Photo courtesy of Prime Minister's Office.

Kosovo moves up in World Bank ‘Doing Business’ ranking

In the latest WB report, Kosovo  was ranked the 60th country in the world for ease of doing business and 13th for starting a business.

Kosovo moved up four places in the most recent World Bank Doing Business report released on Tuesday. The Doing Business, DB, report 2017 ranks Kosovo 60th in the world, an indicator of the country’s gradual improvement of its business environment.

According to the report, Kosovo has achieved great improvements in easing the procedures to start a new business, pay taxes, and trade across borders. Other aspects measured by the DB report, including construction permits, getting electricity, getting credit, protecting minority investors, enforcing contracts, and resolving insolvency, marked a slight fall in points. Registering property has remained the same from last year.

On Wednesday, Kosovo Prime Minister Isa Mustafa, together with Minister of Trade and Industry Hykmete Bajrami, displayed the Report of the World Bank for Doing Business and confirmed that Kosovo has made large progress in the creation of suitable circumstances for doing business.

“I think that the progress achieved in increasing our degree of doing business is an important indicator that we are working on in a serious manner,” said PM Mustafa to the press. “The government of the Republic of Kosovo has taken improving the environment for business seriously,” Bajrami agreed.

The report splits the 190 participating countries into three categories: places that do not have a good environment for business, places with a relatively good environment, and places with a good environment. Kosovo is grouped with countries that have a good environment for conducting business.

The report outlines the newly improved, six-day process for starting a new business in Kosovo without any costs, with the exception of the company seal which can cost up to 40 euros but is not required.

Last year, Kosovo was ranked 27th in the  indicator measuring the ease of opening a new business. This year, Kosovo ranks 13th, making it the highest ranked in the region after Macedonia.

“We achieved this through eliminating a few procedures, deadlines, and taxes. Likewise, we eliminated the Kosovo Tax Administration’s controls on starting of a business,” Bajrami said.

Another area in which Kosovo was successful this year was the World Bank’s indicator on ease of paying and declaring taxes. Kosovo raised last year’s ranking of 77th and is currently ranked at 43rd.

26/10/2016 - 17:03

26 October 2016 - 17:03

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