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Easier to start new business

Bangladesh goes 21 -notch up in latest WB's Doing Business report

Staff Correspondent
Bangladesh is ranked 74 for ease in starting a new business in the new Doing Business report, a leap of 21 places from last year's rank.
The report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, says Bangladesh has made notable progress in reforms that make it easier to start and run a business in the country.
It has undertaken significant and continuous reforms in business registration, process simplification, and automation in areas such as service delivery.
This reduced the time required to obtain trading licences and complete tax and value added tax registrations, said the new World Bank report released globally yesterday.
"It is encouraging to see that Bangladesh has made it easier to start a business," said Johannes Zutt, World Bank country director for Bangladesh and Nepal.
"But to realise its full growth potential, Bangladesh needs to do more to improve its investment climate and to promote the country as an attractive destination for investors and entrepreneurs."
According to data collected by Doing Business, starting a business in Bangladesh requires seven procedures, takes 10.5 days and costs 19.9 percent of the income per capita.
The number of days needed to start a business came down to 10.5 from 18.5 days in the last year's ranking.
Overall, Bangladesh is ranked 130 out of 189 economies. Last year, it was ranked 132.
Among the South Asian countries, Bangladesh is ahead of India, ranked at 134th, but trails behind Pakistan, Nepal and Sri Lanka, who are placed at 110th, 105th and 85th respectively.
The aggregate ease of doing business rankings are based on 10 indicators.
Apart from starting a new business, Bangladesh only improved its position in resolving insolvency, while it slipped in the areas of dealing with construction permits, getting credit, protecting investors, paying taxes and trading across borders.
The ranking in other areas such as getting electricity, registering property and enforcing contracts remains unchanged.
International Finance Corporation (IFC), a member of the World Bank Group, supported Bangladesh's automation of business registration to help reduce time required to register a business with the Registrar of Joint Stock Companies from 57 days in 2008 to three days in 2010.
Time for issuance and renewal of trade licence was reduced from three days to half a day, with ten fewer steps.
“Sustained efforts from the government and private sector, as in the case of business registration and trade licence reforms, ensure success in reforms, and significant improvement in business environment," said Kyle F Kelhofer, IFC Bangladesh country manager.
Bangladesh performed the worst in providing electricity connection to the entrepreneurs, who have to wait 404 days to light up their businesses.
Singapore tops the global ranking on the ease of doing business for the eighth consecutive year.
Joining it on the list of the top 10 economies with the most business-friendly regulations are Hong Kong SAR, China, New Zealand, the United States, Denmark, Malaysia, South Korea, Georgia, Norway, and the United Kingdom.
The ranking was prepared on the basis of data available in the first half of the current year.