Cyprus climbs its way up

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World BankWorld Bank countries ranking

World Bank conducts Doing Business evaluation each year and it advanced Cyprus 13 points higher than last year. There are 189 countries estimated in the report and now Cyprus is 47th. Last position for this economy was 60th.

According to World Bank’s discourse there are ten countries which elevated the economic situation in definite areas considered in the report much better than other participants of the survey. These economies are the following:

  • Cyprus;
  • Uganda;
  • Mauritania;
  • Costa Rica;
  • Kazakhstan;
  • Senegal;
  • Uzbekistan;
  • Kenya;
  • Benin;
  • Jamaica.

The important point of Doing Business report is to estimate countries which successfully conducted at least five certain reforms in relation to business activity. There were twelve economies managed to perform those reforms and Cyprus is among them.

The reforms which are successfully realized in Cyprus

What was changed by Cyprus? Now credit information is much easier to be accessed, it is more convenient for countries to pay taxes, there is a new simplified system on expedite basis to enforce contracts. Also insolvency is resolved easier and it is easier to get electricity as a new connection is obtained faster.

And there is a more detailed chart according to each reform. It is 42nd in getting loan ranking  (19 positions up in comparison to last year), Cyprus went 7 places up in paying taxes and it is 44th, the position in getting electricity is improved in 24 places and it is 67th now. While resolving insolvency performance is the highest – 17th, last year Cyprus took 34th place.

According to last year’s results, Cyprus was better at doing business ease and it lost eight positions in 2015.

World Bank enumerates economies providing the best environment to business and they are:

  • Singapore;
  • New Zealand;
  • Denmark;
  • The Republic of Korea;
  • Hong Kong;
  • Britain;
  • The United States;
  • Sweden;
  • Norway;
  • Finland.

We, at OLIESERVE, provide corporate services in the following Jurisdictions: Cyprus, Hong Kong, Singapore, Dubai and Ras Al-Khaimah. If you consider diversifying your business, doing tax optimization and starting working with new markets, we are here to help. Contact our specialists to find out more about each jurisdiction.