NZ: Top Three Countries in Ease of Doing Business

New Zealand Ranks in Top Three Countries in Ease of Doing Business

Washington, D.C., November 4, 2010—Singapore, Hong Kong SAR China, and New Zealand led the world in the ease of doing business for local firms in the past year, according to Doing Business 2011: Making a Difference for Entrepreneurs, the eighth in a series of annual reports published by IFC and the World Bank that measures the ease of doing business among 183 economies.

New Zealand is the easiest country world-wide for firms to start a business with entrepreneurs needing no more than one day and one procedure to complete the process. In 2009/2010, New Zealand made enforcing contracts more user-friendly by enacting new district court rules.

For the first time in eight years, the economies of East Asia and the Pacific were among the most active reformers. Eighteen of 24 reformed business regulations and institutions in the past year—more than in any other region.

Emerging-market economies such as Indonesia, Malaysia, and Vietnam took the lead, easing business start-up, permitting, and property registration, and improving credit information sharing. Malaysia reduced the time and cost to transfer property by introducing more online services. Vietnam earned a spot among the 10 most-improved economies and moved up 10 places in the global rankings on the ease of doing business, to 78 among 183 economies.

New information technologies simplified business start-up, international trade, and property registration in Brunei Darussalam, Malaysia, the Philippines, and Samoa.

“New technology underpins regulatory best practice around the world,” said Janamitra Devan, Vice President for Financial and Private Sector Development at the World Bank Group. “Technology makes compliance easier, less costly, and more transparent.”

Since 2005, about 85 percent of the world’s economies have made it easier for local firms to operate, through 1,511 improvements to business regulation. China was among the 15 most-improved economies, having introduced in the past several years 14 regulatory changes that make it easier to do business—affecting nine areas covered by Doing Business.

Singapore has been the world’s top-ranked economy on the ease of doing business for five years running. Hong Kong SAR China held onto the number-two spot in part by increasing the efficiency of commercial dispute resolution.

About the Doing Business report series
Doing Business analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and closing a business. Doing Business does not measure all aspects of the business environment that matter to firms and investors. For example, it does not measure security, macroeconomic stability, corruption, skill level, or the strength of financial systems. Its findings have stimulated policy debates in more than 80 economies and enabled a growing body of research on how firm-level regulation relates to economic outcomes across economies.
For more information about the Doing Business report series, please visit: www.doingbusiness.org

About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in the mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.orgvb

ENDS

© Scoop Media