Armenia has improved its ranking by 10 positions, holding 35th position in Doing Business 2016  World Bank’s Regulatory Quality and Efficiency Evaluation Report.

According to the report, Armenia sets some of best practices worldwide in starting a business (the 5th among 189 economies) and 14th in terms of registering property; it takes only 3 days to start a buisness in Yerevan.It takes 7 days to register a property transfer in Armenia compared to 48 on average worldwide.

Armenia has made dealing with construction permits easier. Particularly lower risk projects don’t require approval of the architectural drawings by an independent expert and technical supervision of the construction.

Besides, by joining the Eurasian Economic Union the country has reduced the time and cost for documentary and border compliance for trade with Russia. As a result, the time required for imports is reduced from 50 hours to around 3. The country became 29th as compared to former 58th by this indicator.

Enforcing contracts is now easier through a new law requiring that cases be assigned to judges randomly, and through a fully automated system, in courts throughout the country.

Armenia is among 26 economies at the global level that implemented 3 or more reforms. That’s only 14% of economies worldwide.

Singapore, New Zealand and Denmark are the top 3 countries in the report.Georgia is 24th and Azerbaijan is 63  rd. Besides economic difficulties Russia has also made a progress improving its position from 54 th to 51 st.

“This year’s Doing Business report completes a two-year effort to expand benchmarks that measure the quality of regulation, as well as efficiency of the business regulatory framework, in order to better reflect the reality of business operations on the ground. On the five indicators that saw changes in this report – Dealing with Construction Permits, Getting Electricity, Enforcing Contracts, Registering Property and Trading Across Borders – Europe and Central Asia have performed well and this has positively impacted the global rankings of many of the region’s economies’’, the report states.