Improved regulations push Mongolia up on “Doing Business” index
Mongolia ranks 76 this year compared with 86 last year in the “Doing Business” report by the International Finance Corp. (IFC), the financial arm of the World Bank.
This year's report points to important trends in regulatory reform and identifies the regions and economies making the biggest improvements for local entrepreneurs. It also highlights both the areas of business regulation that have received the most attention and those where more progress remains to be made. Another aim of the report is to review which regulatory reforms have worked and how.
This year's report highlighted that Mongolia has made starting a business easier by eliminating the minimum capital requirement for limited liability companies. The report also notes greater access to credit information by guaranteeing borrowers' right to inspect their personal data and the expanded protection of investors by increasing disclosure rights. Overall, the report found Eastern Europe and Central Asia improved the most, overtaking East Asia and the Pacific as the world's second most business-friendly region. Member nations of the Organization for Economic Co-operation and Development (OECD) continue to rank first in this area. Two-thirds of the nearly 2,000 reforms recorded by the report were focused on reducing complexity and cost of regulatory processes, and research has found simpler business regulations can effect much faster job growth and business creation.
SOURCE OF THIS ARTICLE : Business Council of Mongolia
This year's report points to important trends in regulatory reform and identifies the regions and economies making the biggest improvements for local entrepreneurs. It also highlights both the areas of business regulation that have received the most attention and those where more progress remains to be made. Another aim of the report is to review which regulatory reforms have worked and how.
This year's report highlighted that Mongolia has made starting a business easier by eliminating the minimum capital requirement for limited liability companies. The report also notes greater access to credit information by guaranteeing borrowers' right to inspect their personal data and the expanded protection of investors by increasing disclosure rights. Overall, the report found Eastern Europe and Central Asia improved the most, overtaking East Asia and the Pacific as the world's second most business-friendly region. Member nations of the Organization for Economic Co-operation and Development (OECD) continue to rank first in this area. Two-thirds of the nearly 2,000 reforms recorded by the report were focused on reducing complexity and cost of regulatory processes, and research has found simpler business regulations can effect much faster job growth and business creation.
SOURCE OF THIS ARTICLE : Business Council of Mongolia
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