Austrade has published an article reflecting on Australia’s strong position in World Bank’s Ease of Doing Business rankings.
Out of 190 countries, Australia is ranked the 14th easiest country to do business in (for the year 2017). This is a marginal improvement from the previous year, which saw Australia ranked 15th. What is more promising is that among the larger markets (countries with a population of over 20 million); Australia held an impressive 4th position.
The article also focused Australia’s key areas of strength, which included contract enforcement, receiving credit, legal rights, construction permits and starting a business.
The time to enforce contracts in Australia, on average, is 402 days. This level of efficiency has powered Australia to 3rd place for this category. Australia’s legal rights index reads a near perfect score of 11 out of 12, a feat only managed by nine other countries. Another key strength is dealing with construction permits, at which Australia is ranked 6th best. One of the most encouraging of the key strengths the article focuses on is the ease of starting a business. Australia is ranked 7th best globally, with registering a business taking only three steps and two and a half days.
The publication is welcome news, and extremely encouraging for businesses, investors and upcoming entrepreneurs.
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