WASHINGTON – Singapore has topped the World Bank’s rankings for business friendliness out of 189 countries and regions, while Japan ranks only 29th, two spots lower than the year before, the Washington-based organization said.
The report, titled Doing Business 2015, measures business regulations that affect small and medium-size companies in areas such as starting a business, getting credit and paying taxes.
New Zealand placed second and Hong Kong third.
Japan fell two notches due partly to high corporate tax rates and complex tax payment procedures, although its management of debtors’ assets during insolvency was highly valued.
The survey does not measure such aspects of the business environment as security, market size, macroeconomic stability and the prevalence of bribery and corruption, according to the report.