Jamaica ranked 5th best place to start a business
Jamaica has secured its place as the fifth best country in the world to open a business, moving up 0.57 per cent in a rating for starting a business to according to the latest Global Banking and Finance Review.
The report, which was inspired by online marketers Reboot Digital Agency, highlighted New Zealand as the number one economy to start a business in 2018 while Canada, Hong Kong, Georgia and Jamaica were categorized as 2018 start-up hotspots. Jamaica was rated at 97.3.
Despite being ranked the number one economy to start a business, New Zealand’s rating at 99.96 comes in 0.18 per cent less than last year. Canada was also down 0.09 to rate at 98.23 while the United Kingdom, where it takes four procedures and four and a half days to start a business in London, moved 0.12 per cent downward to be ranked at 14th economy for starting a business.
Of all economies analysed, Kosovo and Uzbekistan were said to have experienced the most growth in 2017-18.
“It’s encouraging to observe populist countries, like Georgia, Kosovo and Uzbekistan experiencing vibrant growth. It hints we are heading toward a rich, multi-cultural time in business, which will no doubt encourage us to venture to areas anew, to start-up or network. Some may even argue it will become essential to do so,” managing director of Reboot Digital Agency, Shai Aharony said.
“I’m sure we will see continued change in the sector as businesses reform and push beyond old boundaries,” she continued.
According to Aharony, the global ratings considered the paid-in minimum capital requirement, number of procedures (such as obtaining all necessary licenses and permits and completing any required notifications, verifications or inscriptions), time and cost for a small to medium-sized limited liability company to start up and formally operate in economy’s largest business city.