The ease of doing business in South Africa improved one place this year to rank 35 out of 183 economies, according to a new World Bank report.
South Africa made starting a business easier by implementing the new Companies Act in April, according to the World Bank and the International Finance Corporation’s report released on Thursday: Doing Business 2012: Doing Business in a More Transparent World.
The new legislation eliminated the requirement to reserve a company name and simplified the incorporation documents. Transferring property was made less costly and more efficient by reducing transfer duty and introducing electronic filing.
The report finds South Africa also introduced a new reorganisation process to help rehabilitate financially distressed companies.
Across sub-Saharan Africa regulatory reform had been broadening, with 13 economies implementing reforms to make it easier to do business in three or more areas, the World Bank said.
The top five economies, where doing business is easiest, are Singapore, Hong Kong, New Zealand, the United States, and Denmark. — Sapa