SINGAPORE - Singapore is the best country to do business in the world, a World Bank report has stated.
This is the seventh year Singapore has taken top spot on the Doing Business report compiled by the World Bank and the International Finance Corporation (IFC).
The other economies with the top 10 most business-friendly regulations were Hong Kong; New Zealand; US; Denmark; Norway; the United Kingdom; the Republic of Korea; Georgia; and Australia.
Although Singapore came out tops, the Republic did not score top points across all 10 regulatory areas measured.
The top three rankings for Singapore were in trading across borders; dealing with construction permits; and protecting investors.
On the contrary, Singapore scored a low average rating of 20 for registering property; getting credit; and enforcing contracts.
In addition, the ease of doing business in developing countries is at a 10-year high, owing to reforms implemented across the world in this time.
Doing Business 2013 is the 10th edition of the report, which was first published in 2003.
The report uses 11 indicator sets to measure business regulation in 185 economies.