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New Zealand overtakes Singapore as easiest place to do business
After a decade of being on the top of the World Bank’s ranking as the best country on the globe to conduct business, Singapore concedes to New Zealand and takes the second spot in its 2016 report.
The report by the World Bank, Doing Business, made a comparison across 190 economies for its 14th report. Doing Business takes into consideration 11 key areas in a business landscape. This is inclusive of starting a business, handling construction permits, registering for property, paying taxes and even resolving insolvency.
Doing business in Singapore
Source: Thinkstock/Getty Images
Singapore may be second place overall this year, but holds its top position in Asia. It also tops the ranking for protecting minority investors. Other indicators for its high ranking position include access to electricity, dealing with construction permits, paying taxes and starting a business.
However, Singapore could improve in registering property, getting credit, insolvency and trading across borders, ranking lower on the list for those reasons.
Source: World Bank
New Zealand: overtaking Singapore
On New Zealand’s part, its has overtaken Singapore for its ease in dealing with construction permits, registering property, getting credit as well as protecting minority investors. The country has also improved in its business tax. However, it could also improve in resolving insolvency, getting electricity and trading across borders.
Other findings
The study has also found that a total of 137 economies indicated improvement in their respective regulatory framework. There have been reforms to simplify the complexity of the regulatory processes (and lowering its cost), getting credit, paying taxes and trading across borders.
(By Annette Rowena)
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