Running a business is always full of challenges and regulatory costs can feel particularly annoying. But New Zealand is one of the best places in the world to start and run your own company. Ranked second, only behind Singapore, New Zealand is the World Bank’s top-ranked performer in three categories:
· Starting a business,
· Getting credit, and,
· Protecting minority investors.
It’s also second-ranked in ease of registering property (read New Zealand’s Doing Business report here). Compare New Zealand to some of the other nations and you start to feel very lucky about your place in the world.
· Starting a business in India takes 11.9 procedures, 28.4 days and 12.2% of income per capita plus paid-in minimum capital of 111.2% of income per capita. (Our income per capita in this report is around $40,000, so an equivalent cost here would be $4,800 to start a business and minimum capital of $44,000). In New Zealand it takes 1 procedure, half a day, 0.3% of income per capita and requires no minimum capital.
· Building a warehouse in Ireland would require construction permits that take 150 days to organise at a cost of 9.5% of the warehouse’s value. In New Zealand, your equivalent warehouse will take 93 days and cost just 0.7% of the warehouse’s value.
· Registering property in Hong Kong means 5 procedures, 35.5 days and a cost of 7.7% of the property’s value – which is substantial in one of the world’s least affordable property markets. Here it takes just 2 procedures, 1 day and 0.1% of the property’s value.
Next time you need to pay tax or build a warehouse or start a new company, you might like to think twice about complaining. And of course, if it’s proving too stressful, give us a call and we might be able to make the process less painful.
By Chris Morris.