The UK is among the best places in the world to do business, a major new report has revealed.
The finding forms part of the World Bank’s latest Ease of Doing Business 2020 Report.
According to the study, which looks at 10 areas of business across 190 economies, the UK is the second-best place in Europe to do business (behind Denmark), the second-best place in the G7 (behind the USA), and the eighth-best place in the world (up from ninth last year).
The 10 areas measured in the report include 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 study, which is in its 17th year, suggests that the most business-friendly environments are associated with “lower levels of poverty” and high levels of entrepreneurship, startups, innovation, access to credit, and investment.
It added that top economies typically also had online business incorporation processes, electronic tax filing platforms, and online procedures for property transactions.
Meanwhile, entrepreneurs setting up a business ranked in the bottom 50 economies took, on average, six times longer compared to those ranked in the top 20.
Commenting on the report, Secretary of State for International Trade Liz Truss said: “Today’s report shows the UK continues to be one of the best places to do business in the world as we get ready for Brexit on 31 October. This is why Britain continues to be the number one destination for attracting foreign direct investment in Europe, and third globally after the USA and China.
“My department is committed to supporting businesses in the UK and across the world to attract investment to boost our economy, now and after we leave the EU. And if we leave under the Prime Minister’s new deal we will be able to secure new free trade deals covering services for the benefit of all of the UK, meaning our country will be an even more attractive place for doing business after Brexit.”
Click here to see the study.
For help and advice setting up a business in the UK, please get in touch with our expert team.