Thu, Oct 29, 2015 - Page 14 News List

Taiwan ranked 11th in ‘Doing Business’ survey

WORLD BANK REPORT:The nation rose eight places from last year’s survey, even though it fell from 35th place to 65th in the ‘trading across borders’ category

By Crystal Hsu  /  Staff reporter

Taiwan made significant headway in the World Bank’s Doing Business 2016 report, thanks to a faster processing of electricity and construction permits, the National Development Council said yesterday.

Taiwan was ranked in 11th place in the latest annual survey of 189 economies, up eight places from last year and the best showing since the bank initiated the survey in 2005, the institute’s Web site said.

“The government will continue to adopt measures and legal revisions to help companies conduct business more smoothly and efficiently,” the council said in a statement.

Taiwan has risen 50 places over the past seven years, after slumping to 61th in 2008, which alerted the government to the need for change, the council said.

The Doing Business survey measures regulatory quality and efficiency in areas such as starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

The survey placed Taiwan second worldwide in getting electricity and sixth in terms of dealing with construction permits.

The nation made the greatest advancement in ranking in terms of enforcing contracts — skyrocketing from 93th place to 16th — which the council said was basically due to the removal of unfavorable measurements.

It also improved in the registering property and protecting minority investors categories, the survey said.

However, Taiwan plummeted from 35th place to 65th in the ranking on trading across borders, which again the council attributed to changes in methodology.

It also fell in terms of starting a business, paying taxes, getting credit and resolving insolvency, the survey said.

Several of Taiwan’s major trading rivals fared better in this year’s survey, with Singapore coming in first, South Korea in fourth place, followed by Hong Kong in fifth, although Japan finished in 34th place and China in 84th due to complicated procedures and longer waiting periods required for starting a business.

The council said the government is taking steps to improve the nation’s rankings, with judicial authorities drawing up measures to streamline bankruptcy applications, while the Ministry of Economic Affairs plans to begin online reviews of applications for business start-ups, which would save firms money.

Financial authorities are looking to the US and the UK for ways to provide more flexibility to small and medium-sized enterprises seeking secured loans, the council said, adding that the Ministry of Finance last month introduced an electronic custom-clearing service for exports, cutting the time and costs involved for exporters.

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