New Zealand has trumped countries like Singapore and Australia to be named the top country in the world for doing business.
The World Bank’s 2017 Doing Business report, placed New Zealand at number one, after coming second last year and third in 2014.
The report evaluates 190 nations, ranking them according to the impacts of their regulations on business activity in each respective country.
New Zealand ranked first as it has fewer procedures required to setup a business and enables the shortest time period to fulfil them, compared to other countries.
It also ranked first in ease of registering property, getting access to credit, and working with authorities to obtain building and construction permits.
The report is made up of 10 different indicators that affect businesses globally, specifically highlighting:
- New Zealand’s strength in transparent government procurement through the online procurement process (GETS)
- New Zealand’s efficient regulations for business tax; making the process of paying taxes easier and more affordable for businesses.
The report comes as positive news to government agencies working to grow New Zealand’s economy.
“The report highlights the good work government agencies are doing through our comprehensive Business Growth Agenda to reduce the cost of doing business. There is always room to improve further and the Government will continue to work hard to make it easier to do business in New Zealand,” says Minister for Economic Development, Hon Steven Joyce.
Reducing regulatory burden is globally recognised as a key factor to support a competitive and productive economy.
“[Simple regulations] yield direct economic benefits: more entrepreneurship, more market opportunities for women, [and] more adherence to the rule of law” says World Bank chief economist Paul Romer, describing the benefits of New Zealand’s regulations.
The full World Bank 2017 Doing Business report is available here.