Sri Lanka ranked 107 in ease of doing business index 2016

business

(CORRECTED to show improvement from rank of 113 to 107 during last year)

Oct 28, 2015 (LBO) – Sri Lanka was ranked 107 in the World Bank’s “Doing Business 2016” index, which measures the ease of doing business in 189 different countries, a report released by the bank on Tuesday revealed.

Sri Lanka ranked 107th out of 189 countries in terms of ease of doing business for 2016. It was in the 113th place in 2015 as per revised figures.

The report indicates an improvement in the score between 2015 and 2016 and therefore an improvement in the overall business environment as measured by Doing Business.

Doing Business 2016 indicates that Sri Lanka made starting a business easier by eliminating the requirement to notify the Registrar of Companies of the payment of stamp duty for the initial issuance of shares.

Sri Lanka has also simplified post registration procedures such as tax registration, social security registration and licensing, the report said.

It also says the country has made it easier to deal with construction permits by creating a working group of different agencies involved in issuing building permits so that applicants no longer need to obtain approvals from them separately.

The report covered only Colombo as a city of Sri Lanka and the data in Doing Business 2016 are current as of June 1, 2015.

Read More: Over 60 pct of World Economies Improved Business Rules: WBDB16