Hong Kong is no longer the top three best places to do business worldwide, according to a new World Bank report.
The World Bank released the latest report of the Doing Business 2016 Report on 28 October to compares the ease of doing business among 189 countries and territories across 10 indicators. Hong Kong ranked in fifth where has fallen two notches because construction permits became harder to maintain and cross border trading more difficult.Singapore is ranked the top.
Among the 10 indicators, Hong Kong ranked the first in “protecting minority investors”, 4th in “paying taxes” and 7th in “dealing with construction permits”. In addition, “starting a business”, “getting electricity” and “getting credit” ranked in 4th, 9th and 19th respectively. This reflects the Government’s continuous efforts to push ahead with reforms to improve the business environment.
The World Bank also commends Hong Kong for successful implementation of reform measures to make doing business easier and and improving access to credit by implementing a modern collateral registry.
The Government welcomed the World Bank’s assessment which ranks Hong Kong as the world’s fifth easiest place in which to do business.
In a statement, the Government said this affirmed its incessant efforts in business facilitation, adding that it would strive to cut red tape, eliminate outdated or unnecessary regulations, enhance regulatory efficiency and reduce business compliance costs.
According to the World Bank’s Doing Business 2016 Report released today, the top five performers are Singapore, New Zealand, Denmark, the Republic of Korea and Hong Kong. The report compares the “ease of doing business” in 189 economies across 10 indicators.
Hong Kong scored 83.67 this year, up from 82.87 last year, indicating an improvement in its overall business environment.
The World Bank also commended Hong Kong’s successful implementation of reform measures to make doing business easier, including eliminating the requirement for a company seal as part of the process of starting a business, and improving access to credit by implementing a modern collateral registry.
Other measures included reducing the processing time for electricity connection and excavation permit applications, and simplifying compliance with companies’ Mandatory Provident Fund obligations to make paying taxes easier.