The latest report by the World Bank on Doing
Business has ranked Rwanda among the top ten countries in the world to
start a business.
According to the report that ranks economies for ease of doing
business, Rwanda is the only country on the African continent that has
appeared in the top ten, where it is ranked eighth.
The report indicates that New Zealand is the easiest place to start a
small and medium-sized enterprise in the world, which is one of the ten
indicators used by the WB to assess the business environment in
countries.
This is the second consecutive year that New Zealand has come first
for that particular indicator in the ranking. After registering a
company name online, entrepreneurs can apply for tax-related accounts
and incorporate the company at the same time.
The rankings look at 185 economies around the world. The top ten list
includes New Zealand, Australia, Canada, Singapore, Macedonia, Hong
Kong, Georgia, Rwanda, Belarus and Ireland.
In assessing how easy it is to start a limited liability company, the
report looks at how many steps are officially required or commonly done
by entrepreneurs, as well as how many days it takes to go through those
procedures. The report also looks at cost and the minimum capital
required, with zero percent of income per capita being best.
The report shows that in New Zealand, it takes only one step and one
day, the ideal number, to incorporate a company. Someone who wants to
open a business just has to apply for registration online. According to
the report, the process costs 163.55 New Zealand dollars (US$ 129) and
does not have a minimum capital requirement.
By contrast, the U.S. ranks 13th, needing six steps in order to start
a business with no minimum capital. The report based the U.S.
statistics on requirements in New York City, as it used the largest
business city of each country it studied.
Rwanda's case:
The report indicates that it is simple to start a business in Rwanda
compared to other countries in Africa, as it's free of charge to
register a company in Rwanda if done online and the certificate is
issued in one to three days.
Statistics at the Rwanda Development Board (RDB) show that currently,
registering a company takes an individual only six hours and a cost of
Frw 15,000 for physical registration, while it is free if done online.
ALLAFRICA
ALLAFRICA
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