21.8 C
May 16, 2021

WB: Romania ranks 55th in business development conditions top

Romania will fall 10 positions next year, down to place 55 in a World Bank (WB) top of the most favorable conditions for developing businesses, behind countries like Bulgaria, Azerbaijan, Botswana or the Baltic States, Mediafax reports. According to the latest edition of the report named “Doing Business,” Romania will go down from place 45 this year to 55 out of 183 in the top of states that provide the best conditions for business development.

During 2008-2009, Romania enacted several reforms, but only one contributed to improving business development conditions, namely that referring to the registration of properties, where it ranks 92nd in the World Bank classification.

Romania and Macedonia enforced a time limit for registration, which shortened registration time by 35 days and 8 days, respectively. Now, 48 days are needed in Romania to undergo all the eight procedures necessary in view of registering a property, and the total cost stands at an average 1.3 pc of the property’s value. On the other hand, Romania achieved three reforms that contributed to making business development more difficult, i.e. those referring to payment of taxes, construction licenses and closing down a business.

Related posts

EUR 180 M ArcelorMittal investment in Florange plant

Nine O' Clock

Moody’s: Romania’s 5 year default risk stands at 8.9 pc

Nine O' Clock

Irina Socol: Siveco business will exceed EUR 100 M in coming years

Nine O' Clock