Malaysia moved up to nine places in the business index of World Bank securing a global ranking of 15 after they carried out almost six business reforms in the previous year. According to the reform report given by World Bank Group’s doing business 2019, the acceleration in the reform helped to regain the position for the country among the world’s top 20 ranked economies. In another statement, it was mentioned that the achievement was only possible because of the consistent efforts of Malaysia to adopt some of the best practices regarding international regulations.
There are several reforms that have been carried out by Malaysia over a few years which have covered different areas for the commencement of the business such as getting the permission for the construction, registration of the property, getting the electricity, resolving insolvency, and most importantly trading across the borders as well. The World Bank has congratulated Malaysia for making some significant improvements in the environment of business as it is captured by the Doing business Report 2019. Among many reforms which have been carried out by Malaysia, one significant was the introduction of an online registration system for the Goods and Services Tax which reduced the time to register a new business to 13.5 days from 23.5 days.
The process of obtaining a building permit was also streamlined by the country which reduced the time to complete all the necessary procedures for building up a warehouse to 54 days from 78 days. Mara Warwick, World Bank Group country director for Malaysia said that they are also committed to sustain the support for the agenda of some important reforms that are going forward focusing on the areas where the entrepreneurs still have some difficulties. Malaysia ranked just second to New Zealand particularly in the area of giving protection to the minority investors. It got a global rank of three in the context of improving the construction permit in advance.