Global Entrepreneurship and Development Index †MyAssignmenthelp

Question: Discuss about the Global Entrepreneurship and Development Index. Answer: Introduction: This paper examines about the ease of doing business index (EODB). World Bank developed this index to measure the regulations affecting the businesses. High-ranking countries in the EODB index signifies that the environment is more suitable for starting and operating a local organisation (Doing Business in Australia-World Bank Group, 2018). Australia is selected to understand its EODB index and the challenges faced by newly established business organisation. Australia is currently ranked 14 out of 190 countries in the EODB index (Acs, Szerb Lloyd, 2017). The EODB index is explained with 10 different topics. The first and most important step of any business organisation is to setup the business, according to the EODB index of Australia the starting of business is very effortless. Dealing with construction business helps to understand the procedures, cost and time requires in building a warehouse, which also includes licenses and permits. In dealing with construction permits Australia ranks 6th in DB ranking. The next topic of EODB index is getting electricity. This topic defines the time and cost requires obtaining permanent electricity supply for an organisation. Australia ranks 47, which is a big issue for a newly established organisation. Registering property explains the time, cost and steps, which is needed to regi ster a property. In this topic, Australias DB rank is 51, which means it is quite tough to register a property in Australia than most of the country. Getting credit is the next topic in EODB index, which explores two different issues bankruptcy laws in lending and the strength of credit reporting systems. Australias DB rank is six in getting credit. Australias strength of protecting minority investors is very poor and ranked in 57. The protecting minority topic explains the strength of the minority or new shareholders against the wrong use of corporate assets by the board of directors. The next topic in the EODB index is paying taxes. In this topic, Australias DB rank is 26, which is comparatively lower. The next topic in EODB index is trading across borders, which explain the cost, and time requires in exporting and importing goods. In trading across borders, Australias DB rank is 95, which shows that Australias logistic system is very time consuming and expensive. Enforcing contra cts measures the cost and time taken to resolve a corporate dispute and the quality of judicial method. In this indicator, Australias DB ranks 3rd, which means the disputes are solved quickly and the quality of judicial system is better than most of the country. The last indicator or topic is resolving insolvency; this explains the cost, time and outcome of bankruptcy proceedings, which involves legal domestic entities. Australias DB rank is 18 in resolving insolvency (Besley, 2015). Challenges in doing business in Australia: Getting electricity: Getting a stable electricity connection is a major issue in doing business in Australia. It takes about 75 days to get a electricity connection in Australia. Construction permits: Australia may rank higher in this topic than most of the country but it is very difficult to get a construction permit, it involves 11 different procedures. Imports and exports: The logistic process in Australia is expensive and time-consuming which severely affects a business organisation (Choudhuri, Ehsan Hakura, 2015). Australia is a country with good environment support for new organisations. The starting of new firm and credit facilities will help the business organisation. However, there are some issues related to getting electricity and logistic process across the borders, which is expected to decrease in the future. References: Acs, Z. J., Szerb, L., Lloyd, A. (2017). The global entrepreneurship and development index. InGlobal Entrepreneurship and Development Index 2017(pp. 29-53). Springer, Cham. Besley, T. (2015). Law, regulation, and the business climate: The nature and influence of the World Bank Doing Business project.Journal of Economic Perspectives,29(3), 99-120. Choudhri, E. U., Hakura, D. S. (2015). The exchange rate pass-through to import and export prices: The role of nominal rigidities and currency choice.Journal of International Money and Finance,51, 1-25. Doing Business in Australia - World Bank Group. (2018).Doingbusiness.org. Retrieved 19 March 2018, from https://www.doingbusiness.org/data/exploreeconomies/australia