Planning to start a new business? Move to New Zealand now

New Zealand is now the world's easiest place to do the business, edging out Singapore from its decade-long place at the top of the list

Starting a new business is an exciting endeavor, but is a risk in itself. If you are on the verge of staring a new business, New Zealand would be the perfect place to grow your ambitions now.

According to new World Bank study, New Zealand is now the world’s easiest place to do the business, edging out Singapore from its decade-long place at the top of the list.

The annual “Doing Business” report said reductions in labour-related taxes and regulations that make paying taxes easier as key reasons that place Kiwi’s on the top.

World Bank ranked New Zealand as the prime economy to start and run a business, while Singapore placed second for ease of doing business and Canada as the second better country to run the business. Countries including Venezuela, Libya, Eritrea and Somalia stood at the bottom of the rankings.

Paul Romer, World Bank Chief Economist and Senior Vice President, said: “Simple rules that are easy to follow are a sign that a government treats its citizens with respect.”

“They yield direct economic benefits – more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” Romer added.

According to the report, starting a new business now takes an average of 21 days worldwide, when compared to 46 days reported ten years ago. In New Zealand applicants only need to undertake a single procedure that takes half a day of processing to start a business.

In addition, the country also offers easier formalities with construction permits, registering property, getting credit, and protecting minority investors.

Meanwhile, experts have warned about the country’s vulnerability as a channel for illegal funds, Reuters reported.

Jason Sharman, an Australia-based money laundering expert, was quoted by the news agency as saying: “You want a jurisdiction that has a clean reputation, but doesn’t ask many questions when you’re setting up a company there.