BAHRAIN RANKED HIGH FOR EASE OF DOING BIZ

Bahrain was ranked first in the world when it comes to resolving insolvency disputes, according to a report which says that the Kingdom is closely followed Oman and Saudi Arabia in second, third places, respectively.

This is according to an analytical study by the Makkah Chamber of Commerce and Industry, based on the World Bank’s report entitled “Doing Business in Saudi Arabia 2015.”

The study also finds that Bahrain enjoys 53rd rank internationally with 69 points for ease of doing business, while Saudi was ranked 40 with 69.99 points out of 100.

The report stated that the UAE ranked first regionally in terms of establishing small enterprises and 22nd internationally out of 189 countries for ease of doing business, with 76.81 points.

In terms of tax payments by companies and individuals, Saudi was ranked third in the world and second regionally for setting up small and medium enterprises.

Jordan came in fifth regionally for small businesses and 117th internationally, followed by Iran and Iraq. Iran ranked 130th for ease of doing business, while Iraq was in 156th position

The chamber report stated that the World Bank had ranked the country based on 10 benchmarked areas including starting a business, dealing with construction permits, getting electricity, registering properties, getting credit, protecting minor investors, paying taxes, trading across the border, enforcing contracts and resolving insolvency.

The Kingdom ranked 109th for ease of starting a small or medium enterprise. It was ranked between 20th and 22nd for dealing with construction permits, getting electricity and registering properties.

For enforcing contracts, it came in at 108th position.

The report also determined that there was a 15 percent increase in commercial permits granted, attributed to the Ministry of Commerce and Industry facilitating application processes.