England, Scotland and Northern Ireland, all formally known as the UK, have been named the 6th most business-friendly place in the world, according to the World Bank Group’s Doing Business 2016 report.
The report assesses the affect of regulation on businesses which has placed the UK two steps higher from last year ahead of Japan, Germany and surprisingly the US which sits in 7th place because of the fairly low business tax rates.
The trio inside of the UK has a ‘joint-lowest’ corporate tax rate (20%) of the G20, and the government are forecasting to decrease it by 2% which will hopefully be in place by 2020.
Despite the UK sitting comfortably at sixth place, the country has had some downfalls. If you take into consideration the average of 21.5 days to transfer properties compared to Denmark (the 3rd most business-friendly country) who only takes up to 4 days to complete a transfer, the light doesn’t shine so bright. The Wall Street Journal and The Heritage Foundations 2015 has also listed the UK in a much lower position due to similar delays. The Heritage Foundations 2015 Index Economic Freedom positioned the UK at number 13. (The famous unlucky number!)
However, Secretary of State for Business, Innovation and Skills, Sajid Javid has said;
“The UK has once again climbed up the rankings and is one of the top places in the world to do business, getting closer to the Government’s target of reaching the top five.
“This is international recognition of the UK’s strong and stable business environment, competitiveness and entrepreneurial spirit. Our economy is now growing faster than any other G7 nation.”
It looks like businesses around the world are doing a lot better, a report from the World Bank has shown that in total 60% of businesses have improved their directions over the past 12 months.
Here are the top ten most business-friendly countries in the world:
- Still at number one is Singapore
- Settled at number two is New Zealand
- Climbing from fourth to third is Denmark
- And from fifth to fourth is South Korea
- Losing its spot at third place to fifth is Hong Kong
- Climbing up two places to sixth place is the trio that is, the UK
- The non-mover at seventh place, the United States
- From eleventh to eight, is Sweden
- Falling to ninth place from sixth is Norway
- And finally from ninth to tenth, Finland