Doing Business 2010 report

Where is the best place on the planet to do business? Singapore? Hong Kong? Britain? Read on to find out…

The World Bank has rated Singapore as the easiest economy in the world to do business in its annual Doing Business Report. Singapore has topped the chart for the fourth year running. The city state is also reported to be the easiest place in the world to hire workers and to conduct cross-border trade.

New Zealand was ranked second in this year’s report. Hong Kong, the United States and the United Kingdom complete the list for the top five countries.

Despite greater political and economic freedom in Hong Kong, the Self Administrating Region’s overall ranking was dragged down by excessive bureaucracy in closing a business. In Hong Kong it takes an average of 13 months to resolve the bankruptcy of a limited company; it takes the Singaporeans an average of just 9 months. In Hong Kong, it takes over 45 days to register a business property whereas in Singapore it takes a little more than five days, thereby reducing business set up costs. China fell three places in the rankings to 89th, whereas Taiwan jumped 15 spots to 46th (largely due to its economic reforms on corporation taxes).

Find out more in the report here.