The Government today welcomed the World Bank's assessment which ranks Hong Kong as the world's fifth easiest place in which to do business.
In a statement, the Government said this affirmed its incessant efforts in business facilitation, adding that it would strive to cut red tape, eliminate outdated or unnecessary regulations, enhance regulatory efficiency and reduce business compliance costs.
According to the World Bank's Doing Business 2016 Report released today, the top five performers are Singapore, New Zealand, Denmark, the Republic of Korea and Hong Kong. The report compares the "ease of doing business" in 189 economies across 10 indicators.
Hong Kong scored 83.67 this year, up from 82.87 last year, indicating an improvement in its overall business environment.
The World Bank also commended Hong Kong's successful implementation of reform measures to make doing business easier, including eliminating the requirement for a company seal as part of the process of starting a business, and improving access to credit by implementing a modern collateral registry.
Other measures included reducing the processing time for electricity connection and excavation permit applications, and simplifying compliance with companies' Mandatory Provident Fund obligations to make paying taxes easier.
