30-10-2013: The DhakaTribune: Bangladesh 21 notches up in easing business start-ups: Bangladesh has made notable progress in reforms that made it easier to start and run a business in the country: Bangladesh is ranked 74 for simplifying regulations to start a new business, which is a leap ahead of 21 places from the previous year, according to a new World Bank report on business climate released on Tuesday.
It said Bangladesh has made notable progress in reforms that made it easier to start and run a business in the country. Amongst South Asian countries, Bangladesh is well ahead of India, Pakistan, Nepal and Sri Lanka.
However, considering the overall easing of business environment, the country is ranked 130 against a total of 189 countries, going down one notch as compared to last year, according to a report titled â€˜Doing Business 2014: Understanding Regulations for small and medium enterprises.
Amongst South Asian countries for overall easing business climate, Bangladesh is above India but after Pakistan, Thailand, Sri Lanka and Nepal.
The rankings are based on regulations affecting 11 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers.
The report said Bangladesh made significant and continuous reforms in business registration, process simplification, and automation in areas such as service delivery. This reduced time required to obtain trading licenses and complete tax and value added tax registrations.
â€œIt is encouraging to see that Bangladesh has made it easier to start a business,â€ said Johannes Zutt, World Bank Country Director for Bangladesh and Nepal. â€œBut to realise its full growth potential, Bangladesh needs to do more to improve its investment climate and to promote the country as an attractive destination for the investors and entrepreneurs.â€
Singapore topped the global ranking on the ease of doing business for the eighth consecutive year. Joining it on the list of the top 10 economies with the most business-friendly regulations are Hong Kong SAR, China, New Zealand, the United States, Denmark, Malaysia, the Republic of Korea, Georgia, Norway, and the United Kingdom.