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information.
Singapore Tops 'Doing Business' Index,
by Mary Swire, Tax-News.com, Hong Kong
Friday, February 03, 2012
The World Bank report, ‘Doing Business 2012’, the ninth in an annual
series, ranks 183 economies on their ease of doing business, and reports a general
improvement in the global business regulatory environment.
A high ranking on the ease of doing business index means the regulatory environment
is more conducive to the starting and operation of a local firm. This year’s
report data cover regulations measured from June 2010 through May 2011, and
places Singapore in first place, followed by Hong Kong, New Zealand, the United
States, Denmark, Norway and the United Kingdom.
The index averages the country's percentile rankings in ten areas of business
regulation, such as starting a business, paying taxes, registering property,
getting credit, protecting investors, enforcing contracts, resolving insolvency
(formerly, closing a business) and trading across borders.
It is disclosed that Morocco has improved its business regulation the most
compared to other global economies, climbing 21 places to 94, by, for example,
easing the administrative burden of tax compliance and providing greater protections
to minority shareholders. Another 11 economies are also recognized as having
the most improved ease of doing business across several areas of regulation
as measured by the report, and, as a result South Korea is a new entrant to
the top 10.
Furthermore, governments in 125 economies out of 183 included in the index
implemented a total of 245 business regulatory reforms -13% more reforms than
in the previous year. In Sub-Saharan Africa, a record 36 out of 46 economies
improved business regulations this year. Over the past six years, 163 economies
have made their regulatory environment more business-friendly. China, India,
and Russia are among the 30 economies that have improved the most over time.
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