It is the fifth year in a row that Denmark is ranked as the easiest place in Europe to do business, only Singapore and New Zealand are ahead of Denmark. Denmark also moves into the top 3 in the World Bank’s ‘Doing Business’ ranking published today.
The Danish Minister for Foreign Affairs, Kristian Jensen, says:
“Creating a good and efficient business environment for both foreign and Danish companies is a key priority of the Danish government, and I am pleased to see that our continuous efforts show results and Denmark is again acknowledged as best in Europe for doing business."
“It is the second year in a row that Denmark takes a step up in the World Bank’s Doing Business ranking and I hope that more foreign investors will consider growing their business in the world’s third best country for business.”
US pharma giant invests heavily in Denmark One of the foreign companies that has already invested massively in Denmark is Bristol-Myers Squibb (BMS), one of the biggest American pharmaceutical companies.
In the past year, BMS has invested in four large deals and partnerships in Denmark: Bavarian Nordic, Novo Nordisk, Galecto Biotech, and Dako. These agreements are valued at over 1.4 Billion USD.
"Denmark is focused on supporting Innovation, which creates a positive context for our investments and we are happy to see Denmark recognized today,” says Emmanuel Blin, Senior Vice President and Head of Commercialization, Policy & Operations at Bristol-Myers Squibb Company.
“At Bristol-Myers Squibb, we recognize that innovation happens everywhere and partnering is an important part of our strategy. In the past year, we have partnered with four Danish life sciences companies, showing that the Danish life sciences' cluster is among the most innovative in Europe."
Non-bureaucratic regulation and online tools The World Bank report presents quantitative indicators on 11 areas of business regulation. Recognizing that sound business regulations are fundamental to a top performing economy, the economies that perform well in the Doing Business rankings are not those with no regulation, but rather those with rules that facilitate interactions in the marketplace in a non-bureaucratic manner.
The report stresses the importance of online procedures for efficient business administration and Denmark is one of the frontrunners where almost all investigated transactions can be conducted online. An example is the online land registry which is highlighted as a good example. “Regulatory efficiency and quality go together and in fact reinforce each other in a virtuous cycle. The country’s state-of-the-art land registry provides both efficient registration of property transfers and valuable property title,” it reads in the report.
About the World Bank’s Doing Business report Doing Business 2016 is the 13th in a series of annual reports benchmarking the regulations that affect private sector firms, in particular small and medium-size enterprises.
The report presents quantitative indicators on 11 areas of business regulation for 189 economies of which Denmark is ranked the 3rd easiest place to start and run a business.
Doing Business measures aspects of regulation affecting 11 areas of the life of a business. Ten of these areas are included in this year’s ranking on the ease of doing business: starting a business, dealing with construction permits getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Features of labour market regulation are normally also part of the analysis.