Zim’s ease of doing business ranking improves

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The rest of the top 10 performers are Singapore (85.24), Denmark (84.64), Hong Kong (84.22), Korea (84.14), Georgia (83.28), United States (82.75), United Kingdom (82.65), and Macedonia (81.55). It was at 100th place previous year and now it is at 77th rank.

India improved its rank on a number of indicators including construction permits, trading across borders, starting a business, getting credit, getting electricity and enforcing contracts. The areas include time taken for registering a property, starting a business, insolvency and taxation, and enforcement of contract areas.

Jitendra Gianchandani, chairman and managing partner of Jitendra Consulting Group, said the UAE's improvement in the ranking from 21st place to 11th is phenomenal. After all ease of doing business is all about minimum governance and your investment process is guided by it.

In last year's report, the Narendra Modi government had got a pat for reform policies relating to taxation, investor protection and bankruptcy resolution. But China, as well as India, vaulted up the rankings with wide-ranging reforms created to give businesses and entrepreneurs fewer headaches. On average, it takes four days and six forms to start a business in the US, compared with only two days and one form in Georgia.

The World Bank Group President, Jim Yong Kim, said governments have the enormous task of fostering an environment where entrepreneurs and small and medium enterprises can thrive.

The Doing Business Index is an annual ranking that objectively assesses prevailing business climate conditions across 190 countries based on 10 ease of doing business indicators.

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Speaking on the occasion, Commerce and Industry Ministry Suresh Prabhu said, India has moved up 53 ranks in the last two years, reflects the government commitment to implement progressive reforms.

Leiking said this shows the importance that the government places on its role in accelerating regulatory reforms to improve business competitiveness. "Improved ranking means business-friendly and corruption-free environment and lower transactions cost which will ultimately help to attract multinationals to invest in the UAE and attract more foreign investments", Gianchandani said.

Dealing with construction permits was improved by publishing all pre-application requirements needed to obtain a construction permit online, thereby enhancing the process of construction permits.

The average time and cost to register a business, for example, has declined from 59 days and 192% of income per capita in 2006 to 23 days and 40% of income per capita today. India made Paying Taxes easier by merging diverse sales taxes into a single General Sales Tax (GST). The latest reform initiatives included electronic submission of documents and upgrading of port infrastructure. The country's global rank in getting Credit improved to 22 this year.

China slashed electricity-connection times from close to 150 days in Beijing and Shanghai to little more than 30.