Also managed to increase the efficiency of the trade register by reducing the time needed to start a new business from 28 to 23 days. In addition, the Spanish Government adopted new legislation in recent months seeking to improve business regulations. This last measure was not captured in the report Doing Business 2014 since it was approved after June 1, 2013. However, this edition has it revised the cost management of construction permits to take into account the new tax of 4% of the value of construction permits, that it had not been registered in previous editions of the report.
“Spain has been an active reformer promoting 14 major framework changes since 2005. “This year, Spain has provided the opening requirements of an enterprise for small and medium entrepreneurs, while the pending reforms will continue facilitating the creation of new businesses and reducing the tax burden for entrepreneurs,” said Director of the Department of analysis and global indicators of IFC Augusto Lopez-Claros. “To extend the impact of these reforms, most likely we will see a more dynamic private sector. This will have a positive effect on economic growth and, consequently, the public finances.”
Singapore leads the global ranking on the ease of doing business. The list of the 10 economies with the most favorable regulations includes: Hong Kong SAR, China; New Zealand; United States; Denmark; Malaysia; Republic of Korea; Georgia; Norway; and United Kingdom.