Oct 31, Colombo: Doing business in Sri Lanka in 2019 got much easier according to the Word Bank's annual report investigating the regulations that enhance business activity and those that constrain it.
"Doing Business 2019- Training for Reform" released today presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies.
Sri Lanka advanced 11 notches in Doing Business 2019 index and ranked 100th with an Ease of Doing Business score of 61.22. Sri Lanka's score improved 1.80 on the 0-100 scale, 100 representing the best.
A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate scores on 10 topics, each consisting of several indicators, giving equal weight to each topic.
Sri Lanka made Dealing with Construction Permits easier by launching a single window, increasing transparency by providing online access to building regulations and reducing the processing times to issue several building certificates.
Sri Lanka made Property Registration easier by implementing a single window to streamline the process of delivering several certificates and increased transparency by providing online access to cadastral information.
Sri Lanka made paying taxes easier by introducing online systems for filing corporate income tax, value added tax and employee trust fund contributions.
Sri Lanka made enforcing contracts easier by introducing a pre-trial conference as part of the case management techniques used in court.
In the South Asia region India showed remarkable improvement in doing business advancing 23 spots this year to rank at 77th place. Elsewhere in the region, Bhutan ranked at 81, Nepal ranked at 110, Maldives 139, Pakistan 136, Bangladesh 176 and Afghanistan at 167.
Worldwide, 128 economies introduced substantial regulatory improvements making it easier to do business in all areas measured by Doing Business.
The economies with the most notable improvement in Doing Business 2019 are Afghanistan, Djibouti, China, Azerbaijan, India, Togo, Kenya, Côte d'Ivoire, Turkey and Rwanda.
New Zealand ranked the easiest to do business in 2015 while Singapore, Denmark, Hong Kong and Korea rounded up the top five in that order. The United States ranked 8th.