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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Wed Sep 06, 2006 3:57 pm Post subject: Korea Becomes Less Business-Friendly |
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Korea Becomes Less Business-Friendly
Korea is among the least conducive countries for starting a new business, a study finds. The International Finance Corporation (IFC), an arm of the World Bank, said Wednesday Korea ranked 116th out of 175 countries based on the ease of doing business, down a precipitous 11 notches from last year.
The IFC said entrepreneurs have to go through 12 administrative steps to start a new business, which takes 22 days on average in Korea. In Canada, which topped the list in the "Starting a Business" category, it only takes two steps and three days to start a new business, it said.
Korea also lagged far behind the global standard in employing workers (110th), registering property (67th), and protecting investors (60th) among 10 topics related to the business environment.
Singapore had the most business-friendly environment, with New Zealand, the U.S., Canada, Hong Kong, the U.K., Denmark, Australia, Norway and Ireland rounding out the top 10.
Chosun Ilbo (September 6, 2006)
http://english.chosun.com/w21data/html/news/200609/200609060025.html |
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Moldy Rutabaga
Joined: 01 Jul 2003
Location: Ansan, Korea
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| Posted: Wed Sep 06, 2006 4:04 pm Post subject: |
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| In Canada, which topped the list in the "Starting a Business" category, it only takes two steps and three days to start a new business, it said. |
Yeesh. It's also a country swarming with laws and business regulations, and a fiendish tax rate. I wonder what sort of aspects are measured in the study..
Ken:> |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Wed Sep 06, 2006 4:09 pm Post subject: |
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Singapore is the friendliest place on earth to run a business. But Canada doesn't fare badly at all in a recent survey by the World Bank.
It ranks fourth in the world, after New Zealand and the United States.
Entitled Doing Business, the report rates 175 countries on the ease of doing business within their borders.
The report looked at the cost of meeting government regulations, taxation and the hassle entailed in getting a business licence and credit.
Singapore passed New Zealand this year to claim the No. 1 spot. The top 10 countries are:
1. Singapore
2. New Zealand
3. United States
4. Canada
5. Hong Kong
6. United Kingdom
7. Denmark
8. Australia
9. Norway
10. Ireland
Germany came in 21st, France 35th and Italy 82nd.
While Japan was 11th in the ranking and Thailand 18th, other Asian nations were lower down in the rankings. South Korea held 23rd position and Malaysia 25th. China was far back in the 93rd position.
The World Bank said many of the Asian countries are slow to change.
"More progress is needed," said Michael Klein, chief economist of the International Finance Corporation, the World Bank's lending arm. "East Asian countries would greatly benefit from new enterprises and jobs, which can come with more business-friendly regulations."
China, a laggard because of its sometimes impenetrable bureaucracy, has introduced many reforms over the past year, winning the praise of the World Bank.
China has reduced the time it takes to register a business from 48 to 35 days and has reduced the minimum capital required.
Beijing has also strengthened investor protections, cut import and export regulations, and made it easier for 340 million citizens to take out consumer loans.
With files from the Associated Press |
http://www.cbc.ca/story/money/national/2006/09/06/worldbank.html |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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Dev
Joined: 18 Apr 2006
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| Posted: Wed Sep 06, 2006 5:44 pm Post subject: |
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Their loss. I predict China's gonna kick their butt in international business.
Koreans gotta learn that international business can't be just take, take, take...and no give. Eventually they're gonna be left behind.
They've shut out Carrefour and Wal-Mart. Who's next? |
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