Singapore judged best country for businesses in World Bank report
1 min read
29 October 2014
In a report to find the best country for businesses worldwide, Singapore has been ranked number one for the ninth consecutive year. The report comes from World Bank.
In the report, the top three countries for businesses were Singapore, New Zealand and Hong Kong (counted separately from China).
The UK was number eight on the list, moving up one position from last year.
The US stayed at number seven.
The World Bank list is created by taking metrics like regulation, barriers to growth (electricity, time for imports/exports) and business tax laws into account.
It is an “annual statement of the state of the nuts and bolts of economies around the world.”
The survey, launched in 2004, was refocused this year so as to include the second-largest business city in countries of 100m people or more. The change affected 11 countries, including China, India and Bangladesh, so that for example, China is considered based on Shanghai and Beijing.
Singapore was praised for making employment contracts easier to process by creating a more efficient litigation system.
Changes in tax registration and reductions in corporate income tax helped the UK to bump up the list; but the new landfill tax was held against it.
Sub-Saharan Africa showed the most improvement by region, five of ten of the most rapid growers in the list were located there. More than 70 per cent of Sub-Saharan countries underwent business reforms in the last year.