Existence of business and trade among different parts of the world has been a vital to its functioning since time immemorial. However, it was only after Globalization that the scale and volume of trade started reaching sky rocketing heights. Due to advancements in the transportation and communication technology, since the 18th century, interaction and integration among people, countries and governments worldwide saw an upsurge. This led to increased demand of varied products across the globe and consequently a wide-range of business opportunities rose.
Since business is universal, different geographical locations have different advantages over one another. Depending on a country’s regulations, the entrepreneurs struggle or thrive when starting a business. The World Bank Group annually releases ‘Doing Business’ report which measures the ease of operating a business based on 12 key factors, which can be categorized under 5 heads – namely,
01. Opening a business
- Starting a business
- Employing workers
02. Getting a location
- Dealing with construction permits
- Getting electricity
- Registering property
03. Accessing finance
- Getting credit
- Protecting minority investors
04. Dealing with day-to-day operations
- Paying taxes
- Trading across borders
- Contracting with the government
05. Operating in a secure business environment
- Enforcing contracts
- Resolving insolvency
The Doing Business (DB) ranking measures a country’s processes and regulations that support freedom and ease of doing business. It scores a country’s performance in each of the factors mentioned above out of a total 100.
For many developing countries, the cost of starting a business has fallen over time, which has given small entrepreneurs an opportunity to break into the global market. The factors that facilitate ease of doing business are conducive to economic growth as they determine and affect the business environment in the various economies.
The scope and dynamics of business environment is so interesting and fascinating that every year huge number of students apply for degree courses in business environment offered by several universities and colleges across the globe. The curriculum of these courses is so well-crafted that students often need assignment help to be able to complete their work and studies in time, but it makes them technically adept to be able to work in real-life situations.
The business environment assignment help experts at Archlite have written in brief about the top 4 countries in ease of doing business, that we hope our readers would be interested to know about! Through years of writing and professional experience our team has realized the importance of knowledge and how it gives an edge to one’s personality. So, we try and bring to you interesting pieces of information that you’ll enjoy and may share with others too. Now without further ado, let’s take a read!
- NEW ZEALAND
With a Doing Business score of 86.8 out of 100, New Zealand tops the list of countries in ease of doing business. An island country in the southwestern Pacific Ocean, New Zealand has toped this list for the fourth time in a row. It only requires half a day to start a business here. Entrepreneurs have to apply online for registration with the Companies Office (including IRD number application and registration for GST), through their website.
A sovereign island city-state in maritime Southeast Asia, Singapore scored an 86.2 out of 100 in the Doing Business report. Apart from offering a safe and secure environment, the time here taken to start a business is very less, only a day or even less than that. There is on-line registration with the Accounting and Corporate Regulatory Authority (ACRA) including company name search and filing the company incorporation and tax number (GST). And also, the entrepreneur has to sign-up for Employee Compensation Insurance at an insurance agency.
- HONG KONG
Hong Kong is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. It scored 85.3 out of 100 in ease of doing business. Entrepreneurs have to choose a unique company name (which may be in English, traditional Chinese or both), and obtain a certificate of incorporation and a business registration certificate. After that, sign-up for Employee’s Compensation Insurance and Mandatory Provident Fund (MPF) Schemes with a private company or a bank.
Denmark is a Scandinavian country in Northern Europe, comprising of the Jutland Peninsula and numerous islands. With a score of 85.3 out of 100, similar to that of Hong Kong, it is fourth on the list of ease of doing business since the procedures here are more. First, the entrepreneur needs to obtain a NemID signature from the Danish Agency for Digitization. Then an amount has to be deposited as startup capital at a bank and then register the company with the Danish Business Authority (DAB). After this the employer also has to register with the Danish Business Authority. Lastly, the employees are to be registered with workmen’s insurance.
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