ADMINISTRATIVE reform has made Spain more business-friendly over the past year, according to a report.
The time needed to start a new business has been reduced from 28 to 23 days, while the requirement to obtain a municipal license before starting operations has been eliminated.
Recent moves to adopt new legislation to improve business regulations have also worked in the country’s favour, according to the World Bank and the International Finance Corporation.
“Spain has been an active reformer promoting 14 major framework changes since 2005” the report said.
“This year, Spain has provided the opening requirements of an enterprise for small and medium entrepreneurs, while the pending reforms will continue facilitating the creation of new businesses and reducing the tax burden for entrepreneurs.”
Singapore tops the global ranking on the ease of doing business, while Hong Kong, China, and the UK are also in the top 10.
Earlier in the year the country was criticized for its business environment. Find out more here.