Here are the best countries in the world for doing business

Dust by Norton Flavel at Sculpture by the Sea, Bondi. Photo: Lisa Maree Williams/Getty Images

The World Bank has released its latest rankings of the countries where doing business is easiest.

Australia’s position is unchanged at 13th, but New Zealand is now second to Singapore, which is once again tops the heap for ease of doing business.

Here are the first 20 countries:

Source: World Bank

Countries are scored on 10 topics from starting a business to resolving insolvency.

New Zealand ranks first in the world for starting a business, which measures how long it takes to get a permit for a business and its associated processing costs. Australian ranks 11th.

Australia’s best score is fourth for dealing with construction permits and the same with enforcing contracts.

The World Bank’s report, Doing Business 2016: Measuring Regulatory Quality and Efficiency, finds that 85 developing economies implemented 169 business reforms over the past year.

High-income economies had an additional 62 reforms, bringing the total for the past year to 231 reforms in 122 economies around the world.

The majority of the reforms were designed to improve the efficiency of regulations, by reducing cost and complexity, with the largest number of improvements made in the area of starting a business.

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