(Image Credit: iStock)

10 best countries to start your business in 2017

UAE is ranked 26th in ease of doing business and ranked 1st for ease in payment of business taxes

Based on the annual report titled Doing Business 2017 by the World Bank Group, these countries emerged in the top 10 for ease of doing business. The parameters include, and are not limited to, the number of procedures, days for completion, cost and minimum paid-up capital required. The report analyses 189 economies on 11 parameters of business processes.
UAE: Rank 26
UAE ranks 26th in ease in doing business, coming up from 60th position in 2016. The reforms made this year include streamlining of name reservation and articles of association notarisation and merging resgistration processes with the Ministry of Human Resources and General Pensions, and Social Secutiry Authority. The UAE also reduced the duration of a single fixed-term contract from 48 months to 24 months. The 'Getting Credit' score is the only one where the country lags behind.
Starting a business in the UAE requires 4.5 procedures to be completed in 8.5 days.Cost of set up is calculated at 13 per cent of per capita income, which comes up to approximately Dh20,596.

Overall ranking: Ease in Doing Business

Country Steps Days Cost GNI per capita (US$) Net cost (US$) Net cost (Dirhams)
New Zealand 1 0.5 day 0.30% 40,080 120.24 441.3
Singapore 3 2.5 days 0.60% 52,090 312.54 1147
Denmark 4 3 days 0.20% 58,590 117.18 430.05
Hong Kong SAR, China 2 1.5 days 0.60% 41,000 246 902.82
Korea, Rep. 2 4 days 14.6% 27,440 4,006.24 14,702.9
Norway 4 4 days 0.90% 93,820 844.98 3,098.8
United Kingdom 4 4.5 days 0.10% 43,340 43.34 159
United States 6 5.6 days 1.1% 54,960 604.56 2,218.73
Sweden 3 7 days 0.50% 57,810 289.05 1,060.8
Macedonia, FYR 2 2 days 0.10% 5,140 5.14 18.86

 
UAE is ranked 1st in payment of taxes as businessmen only require 12 hours to complete their...Read more...

Source: gulfnews.com