United States Ranks behind Rwanda in Ease of Creating New Business
January 28, 2014
The World Bank and the International Finance Corporation has found that it is easier to start a new business in Rwanda, Belarus and Azerbaijan than in the United States, says the Washington Examiner.
- The report looked at 189 countries, analyzing their regulations and required procedures for starting a new business, as well as compliance time and costs.
- New Zealand, the World Bank found, boasts the easiest procedure for starting a business, requiring only "one procedure, half a day, (and) less than 1 percent of income per capita and no paid-in minimum capital."
- Also in the top five were Canada, Singapore, Australia and Hong Kong.
But in the United States, starting a new business takes six procedures, five whole days and 1.5 percent of a company's income per capita. The United States ranked 20th among the 189 countries that were studied.
Source: Sean Higgins, "U.S. Ranks behind Rwanda, Belarus, Azerbaijan in Ease of Creating New Business, World Bank Says," Washington Examiner, January 22, 2014.
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