The Doing Business Report 2020 has again ranked New Zealand as the best out of 190 economies for the ease of doing business.
The World Bank’s annual publication compares economies across a number of indicators from ‘starting a business’ through to ‘resolving insolvency’ and ‘protecting minority investors’.
The Ministry of Business, Innovation and Employment’s (MBIE) General Manager Business Integrity Services Ross van der Schyff says the report’s ranking reflects advantages for businesses operating in New Zealand’s business regulatory system.
“Regulating business systems is important to maintain fair markets that thrive, enabling businesses and the New Zealand economy to grow. This also means providing support for small businesses, helping them understand the business environment, and saving them time and money as they continue to grow.
“This includes the Companies Office website making it simple to register and update company information, while resources available on business.govt.nz help Kiwis understand the steps to starting a business and their government obligations,” says Mr Van der Schyff.
This includes the recent launch of Good Governance, a tool developed in conjunction with the Institute of Directors and New Zealand Business Performance Panellist Phil McCaw, which aims to educate new company directors to understand their obligations from the start of their business.
The Doing Business Report also ranks New Zealand number one for ‘ease of starting a business’ for the twelfth year in a row. New Zealand also ranked highly for ‘registering property’, ‘paying taxes’ and third for ‘protecting minority investors’.
“In the past year, over 54,000 companies were registered on the Companies Register and 693,000 employment agreements were built using business.govt.nz.
“While it is easy to start up a business, there is of course a balance to be struck between educating businesses about their obligations and enforcement of regulations.
“Nearly all of NZ’s registered businesses are compliant with regulations however for the less than one per cent of businesses that are consciously doing the wrong thing, resourced action is taken against them.”
Visit business.govt.nz for more information on Good Governance and the range of business support tools.