Bangladesh has taken its position among the top-20 improvers in the ease of doing business 2020 as the country has implemented various reform initiatives to create a business-friendly environment, according to the World Bank (WB).
As per the multi-donor bank report, available on its website, Bangladesh made it easier for entrepreneurs to start a business, obtain an electrical connection and access credit.
Among other initiatives, Bangladesh lowered the name clearance fee for new company registration, abolished digital certification fees and reduced registration fee calculations based on share capital.
In Dhaka, the electricity supplier cut the security deposit for a new connection by half and undertook major investments to expand its staffing and digitisation of processes. Licensing time was also reduced by the Office of Electrical Adviser and Chief Electrical Inspector, BSS reports.
Bangladesh's Credit Information Bureau improved access to credit information by expanding its coverage to include five years of records and data on loans of any amount.
According to the report, the other improver countries are Azerbaijan, Bahrain, China, Djibouti, India, Jordan, Kenya, Kosovo, Kuwait, the Kyrgyz Republic, Myanmar, Nigeria, Pakistan, Qatar, Saudi Arabia, Tajikistan, Togo, Uzbekistan and Zimbabwe.