2014 Rank: 69
Change From 2013 Rank: Improved by 3
Turkey enacted a new Commercial Code in 2012, designed to shake up the nation's half-century old laws. The new code "aims to radically change the future of commercial law," Unal Telkinalp, chairman of the Draft Turkish Commercial Code, wrote in a 2011 PwC report. Change isn't easy, he said, "but the price is far less than that paid by a society that fails to keep pace with the realities of the new understanding of commerce."
The Doing Business report gave Tukey shout-outs for reducing the time businesses spend waiting for construction permits, for cutting the costs of an electrical grid connection and for protecting investors from board members' potential conflicts of interest. The country lost points for raising the minimum capital requirements to start a business and raised fees involved in transferring property ownership. Left: Istanbul.
Special Report: A New World of Risk