Romania ranks 45th globally on ease of doing business

Romania ranks 45th (among 183 countries) on the ease of doing business, according to a report worked out by the World Bank – WB and the International Finance Corporation (IFC, World Bank Group member).

The ‘Doing Business 2010′ overview was given to publicity on Wednesday in Washington. A record-high number of 131 countries have changed laws on business in 2008 and 2009, reads the report.

The said 131 economies represent more than 70 percent of the 183 economies covered by the authors of the report, in what is the highest percentage since 2004, when the study was first published. WB and IFC experts explain the high interest for reform by the effects of the global economic downturn.

Doing Business tracked 287 amendments to the legislation operated between June 2008 and May 2009, by 20 percent more than in the previous year.
Lawmakers from around the world 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.

Romania is mentioned in the report with just one legislative amendment aimed at favoring business, whereas the top five slots are held by Singapore, New Zealand, Hong Kong, the USA, and Great Britain; trailing on the last positions are Guinea Bissau, the Democratic Republic of Congo and the Central African Republic.

A shortcoming highlighted in the report about Romania is that it also counts to the 27 economies where measures have been taken that made business activity more difficult, specifically by rendering the release of construction permits more cumbersome.
At this chapter, Romania is placed at the side of Kenya, New Zealand, the Solomon Islands, Sri Lanka and Tanzania.

Among the measures mentioned in the report for the faster release of construction permits are the reduction of the application processing time, tax reduction, the introduction of one-stop shops, enhanced computer- based services and improved building control.

The WB report notes that Romanian legislation has improved in terms of property registration. However, another area Romania was penalized for is the high number of taxes and dues.

The experts who worked out the report advise the countries that wish to streamline paperwork for setting up a company to standardize the necessary documentation, pointing out that Great Britain has done so as early as 1856.

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