The World Bank report, Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises, identified a huge uptick in the pace of business regulation reform, with nearly 240 business-related regulatory reforms in 114 nations enacted last year. With this increase, companies need to ensure they have trade regulatory compliance processes in place.
This increase in pace of regulatory reform is good news, particularly for small and medium size businesses, who are the main job creators in many parts of the world. Regulatory reforms help to reduce overly burdensome regulations and strengthen legal institutions.
“A better business climate that enables entrepreneurs to build their businesses and reinvest in their communities is key to local and global economic growth. Doing Business shows that economies with better business regulations are more likely to empower local entrepreneurs to create jobs,” says World Bank Group President Jim Yong Kim.
Despite this good news, the report showed that there are still many burdensome regulations and vague rules faced by companies operating in poor business environments. Depending on the location, exporting just one shipment of final products could take 6 documents, 22 days, and more than $1,500. In 35 of the nations, credit mechanisms are also unavailable.
This presents huge barriers for small and medium size companies who do not have the resources to manage burdensome and constantly changing regulations. Luckily, there is a solution! Trade Wizards is a web-based research tool that automates the trade regulation interpretation process to ensure compliance while saving your company time and money.
For more information on the report, please read this article in WT100.
