Serbia climbs from 54th to 47th place in World Bank’s ‘Doing Business’ list

Belgrade

BELGRADE, Oct 26 (Tirana Echo) – Serbia has climbed from the 54th to the 47th position in the latest World Bank Doing Business list, ranking among this year’s top 10 most-improved of a total of 189 countries.

Over the past decade, Serbia has worked continuously on improving the business environment for local entrepreneurs”, says Thomas Lubeck, Western Balkan Regional Manager at the International Finance Corporation, a branch of the World Bank.

Serbia should remain resolutely committed to this goal in the future in terms of improving the legislative framework, as well as in terms of boosting the efficiency of government agencies, Lubeck said.

Albania is the only country in the region which made better progress than Serbia, moving up 32 places, just as Serbia had done last year, although it still trails behind at the 58th place.

Economies around the world have taken steps making it easier  to start a business streamlining procedures by setting up a one stop shop, making procedures simpler or  faster  by  introducing  technology  and  reducing  or eliminating minimum capital requirements. Many have undertaken business registration reforms in stages and they  often   are   part  of   a   larger  regulatory  reform program.  Among  the  benefits  have  been  greater  firm satisfaction and savings and more registered businesses, financial resources and job opportunities.

According to the WB report, Serbia made starting a business easier by ‘simplifying the process of starting a business and by reducing the time to register a company’, significantly reducing bureaucratic and  legal  steps required from an  entrepreneur to incorporate and register a new firm.

The Doing Business project of the World Bank provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. Launched in 2002, the Doing Business project looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.

Copyright 2016  TiranaEcho.com
Source: Tanjug/World Bank

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