Singapore is still the best place to do business, according to latest rankings
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Singapore has been ranked as the best place in the world for small and medium sized firms to do business, according to the Doing Business Report 2015.
The report, produced by the World Bank Group and in its 13th year, found that Singapore ranks top for the ease of doing business as well as allowing trade across borders and enforcing contracts.
New Zealand came second, while Hong Kong came third according the findings.
The USA (7th), United Kingdom (8th) and Australia (10th) were included in the top ten, along with Denmark (4th), South Korea (5th), Norway (6th) and Finland (9th).
The top seven remain as is in comparison to 2013, while the United Kingdom has moved up one place, trading with Finland.
For people looking to start a new business New Zealand and Canada topped the poll, while the United Kingdom came 45th and the USA came 46th.
Countries which rank the highest are regarded as the locations which are deemed to have a regulatory environment which is conducive to conducting business and is calculated based on a number of indices.
Further down the ranking, the biggest movers were Colombia who rose 19 places to 34th and Albania who were up 40 places to 68th.
Out of the 189 countries ranking, Eritrea props up the ranking while Libya and other African countries, such as the Central African Republic, South Sudan and the Congo also feature at the bottom of the list.
For full details about the ranking, please visit The World Bank Doing Business Economy Rankings.