The World Bank has released its latest Ease of Doing Business 2019 rankings - an annual report that ranks countries on business-friendliness, procedural ease, regulatory architecture and absence of bureaucratic red tape. Read on to know the top 10 countries.
2/12
No 10: Macedonia | The Former Yugoslavian republic features in the top 10 due to its implementation of a slew of reforms over the years. This has seen significant improvements, particularly in construction efficiency. (Image: Reuters)
3/12
No 9: United Kingdom | Despite Brexit threatening to relocate several financial institutions from the UK, the country still manages to attract many affluent customers. The UK also allows companies the potential to expand and do more business across Europe. (Image: Reuters)
4/12
No 8: United States | The US is the hub of most major technology companies in the world, the likes of Facebook, Twitter, Google, Amazon and many others. Also, regulatory barriers are generally low, establishing a business entity is easy, labour laws are employer-friendly and its legal system is developed and transparent. (Image: Reuters)
No 7: Norway | Norway has a comparatively smaller population, but its purchasing power is strong due to higher standards of living and even wealth distribution. The country also has a reduced corporate tax rate to attract foreign investors, which has been continuously lowered through the years. (Image: Reuters)
6/12
No 6: Georgia | The country has implemented substantive changes in local regulatory framework over the years. Electricity was made affordable, protection for minority shareholders was strengthened and insolvency proceedings were made more accessible to debtors and creditors. (Image: Reuters)
7/12
No 5: South Korea | The corporate tax rate in the country is suitable for foreign entities, but this year the government approved a 3 percent tax rise to pay for social welfare programmes and new public sector jobs. (Image: Wikimedia Commons)
8/12
No 4: Hong Kong | Hong Kong assures foreign companies with an ideal location and access to the international market, tax-friendly jurisdiction, a trustworthy economy and political environment, world-class infrastructure and a productive legal system. (Image: Reuters)
No 3: Denmark | Denmark is another country that offers foreign investors a low corporate tax rate. Other incentives include zero social contributions and a special tax system for higher salaried expats. (Image: Reuters)
10/12
No 2: Singapore | The country’s location makes it easy for businesses to have access to the international market. It also has one of the best tax systems in the world, flexible immigration policies, an overall pro-business attitude and the world’s best professional workforce. (Image: Reuters)
11/12
No 1: New Zealand | Again, an easy-going tax system makes the country a hot spot for foreign investors. The government’s efforts to digitally streamline compliance with the tax department has also played a huge role. This Digital Transformation Initiative greatly simplifies all tax-related works. (Image: Reuters)
12/12
No 77: India | India’s rank has improved by 23 positions from last year, indicating it is continuing its steady shift towards global standards. The World Bank said this is mainly due to India’s continued reform agenda, which has made it the top-ranked economy in the region. Reduced import and export times, upgradation of port infrastructure and digitisation of document submission has also helped elevate India. (Image: Reuters)
