Ease of Doing Business -Australia-Free-Samples-Myassignmenthelp.com

Question: Visit the World Banks Ease of Doing Business site (www.doingbusines.org). Select a country of your choice and review the report. What factors are reassuring in this report and what issues are of concern? Answer: Ease of Doing Business -Australia Noteworthy, the Doing the business directory economic profile for Australia propelled this analysis. The report provides various economic indicators which might be good or not for starting up a business. The report on Australia was made this year.Overall, Australia has a conducive business startup conditions for upcoming business. Primarily, there is better credit access, simplified tax payment procedure, low business startup registration fees. However, it has a few challenges for an upcoming employer such as an obligation for severance pay in case of worker dismissal. Reassuring Factors Noteworthy, Australia offers an incentive of half registration fees and online registration to upcoming business which is ideal for new investors in the country. Through the cut down registration fees, new investors are able to save on startup costs which is likely to boost business growth. In addition, the Australia tax payment system for businesses has been made simpler due to the fact that taxes are payable online and also following the abolition of stamp duty on contracts(("Abolition of NSW Duty on Business Assets | Revenue NSW", 2018). Contract enforcement-Noteworthy, Australia ranks 7 out of 100, of the countries favorable for investment. Further, there is simplified online registration procedure. Moreover, Australia is ranked 3 in the enforcement of contracts and resolving disputes thus making it a good venue for business because an investor will be able to reap benefits faster owing to speedy implementation of contracts. For construction based business ventures, Australia is the place to do business this year. Specifically, Australian construction permits have increased by 17.1% since January this year. All in all, Australia is the best startup venue for a business. Simplified Permit Procedure This assertion is attributed to the fact that the Australian construction permit system has been streamlined thereby taking less time for the process to be completed. Also Owing to hard economic times, employers period for notifying workers of their dismissal for work has greatly reduced. This is advantageous for the employers due to the fact that they might be able to let go of a redundant employee faster. Notably, access to credit facilities has been made easier in Australia following the implementation of the enforceable personal property securities. Further, the collateral registry unification will make it easier for upcoming investors to access financial facilities to actualize their business ideas. Credit Access-Due to the security availability. With the easy accessibility to credit facilities, it is easier to start up a business in Australia than anywhere else hence good investment destination. Concern issues. Labor Market Regulation.-Despite the above incentives for starting business ventures in Australia, challenges likely to face upcoming investors. With the Introduction of the severance pay obligation on employers in instances of redundant workers dismissal are likely to cost employers a substantial amount of money (fairwork, 2018).In addition, the entitlement of workers to increased annual leave is not necessarily good news for potential employers. This is because despite longer leave, the employees are entitled to payments. This could mean reduced volume of production for the business thus less revenue. Despite all these, employees on leave are entitled. References Abolition of NSW Duty on Business Assets | Revenue NSW. (2018).Revenue.nsw.gov.au. Retrieved 27 March 2018, from https://www.revenue.nsw.gov.au/taxes/abolished/iga/factsheet/abolition-nsw-duty-business-assets Doing Business (2018).Reforming to create jobs.[Online].https://www.doingbusiness.org/~/media/WBG/DoingBusiness/Documents/Profiles/Country/AUS.pdf Fairwork.gov.au. (2018) Retrieved 27 March 2018, from https://www.fairwork.gov.au/ArticleDocuments/723/Notice-of-termination-and-redundancy-pay.pdf.aspx Trading Economics. (2018).Australian Building Permits. Retrieved 27 March 2018, from https://tradingeconomics.com/australia/building-permit