Where is the easiest place in the world to do business?

(Baonghean.vn) - Establishing a new business in New Zealand takes less than a day, but in Venezuela it would take 230 days. This surprising difference helps explain why the World Bank (WB) considers New Zealand the easiest place on the planet to do business.

New Zealand is considered the easiest place in the world to do business. Photo: Getty.

According to the World Bank's annual report, this year marks the first time New Zealand has topped the ranking of countries with the most favorable business environments, displacing Singapore after decades of holding the number one spot.

New Zealand scored highest in 5 out of 10 of the world's top 10 indicators used by the World Bank for assessment, such as business registration procedures, resolving building permit issues, property registration, credit, and protecting minority investors.

In addition, the country improved its position by eliminating the check-based tax system, making tax payments easier.

The US dropped one place in this ranking, and is now in eighth position. The world's leading economy was highly rated in the areas of credit and resolving corporate defaults – but was poorly rated in the criterion of "business registration procedures".

According to the report, Brunei, Kazakhstan, and Kenya are among the countries that have improved their business environments the fastest through their recent reform policies.

Specifically, in the ranking, following New Zealand is Singapore, followed by Denmark, Hong Kong, South Korea, Norway, the United Kingdom, the United States, Sweden, and Macedonia. Somalia is at the bottom of the ranking for business environment due to weaknesses in tax payment and investor protection.

The World Bank's annual report assesses regulations related to business establishment, asset transfer, or commercial dispute resolution; the time and cost of completing all import and export procedures through a seaport; the ease of connecting to the electricity grid; and other issues faced by business owners in any country.

Thanh Huyen

(According to CNN)