Singapore Remains The Best Place For Business

Singapore retains the top spot for the ease of doing business in the new annual report by the World Bank. The “Doing Business” report for 2011 ranks Singapore ahead of Hong Kong and New Zealand in third place.

In fact the top 10 best countries in which to run a business are the same top 10 as last year. The top six countries remain unchanged but Canada has jumped up two places to number seven and Norway and the Republic of Ireland have slipped one position each.

The doing business 2011 report, rates 183 countries on the ease that they allow businesses to operate in their country. The report has been published since 2004 and rates countries on nine main criteria.

The criteria are, starting a business, getting credit, dealing with construction permits, registering property,paying taxes, trading across borders,  enforcing contracts and protecting investors and closing a business. Important issues not ranked in the study are a country’s infrastructure, security and workforce skills.

Best Countries  For Doing Business

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The 12 months covered for the latest report are June 2 009 to May 2 010 and during that time 117 countries implemented new business  friendly regulations. The World Bank said governments were reacting to global economic circumstances.

“Against the backdrop of the global financial and economic crisis, policy makers around the world took steps in the past year to make it easier for local firms to start up and operate.”

Regionally countries from Eastern Europe and Central Asia improved the most to make it easier to run a business. 84% of those countries reformed at least one pro-business category.
Kazakhstan, in central Asia, recorded the most improvements worldwide,  jumping up 15 places to position 59, as it made great strides in streamlining business startup procedures and making it easier to get construction permits amongst others. Rwanda was second in this category and Peru was third.

In Latin America, Mexico  is now the best place to run a business, Venezuela, run by anti-Western President Chavez remains the worst place in which to do business in the region, and is in 172nd place on the global list.

Singapore has been top of the survey for the past five years, It has been there all this time for several reasons. One reason being that it is simply the most efficient place from which to import and export goods. As an example, you only need four documents to export and import goods, which places it top globally for that category.

China, now the world’s second-largest economy, has much to do to catch Singapore or even break into the top 50, it is currently ranked in 79th place.