NZ takes top spot for ease of doing business
New Zealand has taken the top spot in the World Bank’s annual ease of doing business ranking for the third year in a row.
The Ministry of Business, Innovation and Employment’s (MBIE) General Manager Business Integrity Services Ross van der Schyff says being the best again out of 190 economies is a credit to the work happening throughout the business regulatory sector.
“The Report’s ranking shows the work going into making businesses better for all is showing, as well as highlighting improvements such as the reduced cost to starting a business in New Zealand.
“The regulation of our business systems is an important part of our role in growing New Zealand for all and contributes to our ease of doing business.
“We want to continue giving Kiwi’s the opportunity to create and grow businesses, and being able to register or update company information efficiently and easily on the Companies Office website makes the process much more straightforward for NZ businesses.
In addition, each month more than a quarter of a million Kiwi businesses use business.govt.nz’s world-leading resources to help understand their government obligations, grow and become more productive. The New Zealand Business Number initiative has recently refreshed its website to consolidate all publicly available business information in one place.
“It’s important that we have the right balance between education and enforcement so that businesses can thrive and grow the New Zealand economy, but also making sure they are following what the law requires of them.”
“While 99 per cent of NZ’s more than 612,000 registered businesses are striving to do well, there is a small portion of businesses in New Zealand that are consciously doing the wrong thing and in these cases enforcement action is taken,” says Mr van der Schyff.
The Registrar of Companies handed down prohibitions in accordance with section 385 of the Companies Act to 48 individuals from being directors or managers of limited liability companies in the 2017/18 financial year.
“The increase in the number of director prohibitions in the 2018 financial year reiterates the Companies Office’s commitment in ensuring the regulation of the system and sends a message that those who are involved in the mismanagement of companies, which subsequently fail, will be subject to enforcement action,” says Mr van der Schyff.
“Despite this we’re seeing the business sector take a more proactive approach to compliance, the majority of businesses are doing their best to make their business work and do the right thing to comply with the regulations set out.”