BY KARENA BENNETT (Business reporter – jamaicaobserver.com)
Jamaica moved up 0.57 per cent in its rating for starting a business to secure its place as the fifth best country in the world to open a business, according to the latest Global Banking and Finance Review.
The island, rated at 97.3, was the only Caribbean country to be ranked amongst the 12 best economies in the world to start a business. New Zealand copped the number one spot, while Canada, Hong Kong, Georgia and Jamaica were categorized as the 2018 start-up hotspots.
Data provided by the online marketers, Reboot Digital Agency which inspired the review, suggested that the global business regulatory environment has changed dramatically in recent years, with over 70 per cent of global businesses implementing reforms for a second consecutive year and 64.7 per cent for a third.
Despite being rated as the top two countries, New Zealand and Canada’s rating was 0.18 per cent and 0.09 per cent less than last year respectively, to rate at 99.96 and 98.23.
Issues including four procedures and four and a half days to start a business in London, moved United Kingdom’s rating down 0.12 per cent to be ranked as the 14th economy for starting a business.
Of all economies analyzed, Kosovo and Uzbekistan were said to have experienced the most growth for the period 2017-18.
According to Reboot Digital, the global ratings considered the paid-in minimum capital requirement, number of procedures (such as obtaining all necessary licenses and permits and completing any required notifications, verifications or inscriptions), time and cost for a small to medium-sized limited liability company to start up and formally operate in the economy’s largest business city.
“It’s encouraging to observe populist countries, like Georgia, Kosovo and Uzbekistan experiencing vibrant growth. It hints we are heading toward a rich, multi cultural time in business, which will no doubt encourage us to venture to areas anew, to start up or network. Some may even argue it will become essential to do so,” managing director of Reboot Digital Agency, Shai Aharony said.
“I’m sure we will see continued change in the sector as businesses reform and push beyond old boundaries,” she continued.
Business regulations encourage entrepreneurs to enter an economy where the rules governing start-ups are accessible, transparent and predictable. According to Reboot Digital, this in turn benefits the economy from a boost in capital investments and job creation and more choice for consumers.