by Malcolm Curtis|The Local Switzerland|October 29, 2013
Switzerland may be one of the wealthiest countries in the world on a per capita basis but the mountain country is far from being the best place to start a business, the World Bank says.
In a report issued on Tuesday, Switzerland ranked 29th for ease of doing business, well behind other developed economies.
The Doing Business 2014 report rated Singapore as the best place for businesses for the eighth straight year, followed by Hong Kong, New Zealand, the United States, Denmark and Malaysia.
The report from the International Bank for Reconstruction and Development (World Bank) compares 11 areas of business regulations for domestic firms in 189 countries, including such issues as paying taxes and dealing with construction permits.
Switzerland, down overall from 28th place in the 2013 report, ranks 104th in the world for the ease of starting a business, with relatively high capital requirements and six procedures to follow.
By comparison, in Singapore there are three procedures to follow and zero capital requirements, while the cost of starting a business is less than half as a percentage of income.
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