Top Five Economies with Business-Friendly Environment  

• Published Month : Friday, 25 Oct 2019 02:00 pm

It is essential to note that Doing Business is not meant to be an investment guide, rather it is the measurement of indicators to ease the business-friendly environment. Business-friendly environment is connected with the lower poverty rates as well as enhanced efficiencies of the regulatory that enables in stimulating the entrepreneurship, innovation, startups, credit access as well as investment. Here is the list of top five economies with business-friendly environment:

“Governments can foster market-oriented development and broad-based growth by creating rules that help businesses launch, hire, and expand,” World Bank Group President David Malpass said. “Removing barriers facing entrepreneurs generates better jobs, more tax revenues, and higher incomes, all of which are necessary to reduce poverty and raise living standards.” 

It is essential to note that Doing Business is not meant to be an investment guide, rather it is the measurement of indicators to ease the business-friendly environment. Business-friendly environment is connected with the lower poverty rates as well as enhanced efficiencies of the regulatory that enables in stimulating the entrepreneurship, innovation, startups, credit access as well as investment. Here is the list of top five economies with business-friendly environment:

China:

• China has made starting a business easier by entirely integrating the obtention of business seals into wide-ranging store.
• Also, obtaining building permits has been easier in the country by streamlining the necessities for the construction of low-risk projects as well as lessening the time to get water & drainage connections.
• The country has made tax paying easier by implementing a special corporate income tax rate for the small- scale enterprises, lessening the value added tax rate for specific businesses as well as augmenting the electronic filing system.
• Exporting system across China is extremely easy because of the implementation of advanced cargo, upgraded port infrastructure & optimization of customs administration.
• China also has made undertaking insolvency easier with the help of the rules for the post-commencement of credit priority. 

Togo:

• Togo had made starting a business stress-free by eliminating the policy for document notarization followed by decreasing the time for registration.
• The nation has also made reduced the fees for getting construction permits along with implementing an online portal for applications submission. 
• Electricity in Togo has been made cost-effective by further reducing the connection costs and security deposit for novel connections.

 

Kuwait:

• Kuwait has made starting a business stress-free by merging process of applying commercial license & streamlining online registration.
• Dealing with construction permits in Kuwait is easier because of the streamlined permit process, improving inter-agency communication & reducing the time taken for obtaining the permit.
• The nation has improved their trading policies making it easier by enhancing the customs risk management system & applying a new electronic system for clearance.

India:

• India has made starting the business stress-free by eliminating filing fees, electronic memorandum for association & articles of association.
• Trading policies In India has been made easier by permitting post-clearance audits, incorporating trade stakeholders in one electronic platform, advancing port infrastructures & augmenting electronic documents submission.
• India has got streamlined process, reduced time as well as cost for obtaining construction permits.
• The country has easier resolving insolvency process by promoting reorganization proceedings in practice.

Saudi Arabia:

• Saudi Arabia has made starting a business stress-free by starting a one-stop shop that merges several pre & post registration processes.
• Dealing with construction permits in country is easier because of an online platform & enabling civil defense approval after the issuance of the building permit.
• Saudi Arabia has introduced a value added tax.
• Trade process of the country is made faster by improving its electronic trade window, aiding risk-based assessments, introducing an online platform for certification of imported goods & up gradation of infrastructure.
• Also, resolving insolvency has been made easier by announcing a re-organization procedure, letting debtors to initiate the reorganization process and many other such policies.