#7 South Korea

Procedures necessary to start a business - 5

Days required to start business – 7

The fixed initial costs of these procedures, including making a company seal and paying a corporate registration tax, is just $36. Although it is cheap and quick to start a company, few Koreans feel inclined to do so. In 2011, just 11% of Koreans perceived that there were favorable opportunities to start a company, while just 27% felt they had the capabilities to do so.

South Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a high-income developed country and is a member of OECD. It is the most industrialized member country of the OECD. South Korea had one of the world's fastest-growing economies from the early 1960s to the late 1990s, and South Korea is still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore, and Taiwan,

Read More: 5 Entrepreneurial Lessons From Lord Shiva - 'The Destroyer' / 7 Things That Keep Great Entrepreneurs Rolling