Ease Of Doing Business – Jamaica Ranked Highest In The Caribbean

World Bank

World Bank

The 2015 Doing Business Report by the World Bank is now available. The report which is published annually, ranks 189 countries on their ease of doing business around a range of ten indicators. The 2015 report reveals that Jamaica has moved up 27 places from the 85th position it held in the 2014 report to now being ranked 58th. Jamaica now has the Caribbean’s highest ranking in the ease of doing business.

The reforms that Jamaica has implemented within the last year to improve its business regulatory environment are:

  1. Getting Electricity: Jamaica made getting electricity less expensive by reducing the cost of external connection works.
  2. Getting Credit: Jamaica improved access to credit by establishing credit bureaus and by adopting a new secured transactions law that implements a functional secured transactions system, broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and establishes a modern, notice-based collateral registry. Jamaica also improved access to credit by establishing credit bureaus and by adopting a new secured transactions law that implements a functional approach to secured transactions, broadens the range of assets that can be used as collateral, allows a general description of assets granted as collateral and establishes a modern, notice-based collateral registry.
  3. Starting a Business: Jamaica made starting a business easier by consolidating forms, but also made it more time-consuming as a result of delays in the implementation of the electronic interface with different agencies.

On the other hand, the move by the government to introduce a new minimum business tax within the last year made paying taxes for companies more costly.

diG Deeper

Check out the 2015 Doing Business Report here

In case you missed it, have a look at the 2014 Doing Business Report here

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