Singapore tops business-friendly rankings

6 September 2006

Singapore is the most investment and business-friendly place in the world, according to a World Bank report released today, with China and India also receiving praise for recent business reforms.

The Doing Business 2007 report ranked 175 world economies in order of how easy setting up businesses and obtaining licenses is, along with the complexity of tax and regulatory issues.

Singapore came top of the rankings, beating last year's highest ranked economy New Zealand, where obtaining business licenses has become more difficult in the last 12 months, the report claims.

The US, Canada and Hong Kong made up the rest of the top five, while the Democratic Republic of Congo came last as a result of the many complex regulations that make registration of new companies a time consuming and costly affair.

Other countries were noted for their increased efforts to facilitate investment and business with the introduction of reforms, with China making particular advances despite being only 93rd in the rankings.

India, despite its efforts to increase investment in its fast-growing economy, ranked significantly lower, coming in at 134th.

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