So where does America rank in terms of being business-friendly?
New Zealand is the easiest place in the world to create a new business. Starting one there requires "one procedure, half a day, (and) less than 1 percent of income per capita and no paid-in minimum capital," the study noted. New Zealand was followed by Canada, Singapore, Australia and Hong Kong in the top five.Does this officially make us what they used to call a "third world" country?
By contrast, the U.S. requires, on average, six procedures, takes five days and requires 1.5 percent of the company's income per capita.
In addition to being beaten out by Rwanda (9), Azerbaijan (10), and Belarus (15), the U.S. lost out to Malaysia (16); Taiwan (17); Puerto Rico, which is a U.S. territory (18); and Mauritius (19).