That's according to an annual report released Tuesday by the Canadian Federation of Independent Business (CFIB).
The report gives the province a grade of ‘B', which is second only to British Columbia.
Service NL Minister Paul Davis indicated the Red Tape Reduction initiative has had resounding success to date since it was introduced in Newfoundland and Labrador in 2006.
The original goal was a 25 per cent reduction, but that goal was surpassed within a three-year time frame and the provincial government continues to achieve its objective of no net growth in the number of regulatory requirements.
As of November 2011, this objective has been surpassed with a net reduction in regulatory requirements of two per cent since April 2009.
Several programs have contributed to red tape reduction in the last year, including the expansion of the BizPal program by Service NL and the roll-out of SmartForce by the Department of Advanced Education and Skills.






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