It’s not always easy, or quick, to start a business, especially a successful one. Experience, know-how, and capital certainly help.
In some countries, it can take a lot longer than in others, depending on the regulatory environment for local entrepreneurs. A study by Victoria University in Melbourne, Australia, found that some of the easiest countries to start a business also allowed for the quickest startups. The average number of days to start a business in New Zealand, for example, was just half a day, while in Georgia it was one day, and in Singapore, Hong Kong and Canada it was 1.5 days. In some of the most difficult countries to start a business, according to their report, Venezuela took 233 days, Cambodia 99 days, and Haiti 97 days.
This ranking is based on the the World Bank’s rating of 190 economies on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The topics include construction permits, getting electricity, credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and registering property. The rankings for all economies are benchmarked to May 2019.
These are the easiest countries to start a business.