Romania slumped ten positions in the world ranking of economies that put in place reforms making it easier to do business, to 55th of 183 economies, after showing progress in one indicator set, but regression in other 3, according to World Bank’s "Doing Business 2010: Reforming through difficult times" report.
In the last year’s ranking, Romania was taking 45th spot among the analyzed economies.
World Bank’s rankings on the ease of doing business are the average of the economy’s rankings on 10 topics: starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. The report tracks regulatory reforms conducted between June 2008 and June 2009.
“Romania has increased insolvency procedure costs, requesting that 1.5% of the total amount recovered by each procedure to be transferred to a fund that returns expenses of insolvency’s administrators, when debtors hold no assets. Costs for construction permits have increased as well, following the introduction of a new tax of 0.5% of the project’s value. Furthermore, workforce-related costs went up too. The time needed to register a property was reduced, as the authorities have put in place new procedures in the property registry and cadastre”, reads the report.
Romania fell on 55th, at a wide margin from Bulgaria (44th), but before other EU member states such as Spain (62nd), Luxembourg (64th), Poland (72nd), Czech Republic (74th), Italy (78th), and Greece (109th).
This year, Singapore topped all rankings on the ease of doing business while Central African Republic remained the last.
Doing Business shows that 131 governments have implemented 287 regulatory reforms aimed at making it easier to do business in June 2008 - May 2009, 20% more than in the year before. Reformers focused on making it easier to start and operate a business, strengthening property rights and improving the efficiency of commercial dispute resolution and bankruptcy procedures.
The amount of time required to start a business: 10 days
Romanians are required to follow six steps to start a business, same like Cypriots, Italians, Luxembourgers, Dutch, Polish, Portuguese, Slovaks, and Britons. The least number of steps to follow to open a business in EU are in Belgium, Finland, Slovenia and Sweden (3), and the highest in Greece (15).
In Romania, the time required to get off the ground a business is ten days, same as in Netherlands and Italy. According to the World Bank, it takes four days to start a business in Belgium and Hungary and 47 days in Spain.
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