Taiwan is ranked 11th in the World Bank’s “Doing Business 2016” rankings, up eight notches from a year earlier. That means Taiwan improved its business environment over the past year. The ranking puts Taiwan fifth in the Asia Pacific region.
The annual report surveys 189 countries and their economies in 10 areas regarding the ease of doing business. A high ranking means that the country has an environment that is conducive to starting and operating a local firm.
Taiwan was second in the getting electricity category, which is unchanged from last year. The report indicated that Taiwan has simplified procedures in letting companies get electricity in a lesser amount of time.
Among the ten categories, Taiwan has improved in four areas, including enforcing contracts, construction permits, property registration, and protection of minority investors.
In the global rankings, Singapore retained the top position as the most business-friendly country in the world.