Thailand ranks best country to start business

BANGKOK, Jan 27 (TNA) - Thailand has been ranked best country in the world to start a business for the second consecutive year on the back of less time consuming in business registration which has also helped entrepreneurs in lowering expenses, according to a U.S. News & World Report. Quoting the report, Commerce Minister Sonthirat Sontijirawong said the U.S. News & World Report conducted a survey on 21,000 business operators worldwide and announced on its website on Tuesday that Thailand is ranked first among 80 countries worldwide to start the business. The major reason is attributed to shortening procedures reduction in business registration by the Commerce Ministry, said Mr. Sonthirat. Also, Thailand is ranked eighth among 25 countries worldwide on ‘Best Countries To Invest In’ category, he said. Because of positive ranking by the U.S. News & World Report, foreign business operators can be rest assured that the Thai government has amended business regulations in accordance to its 4.0 policy, said Mr. Sonthirat. The World Bank last November 1 announced that Thailand’s position on ‘Ease of Doing Business’ category improved from 46th ranking in 2017 to 26th position this year. According to the World Bank, the sharp improvement was attributed to time saving as business operators would now spend only two days from 25.5 days earlier in seeking business licence in Thailand while their expenses would be about 5,800 baht only instead of 6,600 baht they spent before. (TNA)