Entrepreneurial Missions Index
725,940 (152nd most populous country in the world)
Cement, wood products, processed fruits, alcoholic beverages, calcium carbide, tourism
Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Bhutan, visit https://www.cia.gov/library/publications/the-world-factbook/geos/bt.html.
Business InformationThe World Bank ranks Bhutan as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.
It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Bhutan.
The World Bank ranks Bhutan as 126th out of 183 economies in terms of ease of doing business. The country ranks as 80th (of 183) in terms of ease of starting a business.
It requires 8 procedures, takes 46 days, and costs 8% of income per capita to start a business in Bhutan.
In order to start a business in Bhutan, one must follow these procedures:
- Obtain a clearance from the Royan Bhutan Police
- The company submits project proposal to Department of Industry, Project Development Services Division
- Register with the Registrar of Companies
- Apply for a trade / industrial license at the Regional Trade and Industrial Office (under Ministry of Trade)
- Apply for taxpayer identification number and register the company for specific taxes
- Make a company seal
- Open a bank account
- File the evidence of operating bank account with the Registrar of Companies
Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Bhutan, visit http://www.doingbusiness.org/.
The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland. It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world. The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking. The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.
Bhutan Economic Freedom
The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period
Their measure of economic freedom is based on that the following standards:
- Personal choice rather than collective choice,
- Voluntary exchange coordinated by markets rather than allocation via the political process,
- Freedom to enter and compete in markets, and
- Protection of persons and their property from aggression by others.
A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.
2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.