Starting a business is not an easy task. However, there are places you can go to establish your dream company with fewer restrictions than others.
The World Bank compiled a report on the best and worst places to be an entrepreneur, measuring regulations affecting 10 areas of a business which are:
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
The study is huge, gathering data and analysing activity from entrepreneurs in more than 130,000 firms in 139 economies.
In the report measuring starting business, World Bank measures 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.
Here are the countries that came out top:
Ukraine comes up as the 20th country in ease of starting business ranking but falls short in Dealing with Construction Permits, Getting electricity and Solving Insolvency with 140, 130 and 150 respectively
19. Taiwan, China
Taiwan is ranked 19th in ease of starting business. And comes strongly in other factors like Dealing with Construction Permits and Getting electricity where it is ranked 3 and 2 respectively.
Burundi ranks 18th for ease of starting a business. However, when it comes to ease of doing the business, Dealing with Construction Permits and Getting electricity it flops woefully at 157, 169 and 183 respectively.
Belgium ranks 17th for ease of starting a business. However, ranks poorly when it comes to registering property, where it ranks 131st. The process is time-consuming, taking an average of 56 days.
16. United Kingdom:
The UK’s tax regime for businesses comes in at number 10, while the country also has the sixth best protections for minority investors, according to the World Bank.
Sweden got a boost when it made it easier to transfer a property and introduced a mechanism for reporting errors on maps.
Estonia is an efficient place to set up shop. It takes just three and a half days on average to start a business in the country.
Kosovo made paying taxes easier by introducing an online system for filing and paying VAT and social security contributions. It also allowed more expenses to be deducted for the calculation of corporate income tax.
Only two procedures are needed to start a business in Jamaica, taking an average of 10 days.
11. South Korea
Famously quick internet and good access to technology helps boost South Korea’s rankings.
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.
Where is Nigeria you may ask? Nigeria rank 138 in ease of starting business ranking index.