indonesia leads the world in reforms of business

Category : Adventure | Posted On Nov 17, 2016

Singapore may be one of the easiest country’s in the world in which to do business, but the city-state shouldn’t become complacent. Asean neighbours Indonesia and Brunei lead the world in reforms aimed at making it easier to do business in their respective countries.According to the recently published Doing Business 2017: Equal Opportunity for All, Indonesia and Brunei were among the top ten most improved countries in the world this year for doing business in, with the latter improving 25 places on last year ,and the former moving up 15 spots.Produced by the World Bank Group, the report ranks nations from 1 to 190 by how easy it was for a local entrepreneur to open and run a small- to medium-size business in a country, complying with all relevant regulations, measured and tracked in 11 areas in the life-cycle of a business between June 2015 and June 2016.The report ranks the processes associated with starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and labour market regulation.

INDONESIA: RECORD NUMBER OF BUSINESS REFORMS

Reforms to seven areas of doing business saw Indonesia rise 15 places in the 2017 ease of doing business report have made starting a business easierLeading the charge at improving the ease of doing business in Asean was Indonesia. Improvements in a record seven areas of doing business – starting a business, getting electricity, registering property, getting credit, paying taxes, trading across borders, and enforcing contracts – saw it rise 15 places from the previous year to now rank 91.One of the reforms responsible for its improved ranking saw the creation of a single document to register and obtain a company certificate, and a trading licence.It also abolished the minimum capital requirement for small- and medium-size enterprises, and promoted the use of an online system to reserve company names. The result; it now takes 22-days to start a business in Indonesia, compared with 47-days previously.Commenting on the record number of reform areas undertaken by Indonesia over the 12-month period, World Bank country director for Indonesia, Rodrigo Chaves said ‘”The Indonesian government has done a lot to enhance the quality of the business environment for the private sector. It is encouraging to the global business community and local entrepreneurs alike to see the process of conducting business simplified in so many areas.”’