of property rights.
The ranking index of a country is based on the average of these sub-indices:
- Starting a business- time, cost, procedures and minimum capital to open a new business
- Registering property – time, procedures and cost of building
- Paying taxes – total tax payable as share of gross profit
- Getting electricity – time, procedures and cost required for a business to obtain an electricity connection
Based on the World Bank report of ease of doing business 2019 report usually ranks countries based on how easy it is to do business in that country by taking into account property rights like stated above, the availability of credit, trading regulations, contract enforcement etc.
In this blog, I will outline 5 of the top countries for ease of doing business in 2019 where New Zealand stood at the top position. Here are the 5 countries:
New Zealand has been on the top spot for 3 consecutive years as the best country for ease of doing business. This is largely due to the fact that the government have been able to digitize the tax department.
With such digital transformation, businesses can be able to simplify all their tax-related work with ease. New Zealand also has the lowest number of procedures for opening a business.
Singapore ranks as the 2nd country among the 189 countries for its ease of doing business. Singapore has held this same position for a period of 3 years.
Singapore has been able to achieve this due to the countries geographic location, talented workforce, flexible immigration policies and opportunities for access to the international market.
Company incorporation services in Singapore are readily available at all times with ease, company incorporation services in Singapore can be accessed from the internet as well.
Denmark stood at the 3rd position in the ease of doing business countries as per the World Bank’s rankings. This is due to how the country offers low corporate tax rate.
The country also ranks top in the ease of the construction process and international trade across borders.
Hong Kong holds the 4th position for ease of doing business. This being that it is the gateway to china, the country is also a financial center and also a business hub. Many European and American companies are moving to Singapore.
Hong Kong is general cited as one of the best companies for setting up a foreign company because of its trustworthy economy and world-class infrastructure.
South Korea stood at the 5th position for ease of doing business according the World Bank index of 2019. This is due to how the country has a strong policy for enforcing contracts, starting a business and getting electricity.
These are the top 5 countries for ease of doing business according to World Bank 2019 report. If you are luck your country might be among them and if you are not lucky, then you might want to look at how you might learn from them.