Auckland

Starting a brand-new business in brand-new Zealand takes less than one day. In Venezuela, the idea takes 230.

which startling difference helps explain why the earth Bank has rated brand-new Zealand as the easiest place on the planet to do business — in addition to why Venezuela languishes 187th out of 190 economies.

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This kind of year’s report is actually the very first time brand-new Zealand has seized the top spot inside rankings. the idea toppled Singapore, which had kept a stranglehold on first place for the past decade.

Related: 4 reasons why Venezuela became the earth’s worst economy

brand-new Zealand scored the highest worldwide in several of the 10 indicators which the earth Bank looks at, such as starting a business, dealing with construction permits, registering property in addition to getting credit.

The United States slipped down one place inside overall table, by seventh to eighth. the idea was ranked highly for getting credit in addition to dealing with insolvent firms — nevertheless the idea suffered by a pretty poor rating for starting a business (51st worldwide).

the idea wasn’t one of the 137 economies around the globe which made the idea easier to start in addition to run modest in addition to medium-sized businesses over the past year, according to the earth Bank study.

Related: The rich who owe no income tax

The three places which have most much better their business environment through recent reforms are Brunei, Kazakhstan in addition to Kenya, the report said.

The worst rated economy worldwide is actually Somalia, which wasn’t included in last year’s rankings. The war-ravaged East African nation scores particularly badly for paying taxes (the earth Bank says no such practice exists in Somalia) in addition to protecting minority investors.

Here’s the top 10:

1. brand-new Zealand

2. Singapore

3. Denmark

4. Hong Kong

5. South Korea

6. Norway

7. United Kingdom

8. United States

9. Sweden

10. Macedonia

sy88pgw (Hong Kong) First published October 26, 2016: 12:48 AM ET


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