The review is wide, gathering information and analyzing activities from business people in more than 130,000 firms in 139 economies.
In the report, World Bank utilized the paid-in minimum capital requirement, number of procedures, time and cost for a small- to medium-sized limited liability company to start up and formally operate in economy’s largest business city.
Ireland’s corporate-friendly tax regime, the fifth best for business in the world, earns the country a high place in the World Bank’s rankings.
Armenia strengthened access to credit by adopting a new law on secured transactions that establishes a modern and centralised collateral registry.
Georgia strengthened minority investor protections, increasing shareholder rights and clarifying ownership and control structures.
Australia is one of the best places in the world for getting construction permits, coming in second in that category.
Singapore made dealing with construction permits easier, streamlining procedures and improving the online one-stop shop.
Azerbaijan streamlined the process of obtaining a new electricity connection by introducing an electronic capacity/ availability of connection map, which reduced the time needed to determine new customer connection points.
4. Former Yugoslav Republic of Macedonia:
The country made resolving insolvency easier by changing voting procedures for re-organisation plans and allowing creditors greater participation.
3. Hong Kong, China:
Hong Kong made starting a business less costly by reducing the business registration fee.
Canada is a great place to start a business, with the process taking only 36 hours and involving just two procedures.
1. New Zealand:
The country made paying taxes easier by abolishing the cheque levy. New Zealand also lowered the rates of accident compensation levies paid by employers.