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28 countries where it's easiest to start a business

August 28, 2013 08:42 IST

28 countries where it's easiest to start a business

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There are some countries that encourage businesses by removing as many hurdles as possible, while there are others that have too many regulations.

Let's take a look at India and 28 other nations where it's easiest to start a business.

Source: Global Innovation Index 2013

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Image: A girl smiles while seated on a float decorated with flowers during a parade at the Madeira Island Flowers Festival in Funchal, Portugal.
Photographs: Duarte Sa/Reuters
Tags: India

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India

Score (0–100): 62.40

Overall rank: 128

Although India has taken steps in recent years to remove some hurdles, there are still too many regulations bogging down businessmen and entrepreneurs. Its lowly rank of 128 among 142 countries shows that the government needs to reform and remove red-tape in many areas.

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Image: A view of India Gate in New Delhi.
Photographs: Mansi Thapliyal/Reuters
Tags: India

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New Zealand

Score (0–100): 100

Overall rank: 1

New Zealand, one of the biggest exporters of dairy products in the world, has been praised for removing many barriers to foreign investments and local businesses.

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Image: A view of Auckland, New Zealand.
Photographs: Stefan Wermuth/Reuters

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Canada

Score (0–100): 99.10

Overall rank: 2

Canada, which has the ninth-highest per capita income in the world, is one of the most investor-friendly countries in the globe. It has a booming trade relations with many nations, especially neighbouring United States.

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Image: A view of Montreal in Canada.
Photographs: Shaun Best/Reuters

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Australia

Score (0–100): 97.90

Overall rank: 3

Australia, which has the fifth-highest per capita income in the world, is ranked high both in social and business freedom. The country offers one of the best environments for investments and setting up industries.

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Image: A surfer watches a group of dolphins leap in the waters of Bondi Beach in Sydney, Australia.
Photographs: Daniel Munoz/Reuters
Tags: Australia

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Macedonia

Score (0–100): 97.80

Overall rank: 4

Macedonia, which has recently introduced a flat tax to attract more investments, has a developed open economy, with trade accounting for more than 90 per cent of gross domestic product.

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Image: A girl performs a fire show at the Mavrovo ski resort, 100km west of Macedonian capital Skopje.
Photographs: Ognen Teofilovski/Reuters
Tags: Macedonia

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Georgia

Score (0–100): 97.60

Overall rank: 5

Georgia, which has been called one of the biggest reformers in the world, has implemented several changes after witnessing sever economic problems in the 1990s.

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Image: A view of the Georgian Presidential Palace in Tbilisi.
Photographs: David Mdzinarishvili/Reuters
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Rwanda

Score (0–100): 97.30

Overall rank: 6

Rwanda, whose primary exports are coffee and tea, is an attractive destination for foreign investors, especially in tourism sector and commercial establishments.

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Image: A water fountain is seen in the middle of a roundabout in Rwanda's capital Kigali.
Photographs: Frank Nyakairu/Reuters
Tags: Rwanda

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Kyrgyzstan

Score (0–100): 96.00

Overall rank: 7

Kyrgyzstan, whose major export is gold, has carried out several economic reforms, including better regulatory system and privatisation of government-owned enterprises.

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Image: A man and his horse rest in Susamyr, Kyrgyzstan.
Photographs: Vladimir Pirogov/Reuters

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Singapore

Score (0–100): 95.90

Overall rank: 8

Singapore, one of the most open economies in the world, has low taxes and high per-capita GDP. It's a major economic hub in the globe.

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Image: A view of the financial district in Singapore.
Photographs: David Loh/Reuters

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Hong Kong

Score (0–100): 95.80

Overall rank: 9

Hong Kong, which has the eighth most traded currency in the world, is constantly ranked high in economic freedom, competitiveness and quality of life.

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Image: People walk on stairs featuring a five-metre-high reproduction of Vincent van Gogh's signature painting 'Sunflowers', at the entrance to Ocean Terminal in Hong Kong.
Photographs: Bobby Yip/Reuters
Tags: Hong Kong

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Madagascar

Score (0–100): 95.50

Overall rank: 10

Madagascar, whose 70 per cent population depends on agriculture, is an exporter of seafood, vanilla, coffee, cacao, litchi, pepper and cotton among other products.

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Image: Madagascar's old colonial church in the capital Antananarivo.
Photographs: Tim Cocks/Reuters

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Slovenia

Score (0–100): 95.10

Overall rank: 11

Slovenia, which has two third working population employed in the service sector, has excellent infrastructure, educated workforce and limited trade barriers.

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Image: A view of Ljubljanica river in Ljubljanica, Slovenia.
Photographs: Srdjan Zivulovic/Reuters
Tags: Slovenia

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Armenia

Score (0–100): 94.70

Overall rank: 12

Armenia, which has reformed its tax and customs structures, has been a major recipient of grants and loans from international institutions, such as IMF, World Bank and EBRD.

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Image: A view of Yerevan, capital of Armenia.
Photographs: Serouj Ourishian/Wikimedia Commons

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Belgium

Score (0–100): 94.30

Overall rank: 13

Belgium, which has a booming trade with almost all major countries, benefits from its central location, educated workforce and strong fundamentals.

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Image: A tourist takes a picture of a model of an English guard in front of a miniature reproduction of the Buckingham Palace in the Mini-Europe park, where all the models are built at a scale of 1:25, in Belgium, Brussels.
Photographs: Laurent Dubrule/Reuters
Tags: Belgium

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Malaysia

Score (0–100): 93.60

Overall rank: 14

Malaysia, which has a open and industrialised economy, is one of the biggest financial and business hubs in Asia.

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Image: A view of Malaysia's capital Kuala Lumpur.
Photographs: Bazuki Muhammad/Reuters

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Finland

Score (0–100): 93.20

Overall rank: 15

Finland, whose international trade comprises a third of its GDP, is one of the biggest supporters of free trade and open economies.

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Image: Tourists take part in the reindeer safari at Arctic Circle near Rovaniemi, northern Finland.
Photographs: Kacper Pempel/Reuters
Tags: Finland , GDP

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Ireland

Score (0–100): 93.20

Overall rank: 16

Ireland, which is constantly ranked as having excellent quality of life, is a major exporter of zinc and lead concentrates.

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Image: A woman cycles past the Coffee To Get Her restaurant near Dublin city centre which becomes a bar and club in the evenings, in Ireland.
Photographs: Cathal McNaughton/Reuters
Tags: Ireland

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Sweden

Score (0–100): 92.60

Overall rank: 17

Sweden, whose 90 per cent resources and firms are in private hands, is one of the most highly competitive economies in the world.

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Image: A view of Stockholm, Sweden.
Photographs: Ints Kalnins/Reuters
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Denmark

Score (0–100): 92.40

Overall rank: 18

Denmark, which has one of the lowest income inequalities in the world, advocates open trade policies and lifting of trade barriers.

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Image: Oresund bridge, which links the city of Malmo in Sweden to Copenhagen, the capital of Denmark, has a total length of 7,845 metres.
Photographs: Radu Sigheti/Reuters
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Hungary

Score (0–100): 92.30

Overall rank: 19

Hungary, which has attracted more than $70 billion in foreign investment, has a booming private sector contributing about 80 per cent to GDP.

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Image: Hungarian Parliament building is reflected on the icy Danube river in Budapest.
Photographs: Laszlo Balogh/Reuters
Tags: Hungary , GDP

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Belarus

Score (0–100): 91.70

Overall rank: 20

Belarus, which has taken some measures to liberalise its economy, is struggling to move away from state-run to market-driven economy.

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Image: Workers of an Orthodox church clear snow from a pavement in front of the church during heavy snowfall in central Minsk, Belarus.
Photographs: Vasily Fedosenko/Reuters
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Portugal

Score (0–100): 91.70

Overall rank: 21

Portugal, which is home to many global companies, has been part of Eurozone since its start.

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Image: Passengers wait for their trains at Lisbon's subway station in Portugal.
Photographs: Jose Manuel Ribeiro/Reuters
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France

Score (0–100): 91.50

Overall rank: 22

France, which has the second-biggest economy in Europe, boasts one of the most liberal and competitive markets in the world.

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Image: A view of Paris, France.
Photographs: Charles Platiau/Reuters

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Albania

Score (0–100): 91.40

Overall rank: 23

Albania, which has abundant natural resources, moved away from state-run economy to market-driven in the early 1990s.

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Image: People walk after snowfall in the city of Bulqize, some 140km miles north of capital Tirana in Albania.
Photographs: Stringer/Reuters
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Mauritius

Score (0–100): 91.40

Overall rank: 24

Mauritius, which has attracted billions in foreign investments, is witnessing big growth in industrial, financial and tourism sectors.

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Image: A tour guide stands with a group of tourists at a viewpoint overlooking Port Louis in Mauritius.
Photographs: Ed Harris/Reuters
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Latvia

Score (0–100): 91.20

Overall rank: 25

Latvia, which is dominated by private-run companies, has a growing industrial base although the service sector still dominates the economy.

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Image: A view of Riga in Latvia.
Photographs: Ints Kalnins/Reuters
Tags: Latvia

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Iceland

Score (0–100): 91.10

Overall rank: 26

Iceland, which is a mixed-economy, has carried out extensive market reforms in recent years. It is rated high in quality of life, income equality and as having the most egalitarian societies in the world.

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Image: Children skate on the ice of the frozen Tjoernin lake in central Reykjavik, Iceland.
Photographs: Stoyan Nenov/Reuters
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Norway

Score (0–100): 91.10

Overall rank: 27

Norway, which has abundance of natural resources, has high standard of living, competitive market and one of the best welfare systems in the world.

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Image: Royal Palace at the end of Karl Johans Gate in Oslo, Norway.
Photographs: Suzanne Plunkett/Reuters
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Bulgaria

Score (0–100): 90.90

Overall rank: 28

Bulgaria, which has a large private sector, is an exporter of iron and steel, machinery and refined fuels. The World Bank ranks it as an upper-middle-income country.


Image: Worshippers walk with candles around the golden-domed Alexander Nevski cathedral during the Orthodox Easter service in Sofia, Bulgaria.
Photographs: Tsvetelina Belutova/Reuters

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