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Doing business in Lithuania got easier, according to a World Bank report that highlights the perils for small and medium-sized companies in the country.
“Any positive evaluation of Lithuania is a signal to investors that a country is reliable and safe for carrying out activities. It’s a great pleasure that we rank first in the Baltic Region”- Minister of Finance Rimantas Šadžius commented in the press release.
Lithuania ranked 17 out of 189 countries assessed for how easy it is to do business, according to the report titled “Doing Business 2014” released October 29.
In the 2013 report, Lithuania ranked 25.
Lithuania has overcome rivals such as Estonia, which is ranked 22nd overall, and Latvia, which is ranked 24th.
Singapore was most simple country in which to carry out business, the report said, followed by Hong Kong.
The World Bank ranks 189 countries based on 10 indicators, such as permits required to do business, access to electricity, protecting investors, paying taxes, enforcing contracts and the time, cost and outcome of insolvency proceedings against a company.
Lithuania’s jump to the list of the countries with the best business environment was mainly influenced by changes implemented in the areas of starting a business and getting credit.
Based on ease of starting a business indicator, Lithuania jumped 96 places up the rankings from 107th to 11th.
However the country still ranked 39 when it came to dealing with construction permits, 68 – protecting investors, 58 – paying taxes, and 75- getting electricity.
In conclusion: companies looking for a good business environment should not hesitate to choose Lithuania. Doing business in Lithuania has certain simplicity to it and getting started is both quick and straightforward.
On another hand, the World Bank report showed that there’s so much more that needs to be done to improve the ease of doing business there, especially if Lithuania wants to advance into a top 10 ranking of nations that the World Bank deems friendliest to businesses.