UK economy drops 10 places in ranking of top countries to start a business
Britain now 28th best area to start up according to research from Doing Business
The UK no longer offers one of the top 20 best economies to start up a business, data for 2014 released by business analysts Doing Business suggests.
The report, which examined the UK against 189 economies across the world including China, Germany and Italy, has reported that for 2014 the UK is the 28th best place to start a business, in comparison to its higher ranking by the analysts in 2013 where it placed at 18.
Based on 10 categories that determine the challenges for launching a business, the rankings involved the number of steps entrepreneurs can expect to go through to launch, the time this takes on average and the cost and minimum capital required as a percentage of each economy’s gross national income (GNI) per year.
Despite dropping 10 places overall, when evaluating the “ease of doing business”, the UK’s capital ranked highest for its availability of finance and investment regulations; remaining at the number one spot for businesses to get credit and securing 10th place for its protection of investors.
The study also incorporated recent regulations issued by countries to help support entrepreneurs and start-ups, within which the UK was praised for providing model articles for use in preparing memorandums and articles of association for businesses.
Countries that were found to have made it harder for new businesses for 2014 include Tunisia and Venezuela for their increase on company registration fees and Turkey for increasing its minimum start-up capital requirement.
To read the full Doing Business 2014 data click here.