Every year, The World Bank releases a report which ranks 190 economies around the world and details which countries are best to start a business in. They look at 10 different aspects of doing business to help you better choose where you work and what you learn!
the different aspects of doing business
The World Bank takes 10 different things into consideration when ranking these economies. They look at;
- Ease of 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 (debt)
All of these categories then have subcategories, such as the length of the process, how long it takes, cost, and many other things. Many countries rank really high in certain aspects and then very low in others, the rankings may surprise you!
Here are the best countries to do business in:
1) New Zealand
Official Language: Maori
New Zealand scores fantastically across the board. They take the #1 spot in three separate categories;
- Starting a Business
- Registering Property
- Getting Credit
They’re also second in protecting minority investors. The lowest rating for New Zealand is 60th in trading across borders.
If those stats aren’t compelling enough, this beautiful country is filled with amazing views, mountains, and beaches.
Singapore was probably not your first guess to be in the rankings, right? Doing business in Singapore is a breeze! They’re first in enforcing contracts, third in starting a business and land themselves in the top ten for; dealing with construction permits, protecting minority investors, and paying taxes.
Official language: Danish
Thanks to its geography, Denmark finds itself first in trading across borders. Denmark holds a spot in the top ten for resolving insolvency and paying taxes. They also rank high in registering property and enforcing contracts.
4) Hong Kong, China
Official Language: Mandarin Chinese
This Chinese economy finds itself highly ranked in many categories. It’s first in both dealing with construction permits. It’s also ranked in the top ten for starting a business and getting electricity.
5) South Korea
Official Language: Korean
Despite its troubles with neighboring countries, South Korea is considered very easy to do business with. They are second in both getting electricity and enforcing contracts. They find themselves in the top ten for dealing with construction permits.