The report, Doing Business 2020, measures regulations in 190 economies in 12 business regulatory areas to assess the business environment in each economy. Ten of these indicators were used to estimate an ease-of-doing-business score this year, over the 12 months ending 30 April 2019.

The top-10 best places in the world to do business, according to the study, are New Zealand (with a score of 86.8 out of 100), Singapore (86.2), Hong Kong SAR, China (85.3), Denmark (85.3), South Korea (84), the US (84), Georgia (83.7), the UK (83.5), Norway (82.6), and Sweden (82).

This data might be useful to wealth managers wanting to know where clients and potential business owners can start up operations most rapidly. The findings, while subject to the usual caveats about all such exercises, suggest that countries such as France and Germany need to raise their game. 

“Regulation exists to protect workers, public safety, businesses, and investments. But inefficient or inadequate regulation can stifle entrepreneurial activity and business growth and impact the ease of doing business,” the report’s authors said.

The report said that it takes more than 200 hours to complete export border requirements for maritime transport in Cameroon and Côte d’Ivoire. In contrast, it takes only 10 hours in Singapore. Border compliance costs for export at seaports in Gabon average over $1,600, compared with just over $300 in Mauritius. 

Such reports tend to overlap with data from organisations such as the US-based Heritage Institute and its Index of Economic Freedom, which tracks links between economic liberty and prosperity. These studies do not, however, necessarily include political and cultural issues.

The study looks at rules affecting a business from inception through operation to wind-down: starting a business, dealing with construction permits, connecting to electricity, registering property, obtaining credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.