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Kazakhstan gains 7 notches in the WB’s Doing Business – 2013

23 october 2012, 14:08
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Kazakhstan has gained 7 notches in the Doing Business-2013 compiled by the World Bank, moving from the 56th to the 49th position, Newskaz.ru reports.

Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises assesses regulations affecting domestic firms in 185 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year’s report data cover regulations measured from June 2011 through May 2012. The report marks the 10th edition of the Doing Business series. Over the past decade, these reports have recorded nearly 2,000 regulatory reforms implemented by 180 economies.

In particular, the report emphasizes that Kazakhstan strengthened its insolvency process by introducing an accelerated rehabilitation proceeding, extending the period for rehabilitation, expanding the powers of and improving qualifi cation requirements for insolvency administrators, changing requirements for bankruptcy filings, extending the rights of creditors, changing regulations related to the continuation of operations, introducing a time limit for adopting a rehabilitation plan and adding court supervision requirements.

Besides, Kazakhstan made starting a business easier by eliminating the requirement to pay in minimum capital within 3 months after incorporation.

Apart from that, Kazakhstan strengthened secured creditor rights by introducing new grounds
for relief from an automatic stay during rehabilitation proceedings.

According to the report, Poland was the global top improver in the past year. Besides Poland, nine other economies are recognized as having the most improved ease of doing business across several areas of regulation as measured by the report: Sri Lanka, Ukraine, Uzbekistan, Burundi, Costa Rica, Mongolia, Greece, Serbia, and Kazakhstan. Singapore topped the global ranking on the ease of doing business for the seventh consecutive year, followed by Hong Kong SAR, China,; New Zealand; the United States; and Denmark. Post-Soviet Georgia was a new entrant to the top 10.

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