HK ranked top three in business facilitation: WB

A World Bank report ranked Hong Kong the world's no. 3 on ease of doing business, a government spokesman said here Wednesday.

According to the World Bank's Doing Business 2015 Report released Wednesday, the top three performers are Singapore, New Zealand and Hong Kong. It compared the "ease of doing business" of 189 economies across 10 indicators.

Hong Kong's overall score edged up to 84.97 from last year's 84. 45, indicating an improvement in the city's overall business environment, the spokesman said.

Among the 10 indicators, Hong Kong ranks first in dealing with construction permits, second in both protecting minority investors and trading across borders, fourth in paying taxes, sixth in enforcing contracts and eighth in starting a business.

The World Bank also commended Hong Kong for strengthening minority investor protection by introducing requirements for directors to provide more detailed disclosure of conflicts of interest to the other board members under the new Companies Ordinance, which commenced operation on March 3, 2014.

Hong Kong's ranking in protecting minority investors is up from the third place last year to the second this year.

"The government would strive to cut red tape, eliminate outdated or unnecessary regulations on business, enhance regulatory efficiency and reduce business compliance costs, with a view to further improving the ease of doing business in Hong Kong, " the spokesman said.