The Business Start-up Procedures and Costs for Entrepreneurs

Abstract

Entrepreneurs may encounter various difficulties when launching a new business. A business setup process can be quite straightforward in some nations and be challenging in others, particularly with regard to the amount of procedures to register a business and procedural costs. This study uses data from multiple nations to evaluate and the number of the required procedures and their costs associated with launching a business over time. 10 years of data from 171 different nations are included in the research sample. The study has two main variables. The findings show that there is a positive and significant relationship between the amount of business start-up procedures and procedural costs. The analysis of the data history also reveals that the time-consuming aspects of business start-up procedures and procedural costs for starting a business have shown a global downward trend over the years. Through a quantitative analysis, this study has demonstrated in the literature that countries consider the importance of making remedial arrangements to encourage entrepreneurship. Facilitating the entrepreneurship process and paving the way for new investments worldwide is essential for the development of national economies. Countries are expected to further improve current policies for entrepreneurial activity.