2008 rank: #11
Iceland made no reforms between June 2007 and June 2008, but kept its place in the top 20 thanks to the relatively efficient processes it offers throughout the lifecycle of a small business: launching a company takes five days, property registration can be completed in four days, construction permit applications can be completed online and bankruptcy proceedings take only a year.
While Iceland isn't among the speediest economies when it comes to resolving a commercial dispute, it is among the cheapest, costing only 6.2% of the claim, on average.
One trouble spot for Icelandic businesses: Import and export costs are relatively high.
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