UNCTAD and Global Entrepreneurship Week have launched a system that lists online business registration systems by country, in an effort to provide entrepreneurs worldwide with a one-stop-shop for online registration and information regarding business registration processes.
"New firm formation is the primary driver of long-term economic growth - as well as innovation and wealth creation in all types of economies," Jonathan Ortmans, President of Global Entrepreneurship Week, said. "As entrepreneurial ecosystems develop around the world, it will be those that simplify the process for entrepreneurs to start and scale their enterprises that are the most successful."
The new portal was launched at the UNCTAD World Investment Forum 2014.
Registering a business can be a very long and cumbersome process, involving multiple government agencies, and is often too complex for entrepreneurs. This contributes to people remaining in the informal economy in developing countries, where over half the population is in informal employment.
Ideally, most businesses should be registered simultaneously with all government agencies in a few minutes, with only one form and one payment.
The Global Enterprise Registration portal is designed to simplify business registration. The portal allows entrepreneurs to provide comments and feedback on registration procedures, enabling Governments to improve their processes. The portal also allows Governments to share solutions and best practices.
"This portal will spur a race to simplicity among Governments to make the business registration process as easy as possible," Kurt Tong, Principal Deputy Assistant Secretary of the Bureau of Economic and Business Affairs of the United States of America, said. "It provides a list of economies that have taken steps towards simplifying business registration. More importantly, it's a one-stop-shop to help entrepreneurs start businesses legally anywhere in the world."