Dominica improved its position from last year’s 97 to 91 in the World Bank Ease of Doing Business 2016 ranking, which was released on Tuesday.
The World Bank’s Ease of Doing Business Report, started in 2002, reviews business regulations and their enforcement across 189 countries.
The report looks at the regulatory environment for small and medium-sized companies to see how it hampers or helps them conduct business, from starting up and paying taxes to registering property and trading across borders.
Through the report, the World Bank hopes there will be regulations that contributes to economic growth and prosperity for people.
“A modern economy cannot function without regulation and, at the same time, it can be brought to a standstill through poor and cumbersome regulation,” said Kaushik Basu, World Bank chief economist. “The challenge of development is to tread this narrow path by identifying regulations that are good and necessary, and shunning ones that thwart creativity and hamper the functioning of small and medium enterprises.”
In Caribbean countries which were part of the report, Dominica ranked fifth.
See Caribbean ranking below:
1: Puerto Rico (57)
2: Jamaica (64)
3. St. Lucia (77)
4. Trinidad (88)
5. Dominica (91)
6. Dominican Republic (93)
7. Antigua (104)
8. St. Vincent (111)
9. Barbados (119)
10: St. Kitts (124)
11: Grenada (135)
11: Haiti (182)
Here is the breakdown of the global ranking for Dominica in the different categories used by the World Bank:
Ease of doing business – 91
Starting a business – 63
Dealing with construction permits – 115
Getting electricity – 37
Registering property- 165
Getting credit -133
Protecting minority investment – 66
Paying taxes – 98
Enforcing contract – 83
Trading across borders- 61
Resolving insolvency – 129
Singapore ranked number one in the report while Eritrea ranked last at 189.
DNO you are being malaciouse here. we moved from 89 to 91 how is that an improvement?
http://www.doingbusiness.org/data/exploreeconomies/dominica/
That’s great news! Give positive feedback when it’s due Dominicans!
Any improvements with the ease of doing business is worth some kind of commendation. While there is still room for improvement, the authorities must continue to improve the various processes involved in doing business to make Dominica truly competitive in relation to other Caribbean and Global business jurisdictions… Congratulations again
translate that into real and visible that de common man will recognize.
what does that mean?
over de past years we watched a good number of local business close down while foreigners opening up and expanding. How does that translate to de benefit of de local entrepreneur?
citizenship by investment and offshore facilitating alot of foreign business.
Company opens to day and 2 weeks later it dissolves.
that’s just beautiful.
De ministry of finance getting its taxes.
de common man has no idea of de number of foreign business dealings going on in de offshore and citizenship sectors.
alot of things flying over our heads.
you trying to give us a little comfort in de wake of de storm but don’t try to abuse us please.
we need $1.3 billion to guarantee our existence beyond 2015.
Ahh retirement. ..
Notwithstanding the reports and where we rank, Dominica would not be on top of my places to invest my money.
This is a country with a very small population most of whom are poor. So regardless of what the ease of business report says, it is mostly irrelevant.
okk rich person
Well, Dominica rank over Antigua, however Antigua has more business than Dominica. More business fails in Dominica, than any other on the list. What sort of business are we good for the shady, and corrupt ones or legitimate, clean and on the level business?
I doh going an ask me Almost Nearly cousin Mountain Chicken Crapo Mentality Roosevelt Skerrit eh, cause I doh want de answer from he!
Hahahahahahahahahahahahahahahahahahaha!
What kind of business we’re good at? Selling passports.
When we sell dem passport, we thief all de money, none go into de government treasury oui!
Antigua’s economy may currently be better, but this is solely a ranking of where countries are in how quick and easy it is to get set up to do business, not a ranking of total current economic performance. It’s still important for us to do well, however, because today’s ease of doing business is one factor in tomorrow’s economic performance. See the difference?
Also, there are a number of build in assumptions to this ranking, for example one of the criteria is how hard it is to get a construction permit. But if someone is interested in, say, starting an e-commerce business, that doesn’t matter, and in that case Dominica is actually a great place from which to do business, with low labour costs, tax exempt IBCs, etc.
“Antigua’s economy may currently be better, but this is solely a ranking of where countries are in how quick and easy it is to get set up to do business”
Steve you know the reason why it is so easy to do business in Dominica?
Well I go tell you, caus everybody doh know, is because de brown paper bag does fly from under de table into the hands of some politician eh!
Hahahahahahahaahahahahahahahahahahah!
As someone who has actually started a business in Dominica, that was exactly the opposite of my experience. On the contrary, when I started my first business there, I met with officials specifically to ask what I would have to do to be in regulatory compliance and they looked at each other and shrugged and said, “Nothing, good luck with your business.”
So, am I to assume that you did not have to shell out a bundle in a brown-paper-bag from the round table.
Steve, if that is the case you must be one of the exceptions, I can name names of people who told me of their experience, and told me if I want I can say “by name I told you.” Steve there are Dominicans who resides in Canada, and Dominica went home to do business, and they were denied that right.
I have a relative in Canada, her husband and brothers wanted to set up businesses in Dominica to manufacture toilet paper tissues and other paper products, they stall them hoping they would be bribed to get the same good luck as you said you got.
People went home to set up poultry business, that lady was also denied. If you are not Dominica born, you perhaps don’t know you see!
Ahh retirement.. …