The World Bank’s Ease of Doing Business report has been released, revealing which country is the easiest place in the world to start a business. Find out where the UK has placed…
What do you need to be a great start up country?
The report analysed 189 countries from around the globe, looking at certain factors that make them an easy to start a business, which include:
- Starting a business
- Dealing with construction permits
- Getting electricity
- Registering property
- Getting credit
- Protecting minority investors
- Paying taxes
- Trading across borders
- Enforcing contracts
- Resolving insolvency
The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2015.
So where did the UK rank?
The United Kingdom ranked extremely high this year, rated as the sixth easiest place in the world to do business, moving up two places compared to last year.
Britain even leapfrogged the United States who finished in seventh, which means the UK becomes the top place to do business within the G7 ( a list which also includes Canada, France, Germany, the US, Italy and Japan. Britain also becomes Europe’s easiest place to start a business.
The department for business, innovation and skills has commented on the report, emphasising the UK’s ‘‘continued commitment to de-regulate, make it easier to start and grow a business and establish a competitive tax environment.’’
Working hard to become the world’s best
Recently the British government has put a number of measures in place to help people start and maintain a successful business, including:
- Planning to scrap £10bn worth of red tape to help entrepreneurs go back to actually running a business and not dealing with paperwork.
- Cutting corporate tax to 20 per cent. It is set to be cut to 18 per cent in 2020, making it the lowest in the G20.
- Creating three million apprenticeships by 2020 in order to boost creativity and the number of young people in work.
- Investing £6.9 billion in UK research infrastructure up to 2021 – improving knowledge, expertise and productivity.
- Building stronger trading links with emerging markets, especially China, India and Brazil; and delivering a Europe that is more dynamic and outward focussed as part of our renegotiation.
Sajid Javid, the UK’s business minister, is delighted with the report.
‘‘The UK has once again climbed up the rankings and is one of the top places in the world to do business, getting closer to the government’s target of reaching the top 5,’’ stated Javid.
‘‘This is international recognition of the UK’s strong and stable business environment, competitiveness and entrepreneurial spirit. Our economy is now growing faster than any other G7 nation.’’
‘‘The government is taking steps to ensure that every part of Britain benefits from the growing economy and that everyone who works hard gets the opportunities they need to succeed,’’ continued the business minister.
Ranking ahead of the UK was Singapore in first place, followed by New Zealand, Denmark, South Korea and Hong Kong. Britain finished ahead of some of the world’s biggest economies, including China, who languished behind the rest of the world in 84th place.