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New Zealand ranked first overall in a global study of the regulations and requirements necessary to start a business. A study by Reboot Digital Agency using data from the World Bank Group found that starting a business in Auckland would take just one step, half a day and less than 1% of income per capita.
New Zealand has been named one of the best countries in the world to set up a business, according to a UK SEO firm. A recent study by Reboot Digital Agency analyzed 119 countries, taking into account the number of procedures (i.e. licenses and permits), time and cost for small and medium-sized limited companies to set up and formally operate in a country’s largest business city. .
New Zealand came out on top with a near-perfect score of 99.96 percent. Other places this year were Canada, Hong Kong, Georgia and Jamaica. Singapore, Australia, Ireland, South Korea and Kosovo made up the rest of the top 10.
Kiwis were also named the country with the best business in 2018 in the World Bank Group’s Doing Business report – from which Reboot drew its data – beating Australia, which sat in 14th place. The country’s business-friendly economy has few regulatory hurdles, he has made it easier to pay taxes through a digital portal and cut red tape in contract enforcement by setting up a new trade panel.
In a recent interview with Virgin about New Zealand’s start-up culture, former co-director of Global Entrepreneurship Week and start-up veteran Derek Handley commented on the entrepreneurial atmosphere in the country: “It’s pretty much in line with the general culture in New Zealand – relaxed, creative, fun-loving and balanced. It’s also very accessible – so there are far fewer ‘layers’ or hierarchies.”
“New Zealand is really cheap to set up a business – you can be up and running within days and for little money. Living in cities is relatively expensive, so housing becomes a relatively high cost for employees, which means salaries are decent. There aren’t many “transaction” costs, taxes aren’t bad and there are lots of great government grants and incentives for R&D and anyone trying to build a business in New Zealand that sells to the rest of the world. .”
The ranking was based on data collected regarding the ease of starting a business, government bureaucracy, costs and necessary procedures. Business regulation is important because it can either discourage entrepreneurs from entering a country if it is too complex, or promote a country “where the rules governing start-ups are accessible, transparent and predictable,” the report said.
“This in turn benefits the economy, encourages capital investment and job creation, and creates more choice for consumers, demonstrating the economic and political benefits of better trade regulation.”
For New Zealand, a favorable economy and start-up environment is attracting more investors than ever before. A record $86 million was invested in 111 companies last year, nearly triple what the country saw five years ago.
Anand Reddy, partner at PwC New Zealand, commented: “We’ve seen success stories like the TradeMe exits that have created a whole new generation of angel investors. Now, with other major launches like Power by Proxi, we will see an even stronger network of skills and funding for early-stage companies.”
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