Global Banking and Finance Magazine Ranks Jamaica at #5 For 2018 – 12 Best Economies To Start A Business.
The highly respected Global Banking and Finance Magazine has ranked Jamaica at number 5, with a rating or DTF -Distance to Frontier of 97.3, for 2018 in its just released 12 Best Economies To Start A Business.
The Distance to Frontier was a 0.57 percent improvement on 2017.
The list which had New Zealand at number 1, with a rating of 99.96 also included in the top five for starting a business Canada #2 with a rating of 98.23, Hong Kong at #3 with a rating of 98.14 and Georgia #4, with a rating of 97.84 supported by an increase of 2.12% on 2017 figures.
Shai Aharony, managing director of Reboot Digital Agency, commenting on the report indicated that though New Zealand’s rating has decreased by 0.18% on 2017 figures, it still presents the strongest case in starting a business in 2018. In fact, it would take just one procedure, half a day and less than 1% of income per capita to start a business in Auckland.
Economies, which continue to rank in the top 12 but present no change on 2017 figures, include Australia with a rating of 96.47 and South Korea, with a score of 95.83.
Finance and Planning Minister Dr. Nigel Clarke commenting on Jamaica’s performance tweeted that, Jamaica ranks 5th in the world in terms of ease of starting a business and interest rates at record lows. We are living in a time of unprecedented opportunity.
The Data used in the ratings considers 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.
The rating or DTF -Distance to Frontier- measures the distance of an economy to the “frontier”, which represents the very best performance across all economies and years included since 2005.
An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier.