3K0 Oct-Kathmandu: A World Bank Group report says that Nepal, over the past year, made it much easier to start a new business.
The report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises,released on Tuesday says this was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process.
The report finds that South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes.
The report ranks Nepal 105th out of 189 global economies. In terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, surpassed only by Sri Lanka and Maldives.The country’s rank in Starting a Business topic is 97, compared to 103 in 2013.
Singapore tops the global ranking on the ease of doing business. 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.
