Easier to do business in the Solomon Islands now
The Solomon Islands has impressively moved several notches up in the global ease of doing business survey. The country finds itself among the top 12 countries worldwide for greatest improvements since the 2010 survey.<!--more-->
Though the country has been ranked 74 out of 183 economies in the International Finance Corporation and World Bank authored report that measures the ease of doing business, it moved as many as seven places since last year’s survey.
Solomons Islands now follows Tonga and Samoa in ranking of countries from the Pacific Islands region. The report also indicates that the Solomon Islands, Tonga and Vanuatu have shown marked improvements in three or more areas of doing business.
Among the improvements that the Solomon Islands has made is introducing an online process to register businesses. It has also separated the land registry from the business and movable property registries reducing complications that delayed the process previously.
The new Companies Act that came into force in 2009 gives shareholders increased access to corporate information, strengthening their rights. It has also simplified insolvency proceedings through provisions of the same act.
In the 183-country index, Tonga leads the Pacific Islands region at 58, followed by Samoa at 60, the Solomon Islands at 74, Vanuatu at 76 and Fiji at 77.
This year, Singapore led on the overall ease of doing business for the sixth straight year, followed by Hong Kong, China, New Zealand, the United States and Denmark.