The World Bank’s latest ratings revealed a massive improvement of 28 points by Pakistan, from 136th position to 108th. The “starting a business” indicator showed a gain of 58 points by Pakistan, from 130th position to 72, moving it to second place in the “South Asian countries ease of starting” a business list.
As stated in TechJuice, According to SECP, the reason for Pakistan’s improvement is the increased integration of “e-services with FBR and the Employees Old-Age Benefits Institution (EOBI) at the federal level and with business registration portals of Punjab and Sindh at the provincial level.”
This integration has made company registrations with EOBI and FBR easier due to the introduction of just a one-window process. Therefore, the procedures to carry out before starting a business have been reduced. In fact, Pakistan is now ranked as “among the top 5 reformers globally”.
Pakistan has been tremendously growing when it comes to the increasing number of businesses and the rise of entrepreneurs. The interest of the population in entrepreneurship has increased to a great extent. The interest will continue to grow if Pakistan maintains its “ease of starting a business” rank.