London, United Kingdom (PressExposure) October 30, 2012 -- The annual World Bank Doing Business report shows Hong Kong holding on to second place as the world's most business-friendly economy.
With the Doing Business series now in its 10th year, the new report, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises, assesses regulations affecting domestic firms in 185 economies, ranking each on the basis of various criteria including ease of starting a business, insolvency resolution, and cross-border trade. Since 2009, Russell Bedford member firms have contributed to the report's Paying Taxes survey, which examines the regulatory and financial burden of tax compliance on companies worldwide.
Here too, Hong Kong is revealed as one of the world's most conducive business environments, beaten only by the United Arab Emirates, Qatar, and Saudi Arabia in terms of ease of paying taxes. Indeed, there are only two categories in which the country is not ranked in the top 10: resolving insolvency (down one place to 17), and property registration (down two places to 60). James Ngai, a partner in Russell Bedford Hong Kong and Asia-Pacific Regional Director of Russell Bedford International, commented: "I am delighted to see Hong Kong's business environment recognised in this way. But one cannot be complacent. Fast and efficient bankruptcy proceedings are essential to any dynamic economy, and our standing here remains poor. We will continue to lobby for further improvement in this vital area."
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About Russell Bedford International
Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world's leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.