Home Funding & Finance Australia ranks 10th in world for ease of doing business

Australia ranks 10th in world for ease of doing business [STATISTICS]


How easy is it to do business in Australia?

Apparently, it’s easier than doing it in Germany, Japan and Portugal. And it’s a damn sight easier than in Argentina or the Solomon Islands.

That’s the assessment by The World Bank and the International Finance Corporation in their latest rankings of the world’s economies. The Doing Business project indexes 183 nations based on their economic rules and regulations to find out how each country nurtures, protects or impedes the process of starting and sustaining a business.

In the 2010 rankings, released in November, Australia checked in at number 10 — just ahead of Saudi Arabia and just behind Ireland. (New Zealand, by the by, was number three Singapore topped the list and Chad brought up the rear.)

Most intriguing to SMEs was Australia’s number two ranking in the sub-category of starting a business — defined by the list as “the bureaucratic and legal hurdles an entrepreneur must overcome to incorporate and register a new firm.”

The nation was sixth in “getting credit” and 12th in “closing a business.” On the other hand, Australia crawled in at 63rd for “dealing with construction permits” and 59th for “protecting investors” (the latter is defined as “the strength of minority shareholders protections against misuse of corporate assets by directors for personal gain.”)