Cyprus Mail

Cyprus slides down World Bank business rankings

World Bank headquarters

Cyprus has slipped eight spots to 53 in the overall rankings of the World Bank’s annual Doing Business report.
Last year, Cyprus scored an overall average of 72.12 across 10 topics – starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency – ranking an overall 45 out of 190 countries examined.
This year, the country fell eight spots to 53 with an average score 71.63, faring worst in dealing with enforcing contracts and dealing with construction permits, in which it ranked 138th and 120th.
In contrast, it scored best in resolving insolvency and protecting minority investors, ranking 21st and 43rd overall.
Enforcing contracts was the only topic in which Cyprus scored below the 50-per-cent benchmark, with 48.59.
The report said that it takes an average 1,100 days to complete a contract-enforcement action, with the average cost recorded at 16.4 per cent of the claim.
In Cyprus’ region (Europe and Central Asia), the average period required to enforce a contract was less than half (489.9 days), although the cost as a percentage of the claim was substantially higher (26.2 per cent), the report said.
In dealing with construction permits, Cyprus scored 63.99, with eight separate procedures identified taking an average 507 days to complete.
In the breakdown, the report said it takes an average 240 days to update the land title at the Department of Lands and Surveys, 100 days to apply for a building permit at the Municipality of Nicosia, and another 90 days to apply for a town-planning permit at the Town Planning Department.
The average period for a construction permit to be issued among the countries in the region (Europe and Central Asia) was 168.3 days.
Cyprus ranked 50th in starting a business, 67th in getting electricity, 92nd in registering property, 68th in getting credit, 44th in protecting investors and 45th in trading across borders.
The most business-friendly country in the world, according to the report, was New Zealand, which scored an average 86.55, with Singapore and Denmark in second and third place with 84.57 and 84.06.
The lowest average score was recorded by Somalia, with 19.98, followed by Eritrea and Venezuela with 22.87 and 30.87.

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