If you're a company looking to enter or expand in Asia, you should be finding the going easier in Thailand, India and Brunei, according to the World Bank's Ease of Doing Business 2018 report. Ranked 26th in ease of doing business out of 190 economies, Thailand has improved its score by 5.68%. India's overall score increased by 4.71%.
Started in 2003, the annual study measures aspects of business regulations for firm establishment and operations. In this latest survey, 119 of the 190 economies assessed enacted at least one business regulation reform in 2016/2017.
"Governments around the world have embraced and nurtured advances in information technology to reduce bureaucratic hurdles and increase transparency," says the report.
"Today, in 65 of the 190 economies covered by Doing Business, entrepreneurs can complete at least one business incorporation procedure online, compared with only nine of the 145 economies measured in Doing Business 2004. Furthermore, in 31 economies it is now possible to initiate a commercial dispute online."
Most business-friendly economies
New Zealand is ranked No. 1 in the latest survey, followed by Singapore, Denmark, Korea and Hong Kong. The US, UK, Norway, Georgia and Sweden round out the top ten.
Other Asia-Pacific economies ranked in the top-tier include Australia (14th), Taiwan (15th), Malaysia (24th), and Thailand (26th). Japan is ranked at No. 34 and China at 78th.
Thailand cracked the top 30 after improving on getting credit (up 20%), protecting minority investors (8.33%), paying taxes (8.04%), starting a business (7.3%) and getting electricity (7.23%).
Ranked at 100th place, India made progress in payting taxes (up 18.39%), getting credit (10%) and resolving insolvency (8%).
Other economies in Asia that showed improvement overall include Brunei (5.83%, ranked 56th), Vietnam (2.25%, ranked 68th) and Indonesia (2.25%, ranked 72nd).