Nicosia, Oct 13 : According to a report published by the World Bank, Egypt has topped the list of reformers in the way of doing business, jumping a total of 39 places, but it still ranks 129 in a total of 178 countries surveyed.

Saudi Arabia has also made notable strides, and now ranks 23rd in the world.

The report examines the cost and time involved in meeting government requirements in business start-up, taxation, operation, trade and closure.
It should be noted that the report did not examine the quality of infrastructure, volatility, crime rates or investor perceptions.

Egypt has sharply reduced the minimum capital required to start business from E£50,000 to E£1000, cutting by half the time and cost of start up and reducing fees for property registration.

It also set up a one-stop shop for traders at ports and cut import time by seven days and export time by five. Moreover building permits are now issued much more quickly, while a private credit bureau was set up.

Saudi Arabia, which used to be one of the toughest places to start business, also made great improvements in the way of doing business, becoming the seventh best improver worldwide. It jumped 15 places and now ranks 23 worldwide.

The kingdom cut layers of bureaucracy, reduced the days needed for a company start-up from 39 to 15 and eliminated the minimum capital required to start a business. (ANI)