Top 10 Easiest Place to Do Business — World Bank Doing Business Report 2019

As per the World Bank doing business 2019 report ranks 190 countries based on how easy is to do business there, taking into account trading regulations, property rights, the availability of credit, contract enforcement, and many other factors.

The report revealed the special administrative region’s ease of doing business (EODB) score has improved from 83.44 last year to 84.22 this year, reflecting continuous improvements in its business facilitation measures. The World Bank commends Hong Kong for the successful implementation of reform measures to improve the ease of doing business.

However, many other countries are also implementing significant reforms for improving their rank for 2019. This year’s report indicated that New Zealand is on the top of the list, ahead of Singapore, Denmark, and Hong Kong.

Below are the top 10 economies of the world for the ease of doing the business.

Image Credits: Unsplash

#1 Rank- New Zealand

With this digital transformation initiative, the businesses can simplify all the tax-related works without any legal issues. Being a thousand miles away from major markets in the West, this remote country has reaped the benefits of global trade. Also, New Zealand has the lowest number of procedures for starting a business.

#2 Rank- Singapore

#3 Rank- Denmark

Regardless of its expensive dealing with construction permits, cost of obtaining a sewage and water connection and the cost of building permits, the country still ranks 1st overall in the construction process and for trading across borders.

#4 Rank- Hong Kong

From the past ten years, Hong Kong is maintaining its position among the world’s top ranking economies in the report with its no bankruptcy protection law, and business premises. More importantly, several American and European companies are shifting their companies to Hong Kong.

The rationale behind this trend is because of its friendly tax policies, lower wage rates, and its flexible working environment. Consequently, Hong Kong’s rank has improved from 5 in 2017 to 4 in 2018. Ease of doing business in Hong Kong averaged 3.36 from 2008 until 2018, reaching an all-time high of 5 in 2014 and a record low of 2 in 2010.

#5 Rank- South Korea

#6 Rank- Georgia

#7 Rank- Norway

#8 Rank- United States

#9 Rank- United Kingdom

#10 Rank- Macedonia

This story is published in The Startup, Medium’s largest entrepreneurship publication followed by +395,714 people.

Subscribe to receive our top stories here.

The Startup

Get smarter at building your thing. Join The Startup’s +737K followers.