Ireland offers an increasingly attractive environment for businesses, according to a recent report from the World Bank.
The Bank’s latest Ease of Doing Business report
revealed that Ireland has improved its ranking by one place, moving up to 17th out of 190 countries. Ireland is now strongly placed compared to its neighbours, ranking 4th in the Euro Area and 7th in the EU.
The report assesses the business and regulatory environment in 190 economies and ranks them in 10 areas of business regulation, including starting a company, enforcing contracts and resolving insolvency.
With regards to resolving insolvency
, Ireland is ranked 17 out of 190. However, for one particular insolvency indicator, the average time taken for creditors to recover their credit, Ireland is ranked as the overall best performer, with an average time of 0.4 years.
Minister for Finance and Ireland’s Governor at the World Bank, Paschal Donohoe
, T.D., welcomed Ireland’s improved ranking, stating that it is a positive reflection on the business environment in Ireland for small and medium-sized firms.
“The ease of doing business is a key pillar of Ireland’s competitiveness and as such I am particularly pleased with Ireland’s strong performance relative to our neighbours, with Ireland ranking 4th in the Euro Area and 7th in the EU overall,” he said.
“This year’s report shows that while the conditions for entrepreneurship in Ireland are already favourable, there is always room to do more,” he added. “We will be striving to strengthen our performance in individual areas that the Report seeks to measure and improve our ranking as time goes on. These reforms have a real and beneficial impact on economic growth and job creation in Ireland.”
What Does this Mean for Irish Businesses?
Ireland’s improved ranking can only be good news for businesses in Ireland, and will make the country increasingly attractive to overseas companies looking for an alternative base in Europe post-Brexit.
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