Here are 10 important factors on which 'Ease of Doing Business' ranking is based on.
India moved 12 points ahead from 142nd position to rank 130 in World bank's ease of doing business index among 189 countries.
There is a certain criteria on which the World bank ranks the countries. Singapore topped the list in World bank's annual 'Doing Business 2016' report followed by New Zealand, Denmark, South Korea, Hong Kong, Britain and United States.
There are 10 indicators on which the ranks are based on:
1. Starting a business: Starting a business is the most important factor in Ease of doing business context. A country needs to obtain digital certificate and register a particular company's name with the Registrar of Companies (ROC) online.
Making seals and stamps for the company is important. The company also needs to register with Employees' provident Fund Organization and Value Added tax. Medical insurance also needs to be taken care of.
The company needs to register for profession tax and obtain a tax account number for income tax deductions.
2. Dealing with construction permits: Second most important factor is getting permission for construction. Design plans and application needs to submitted. Site inspection needs to be received from Building proposal Office.
No-objection certificates need to be obtained from Tree Authority, storm water and Drain Department, Sewerage Department and Hydraulic Engineer Department, Electric Department and Chief fire Officer.
Also Read: Ease of doing business: Here's how India improved its ranking under PM Modi government
3. Getting electricity: Getting electricity is another important factor that needs to be taken care of. Application needs to submitted and site inspection is followed by that. Then electrical contractor's wiring and payment needs to be made. After paying security deposit, external connection and electricity flow is acquired by the company.
4. Registering property: Before registering a property, it needs to be cleared of all local tax dues. A search charge needs to be conducted at the Registrar of Companies after which a final sale deed is prepared. After paying stamp duty on the final sale deed, documents need to be submitted to the local office of the Sub-Registrar of Assurances.
In the end, the property needs to be applied to the land and Survey Office for mutation of the tile of the property.
5. Getting credit: According to World bank report, getting loan credit is also one of the most important factor which is necessary for Ease of Doing Business.
6. Protecting Minority investors: Minority investors' protection is necessary for a country to be ranked in Ease of Doing Business index.
7. Paying taxes: Payment if taxes which includes labour tax, profit tax, value added tax and other taxes such as fuel tax, tax on insurance contracts and excise duty and income surcharge is important.
8. Trading across borders: Trade across borders is one of the important factors which includes time to export and cost to export with other countries.
9. Enforcing contracts: Enforcement of contracts needs filing and service and enforcement of judgement which includes attorney, court and enforcement fees. Quality of judicial processes is part of enforcing contracts.
10. Resolving insolvency: Resolving assets' insolvency in the country is another indicator which is important in Ease of Doing Business.
(With Agencies)
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