News

Pakistan ranks 2nd in South Asia in terms of ease of starting a business: World Bank

Pakistan has improved its position in the World Bank’s Ease of Doing Business Index for the second year in a row.

According to the latest rankings released by the global organization, Pakistan has improved its position by an impressive total of 28 points, surging from 136th place to 108th on the rankings. The World Bank report calls this an “unprecedented improvement”, and it is highly indicative of the country managing to exceed even its own expectations yet again.

Out of the six reform areas highlighted in the 2020 edition of the report, Pakistan made the highest improvement in the “Starting a Business” indicator, which is an area largely being revolutionized by the Securities and Exchange Commission Pakistan (SECP).

Pakistan’s ranking in this indicator has improved from 130 to 72 and is placed at second position in South Asian countries in terms of ease of starting a business.

The improvement, according to the SECP, is primarily due to the integration of e-services with the Federal Board of Revenue (FBR) and the Employees Old Age Benefits Institution (EOBI) at the federal level and with business registration portals of Punjab and Sindh at the provincial level.

After this integration, SECP’s e-services offer a one-window facility for company registration with FBR, EOBI, provincial employees social security institutions, the labour department and excise and taxation departments of Punjab and Sindh.

As a result of this reform, the number of procedures to start a business, as recorded in the Doing Business Report 2020, have been reduced from ten to five and Pakistan has managed to rank “among the top ten reformers globally”.

Pakistan emerging as an increasingly business-friendly nation is massively good news for the local hustle culture and the entrepreneurship environment that has rapidly been garnering interest over the past few years.

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Share
Published by
Hamza Zakir

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

12 hours ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

14 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

15 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

15 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

16 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

17 hours ago