The Sultanate is ranked fifth in the Arab region in Doing Business 2013 index released by the World Bank and the International Finance Corporation (IFC).
Out of 185 countries surveyed, the Sultanate ranked 47th on the world level, after Saudi Arabia, UAE, Qatar and Bahrain, in terms of ease of doing business.
The Sultanate also came 18th on the world level in registering property indicator, 73rd in starting business indictor, 59th in getting building permits, 83rd in getting credit indicators, 10th in tax payment indicator, 100th in investor protection indicator, 49th in trade across border indicator and 77th in resolving insolvency indicator.
Singapore is at the top position, followed by Hong Kong SAR, China’ at second place and New Zealand at third spot. Other nations in the top 10 are the US (4th), Denmark (5th), the UK (7th), Norway (6th), South Korea (8th), Georgia (9th) and Australia (10th).
The report pointed out that the most countries covered by the report witnessed improvements in business environment since 2005, the average time to start a business has fallen from 50 days to 30 days and in low-income economies the average has been reduced by half.