World Bank ranks Kenya third most reformed country in starting business
The World Bank has ranked Kenya the third most reformed country in the world in the area of starting a business.
The report shows Brunei Darussalam, Kazakhstan and Kenya were the top three most improved economies in 2015/16, in areas tracked by Doing Business.
The Doing Business 2017 report indicated they were followed by Belarus, Indonesia, Serbia, Georgia, Pakistan, the United Arab Emirates, and Bahrain, in that order.
World Bank said Kenya emerged top after implementing five reforms on registering a business, getting electricity, registering property, protecting minority investors and resolving insolvency.
Globally, Kenya rose to position 92 out of the 190 surveyed economies. This was 21 positions up from last year’s ranking, which placed it at 113.
The report shows starting a business in the country requires seven procedures that take about about 22 days.
A requirement of paid-in minimum capital of zero per cent of income per capita is legally required for both men and women.
Doing Business surveys 190 economies worldwide on how easy or difficult it is for entrepreneurs to open and runsmall to medium-size business while complying with regulations.
It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business.
These include starting the business, dealing with construction permits, getting electricity, registering property and getting credit.
Others are protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and labour market regulation.