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Kazakhstan moved up three spots to 25th on the World Bank Doing Business 2020 report, according to the report published on Oct. 24.
Kazakhstan made improvements in issuing permits, ease of getting a loan and starting a business. However, difficulties in registering property and resolving insolvency remain, according to the report.
“Improving the position of Kazakhstan in the Doing Business rating was made possible thanks to the ongoing systematic work of the government to reform existing legislation, improve the licensing system, simplify business creation procedures, optimise state control and oversight activities and improve the business climate,” according to comments on Kazakh Prime Minister Askar Mamin’s website.
The moving up in the ranking became possible as Kazakhstan made starting a business easier by registering companies for value added tax at the time of incorporation. Another improvement was in the strengthened access to credit by automatically extending security interests to the products, proceeds and replacements of the original assets and by giving secured creditors absolute priority during insolvency proceedings, states the ranking report.
Kazakhstan also improved access to credit information by reporting credit data from retailers, made dealing with construction permits easier by streamlining the expert evaluation of the construction project and by improving the process for obtaining a new water connection.
At the same time, some difficulties of doing business in Kazakhstan remain unsolved or exacerbated by new policies, notes the report.
“Kazakhstan also made transferring property more difficult by requiring additional proof of payment of state duties. Furthermore, Kazakhstan made resolving insolvency more difficult by requiring that all creditors vote on the rehabilitation plan, regardless of its impact on their interests,” states the report.
In the new rankings, Kazakhstan is ahead of Iceland (26th place), Austria (27th place), Russia (28th place), Japan (29th place), Spain (30th place), Armenia (47th place), Belarus (49th place), Kyrgyzstan (80th place) and other countries.
The top-ranking countries on the Doing Business index are New Zealand, Singapore and Hong Kong.
The World Bank annually publishes the rating of 190 countries on favourable business conditions. The analysis involves 10 indicators, such as the time and money spent on starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes and trading across borders.
Photo credit: World Bank Group.