Nov 02, 2018 (LBO) – Sri Lanka rose 11 notches in the Ease of Doing Business index 2019 being ranked 100 among 190 economies, the World Bank said.
Sri Lanka has carried out four reforms which included making dealing with construction permits easier, while the introduction of online systems made it easier to pay taxes.
Sri Lanka has also made it easier for businesses to register property and enforce contracts which made the country to move up in the doing business index.
The World Bank said ongoing reform efforts are gathering momentum as well, with their impact yet to be realized and measured by Doing Business.
This progress includes:
- The Companies Act no longer requiring businesses to run a notice of incorporation- taking a full 3 days out of the equation when it comes to starting a business.
- The Registrar of Companies (ROC) introducing a portal called E-ROC to make it possible for applicants to register their business online.
- The Government of Sri Lanka appointing an Office of the Official Receiver for the first time since the law made it possible in 1982 (the receiver was never appointed). This institution will oversee Sri Lanka’s insolvency framework.
“The countries of the region have also collectively carried out 19 business reforms during the past year, with an average of more than two reforms per economy,” the World Bank said.
“Strong commitment to the reform agenda is also paying off in Sri Lanka and Pakistan, as indicated in their improved rankings.”
Doing Business 2019, Fact Sheet: South Asia
- India, in 77th place in the Doing Business rankings, is the highest ranked economy in South Asia, followed by Bhutan (81) and Sri Lanka (100).
- Sri Lanka made dealing with construction permits more streamlined and less time-consuming by launching a single window counter and improving the efficiency of obtaining certificates required to undertake a construction project