Nepal has slightly improved its position from 108th last year to 105th this year in terms of business friendly environment this year compared to the last year, according to the Doing Business Index-2014 released by the International Finance Corporation and the World Bank. Nepal´ ranking in ´Starting a Business´ topic has also gone up to 97, compared to 103 last year.
The report said the ranking was achieved by reducing administrative processing times at the company registrar and establishing data links between agencies involved in the incorporation process. Nepal has made registration process easier by introducing online registration.
Similarly, in terms of helping create a better environment for local entrepreneurs, Nepal ranks third in the eight South Asian economies surveyed, behind only Sri Lanka and the Maldives.
According to the report, South Asia leads the world in implementing business regulatory reforms in 2012/13. Six of eight economies in the region completed 11 reforms simplifying the process of starting a business, strengthening access to credit, or easing the process for paying taxes.
“A congenial business environment is important for Nepal´s economic growth,” Val S Bagatsing, IFC resident representative in Nepal, said, adding that they were encouraged by the rapid pace of reform in Nepal. “It will help the country attract more investment and create jobs.”
Singapore topped the global ranking for the seventh consecutive year.
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