Top 10 Countries for Doing Business, CEE

• New Europe Investor
• October 29, 2014

‘Doing Business’ is an annual publication by The World Bank that looks at a variety of elements in relation to conducting business in the main city/cities of every country. These elements are brought together in a chart, the components of which can be separated into the following; starting a business, construction permits, getting electricity, registering a property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and dealing with insolvency.

Other elements have been eased in such as labour laws, and next year The World Bank state that more components will be analysed.

The 318 page report looks at 189 economies using 10,700 specialists all over the world. It is useful for SMEs and entrepreneurs looking to enter new territories, but its comparative nature also provides intelligence to governments pointing out areas where improvements can be made.

New Europe Investor looks at Central and Eastern Europe’s top ten economies to do business in, as shown in the report for 2015.

Pleasing for the region, is that eight of the top ten came inside the global 50 and all of the top ten made improvements in their score, based on the 2014 edition.

1st Estonia

 

Global Position 17^th

No Report Summary provided

 

2nd Latvia

 

Global Position 23^rd

Report Summary – Made less competitive by increasing registration, bank and notary fees. However, paying tax was made easier by simplifying the VAT return process and employers social security contribution was reduced.

 

3rd Lithuania

 

Global Position 24^th

Report Summary – Lithuania reduced the time to deal with building permit applications. In addition an electronic filing system was implemented making the court procedures more efficient.

 

4th Poland

 

Global Position 32^th

Report Summary – Fees have been made lower for getting electricity installed and notary fees have been reduced. A new terminal operating system in Gdansk has made importing and exporting easier.

 

5th Slovakia

 

Global Position 38^th

Report Summary – Doing business was made easier thanks to court registration times being reduced.

 

6th Bulgaria

 

Global Position 38^th

Report Summary – Company registration fees have been lowered reducing the costs for starting up.

 

7th Czech Republic

 

Global Position 44^th

Report Summary – The government reduced the minimal capital requirements. In addition access to credit was made easier, and thanks to modification of the court procedures, enforcing contracts has also been made easier.

 

8th Romania

 

Global Position 48^th

Report Summary – An electronic filing system was implemented for filing and paying tax, making doing business in Romania easier in 2015.

 

9th Slovenia

 

Global Position 51^st

Report Summary – Improvements in insolvency procedures has contributed to a better environment in doing business in Slovenia.

 

10th Hungary

 

Global Position 54^th

Report Summary – Whilst Hungary increased its minimal capital requirements making it more expensive, it improved access to credit through a new legal regime and made and abolished its vehicle tax.

 

The full 318 page ‘Doing Business’ report from The World Bank can be found in the link below.

http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB15-Full-Report.pdf