Issues & Answers
DOING BUSINESS IN KOREA: WORLD BANK RANKS KOREA #8 IN EASE OF DOING BUSINESS
Recently the World Bank gave the Republic of Korea a number 8 ranking in its Ease of Doing Business category for 2012. This highlights Korea as a top trading partner and a world leader in doing business.
Doing Business sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 10 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
A total of 183 economies are ranked on their ease of doing business. A high ranking on the ease of doing business index means the regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country's percentile rankings on 10 topics, made up of a variety of indicators, giving equal weight to each topic.
Korea, which was raked as the eighth easiest economy to do business with, embodies the things businesses need to be successful in new economies. The country was also recognized for its superiority in trading across borders. Below is a link to the full report on Korea's economy and its ranking in key business areas.
|TOPIC RANKING||DB 2012 Rank||DB 2011 Rank||Change in Rank|
|Enforcing Contracts||2||4||+ 2|
|Trading Across Borders||4||10||+ 6|
|Getting Credit||8||8||No change|
|Getting Electricity||11||9||- 2|
|Resolving Insolvency||13||13||No change|
|Starting a Business||24||59||+ 35|
|Dealing with Construction Permits||26||27||+ 1|
|Paying Taxes||38||40||+ 2|
KOREA ECONOMY OVERVIEW
|REGION||OECD high income|
|INCOME CATEGORY||High Income|
|GNI PER CAPITA (US$)||19,890.00|
Join Business Connect
Sign up for Business Connect to gain exclusive access to resources you need to understand, engage and succeed.
Recent Success Story
CraftCanTravel is a global craft beer exporting company that aims to foster relationships with existing importing countries and develop a trade partnership with emerging craft beer markets.
Learn more about how the FTA benefits your state and others