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Bangladesh halves business start-up costs PDF Print E-mail
Friday, 12 September 2008

WB report reveals

Desk Report

Bangladesh has reduced the cost of starting a business by almost 50 percent, according to a World Bank report launched on Wednesday.

The Doing Business Report 2009 – the sixth in a series of reports published by the IFC and the WB – records reforms easing regulatory burden of doing business in countries.
 
The report ranks 181 economies on the overall ease of doing business. Bangladesh has been ranked at 110.
 
Singapore topped the list followed by, New Zealand, the previous No. 1, the United States, Hong Kong (China), Denmark and the United Kingdom.
 
The study, according to a statement released by the WB's Dhaka office, says Bangladesh is the only South Asian country to record two reforms.
 
Reforms at Municipal Deed Registry Office halved the time needed to register property. Bangladesh made involving lawyers in company registration optional which eliminated one procedure and reduced the cost by $100, according to the WB study.
 
The report also cited 25 percent reduction in time taken to pay taxes.
 
Referring to the establishment of Regulatory Reforms Commission in Bangladesh, WB's acting country director Zahid Hussain said the country must now focus on swift implementation of reforms in the pipeline to improve the climate for doing business.
 
Among regions, Eastern Europe and Central Asia led in reforms of business regulation for a fifth consecutive year, with more than 90 percent of its countries making improvements.
 
East Asia and the Pacific was second, with China leading the way by making it easier to access credit, pay taxes, and enforce contracts. The Middle East and North Africa were tied at second.
 
The study ranked economies based on ten indicators that track the time and cost to meet government requirements in starting and operating a business, trading across borders, paying taxes, and closing a business.
 
The rankings do not reflect such areas as macroeconomic policy, quality of infrastructure, currency volatility, investor perceptions, or crime rates.

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