Date
4 December 2016
After being the runner-up earlier, New Zealand has moved to the top spot in World Bank's ease of doing business rankings. Photo: Bloomberg
After being the runner-up earlier, New Zealand has moved to the top spot in World Bank's ease of doing business rankings. Photo: Bloomberg

New Zealand named best place to do business in World Bank report

New Zealand has edged out Singapore as the best country in the world to do business, according to the World Bank’s latest rankings.

The bank, in its “Doing Business 2017″ report, noted that New Zealand has the fewest number of procedures to start a business and the shortest time to fulfill them, along with strong legal rights, Bloomberg reports.

An easier tax regime also helped New Zealand dislodge Singapore from the top perch it occupied for a decade.

Singapore was placed in the second position, while Denmark remained in the third spot. 

Hong Kong moved up one notch to No. 4 from fifth place, while South Korea and Norway took the next two spots.

The US dropped to the eighth place from seventh, while Japan retained its 34th place and China rose to 78th from 84th.

India’s ranking was unchanged at No. 130. 

The World Bank report ranks countries based on eleven sets of indicators such as the ease of starting a business, dealing with construction permits, accessing electricity and obtaining credit. 

For the first time, the World Bank took gender factors into consideration in assessing how easy it is to start a business, register property and enforce contracts, according to Bloomberg. 

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