Cyprus ranks 40th in Doing Business Report

Cyprus ranked 40th among 183 countries in the World Bank's ''Doing Business Report'' for 2010, covering the period June 2008 through May 2009.
This is the first time Cyprus is participating in the evaluation of the World Bank, at the initiative of the Cyprus Investment Promotion Agency (CIPA).
Economies are ranked on their ease of doing business. A high ranking on the ease of doing business index means the regulatory environment is conducive to the operation of business.
This index averages the country's percentile rankings on 10 topics, made up of a variety of indicators, giving equal weight to each topic. Doing Business provides a quantitative measure of regulations for starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business.
Cyprus' participation in the evaluation is very important for the country, since it will be included in one of the major ''radar'' indices for investors worldwide.
The report is already being used by investors, governmental offices, analysts, organisations, investment promotion agencies, the private sector, the media and citizens around the world.
Singapore ranked first in the 2009 report, followed by New Zealand, Hong Kong and the USA.
CIPA will be studying Cyprus' ranking, with a view to improve performance in order to promote the country as an attractive investment destination and business centre.