4 November 2010

The World Bank today released its 'Doing Business' 2011 report. It rated the UK as fourth in the world on its Ease of Doing Business Ranking behind Singapore (Ranked No 1), Hong Kong (2) and New Zealand (3). Economies are ranked on their ease of doing business, from 1 - 183. A high ranking on the ease of doing business index means the regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country's percentile rankings on 9 topics, made up of a variety of indicators, giving equal weight to each topic. The rankings are from the Doing Business 2011 report, covering the period June 2009 through May 2010. Yearly movements in rankings can provide some indication of changes in an economy’s regulatory environment for firms, but they are always relative.

Responding to the report Minister for Business and Enterprise Mark Prisk said:"Overall, the UK is now the best place in the G8 and the EU to run a small firm. This is a fantastic achievement that will be bolstered by our initiatives at Monday's Small Business Summit aimed at boosting enterprise and increasing access to finance. We want to make this the most entrepreneurial decade in the UK's history and will continue those efforts."

About the World Bank 'Doing Business' report 2011

In the past year, governments in 117 economies carried out 216 regulatory reforms aimed at making it easier to start and operate a business, strengthening transparency and property rights, and improving the efficiency of commercial dispute resolution and bankruptcy procedures. This is a finding of Doing Business 2011: Making a Difference for Entrepreneurs, the eighth in a series of annual reports published by IFC and the World Bank. The report ranks 183 economies on key aspects of business regulation for domestic firms.

Globally, doing business remains easiest in the high-income economies of the Organisation for Economic Co-Operation and Development and most difficult in Sub-Saharan Africa and South Asia. But developing economies are increasingly active. In the past year, 66 percent reformed business regulation, up from 34 percent six years earlier.

In the past five years, about 85 percent of the world’s economies have made it easier for local entrepreneurs to operate, through 1,511 improvements to business regulation. Doing Business 2011 pioneers a new measure showing how much business regulation has changed in 174 economies since 2005. China and India are among the top 40 most-improved economies. Among the top 30 most improved economies, a third are from Sub-Saharan Africa. Worldwide, more than half the regulatory changes recorded in the past year eased business start-up, trade, and the payment of taxes. Many of the improvements involve new technologies. “New technology underpins regulatory best practice around the world,” said Janamitra Devan, Vice President for Financial and Private Sector Development for the World Bank Group. “Technology makes compliance easier, less costly, and more transparent.”

For the fifth year running, Singapore leads in the ease of doing business, followed by Hong Kong SAR China, New Zealand, the United Kingdom, and the United States. Among the top 25 economies, 18 made things even easier over the past year. “Governments worldwide have been consistently taking steps to empower local entrepreneurs,” said Neil Gregory, Acting Director, Global Indicators and Analysis, World Bank Group. “The economies most affected by the financial crisis—especially in Eastern Europe—have been targeting regulatory reforms over the past year to make it easier for small and medium-size enterprises to recover and to create jobs.”

Kazakhstan improved business regulation for local entrepreneurs the most in the past year. This year’s list of the 10 most-improved economies also includes three in Sub-Saharan Africa—Rwanda (a consistent reformer of business regulation), Cape Verde, and Zambia—as well as Peru, Vietnam, Tajikistan, Hungary, Grenada, and Brunei Darussalam.
About the Doing Business report series Doing Business analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and closing a business. Doing Business does not measure all aspects of the business environment that matter to firms and investors.

Click here to download a Summary of the Doing Business Report 2011 ()
Click here to download the full 'Doing Business' Report 2011 ()