NZ Tops World Bank’s Latest ‘Countries Open For Business’ List

In BICSI Blog, BICSI Bytes, Featured, News by info@bicsi.com.au

A recent Statista media release noted that the World Bank listed New Zealand as the highest ranking nation out of 190 nations on the ease of doing business.

The report, entitled ‘Doing Business 2020’ noted that, overall, Asia Pacific economies scored high in compared to the rest of the world, with New Zealand, Singapore, Hong Kong and South Korea all in the five top contenders in the latest edition.

Comparing New Zealand with other major economies, Denmark ranked fourth, the US ranked sixth, the UK ranked eighth, and Australia ranked 14th.

According to the makers of the report, places scoring high typically made good use of electronic and online systems for administrative tasks connected to business regulations. A high degree of transparency was also a common feature of those ranking highly as was the practice of allowing a viable business to continue operating during insolvency proceedings.

The time it takes to start a business varied starkly between countries. According to the report, it took almost six times longer to start a business in the places ranked in the bottom 50 than it took in those ranked in the top 20.

Doing Business 2020 is the 17th in a series of annual studies investigating the regulations that enhance business activity and those that constrain it. The study presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies and over time. Regulations affecting 12 areas of the life of a business are covered: starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts; resolving insolvency; employing workers; and contracting with government.