World Bank names NZ best country for business
New Zealand has been named by The World Bank as the best country to do business in.
For the past 14 years, the World Bank has published data on the main regulatory constraints affecting small and medium enterprises throughout their life cycle.
The global financial institution bumped New Zealand up from second place, overtaking Singapore, in its Doing Business 2017 report.
Singapore had topped the list for the past decade.
In terms of starting a business, New Zealand ranked first as it had the smallest number of procedures required and the shortest time to fulfil them.
The global average time to set up a new business was 21 days.
It also ranked first in registering property, getting credit, dealing with construction permits and protecting minority investors.
World Bank chief economist Paul Romer said simple rules for doing business were a sign that a government treated its people with respect.
“They yield direct economic benefits: more entrepreneurship, more market opportunities for women, more adherence to the rule of law.”
More than 130 economies adopted key reforms to make it easier to start and operate small and medium sized businesses.
Developing countries carried out more than 75 per cent of the 283 reforms in the past year.