A report from the World Economic Forum (WEF) has indicated that New Zealand ranks first out of 146 countries for the fastest time it takes to establish a company.

Photo credit; Nick Kean on Flickr

According to WEF’s Global Competitiveness Report 2013-2014 published on September 3, the period of time required to start a business is shortest in New Zealand, where only a single day is needed.

New Zealand is followed by Australia, Georgia, Macedonia and Hong Kong with the fastest processes and procedures to found a company.

According to WEF’s research, the worst-ranked country in terms of the time required to start a business is Suriname, where the process requires 694 days, or almost two years.

Other countries which rank low in startup times include: Brunei Darussalam, Haiti, Brazil and Venezuela.

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