12 best global economies to start a business 2018
New data suggests the global business regulatory environment has changed dramatically in recent years.
Per the World Bank Group, 119 of the 190 economies measured in the report Doing Business 2018 have enacted at least one business regulation reform in the past year. Of these, 79.8% implemented at least one reform for a second consecutive year and 64.7% have done so for a third.
Why is business regulation important? Put simply, it can encourage entrepreneurs to enter an economy where the rules governing start-ups are accessible, transparent and predictable. This, in turn, benefits the economy, boosts capital investment and job creation, and generates more choice for consumers. Proving the economic and political benefits of improved business regulation undeniable.
Inspired, online marketeers Reboot Digital Agency delved into research to discover the best economies to start a business in 2018, in the hope it will offer insight to both budding entrepreneurs and seasoned businessmen/women. To accomplish the research, Reboot utilised data from the World Bank Group*.
Reboot Digital Agency found New Zealand to be the number one economy to start a business in, with a Distance to Frontier** (DTF) rating of 99.96. Though New Zealand’s rating has decreased by 0.18% on 2017 figures, it still presents the strongest case in starting a business in 2018. In fact, it would take just one procedure, half a day and less than 1% of income per capita to start a business in Auckland.
Other economies which rank in the top five for starting a business include Canada (DTF: 98.23), Hong Kong (DTF: 98.14) and Georgia, with a distance to frontier score of 97.84 supported by an increase of 2.12% on 2017 figures. Jamaica lands in 5th place – at 97.3.
Economies which continue to rank in the top 12 but present no change on 2017 figures, include Australia (DTF: 96.47) and South Korea, with a distance to frontier score of 95.83.
Comparably, two economies which have experienced positive change are Kosovo (DTF: 95.67) and Uzbekistan (DTF: 95.54) with vibrant growth of 4.98% and 4.46% respectively, on 2017 figures. The United States
Missing out on the top 12 ‘best economies to start a business in 2018’, the US ranks in 49th place, with a distance to frontier score of 91.23; presenting no change on figures in 2017. On American shores, it would take six procedures and four days to start a business in New York City, a stark contrast to New Zealand’s Auckland who take the number one spot.