Ease of doing business rankings: Here are the top five ranked countries

Rankings for the latest report were determined by sorting the aggregate scores across 11 topics, giving equal weight to each topic, with economies benchmarked to June 2017.

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For the second year in a row, New Zealand has claimed top spot in the World Bank Doing Business 2018 report for ease of doing business, ahead of 190 other economies. It has performed so well because it has reformed various aspects of its economy related to the index, including dropping personal and corporate tax rates. An easy-going tax system makes the country a hotspot for foreign investors.

2 / 6

Singapore is ranked second, behind New Zealand, among 190 economies in the ease of doing business, according to the latest World Bank's annual ratings. With its business-friendly environment, world-class infrastructure and one of the better tax frameworks in the world, Singapore is considered as a place for any investor to enhance their business and their presence in Asia

3 / 6

A transparent and predictable framework conditions, flexible labour market with skilled and independently working employees and a well-functioning eco system of world-leading, innovative business clusters takes Denmark to the third spot.

4 / 6

In the past 10 years, Hong Kong has maintained its position among the world's top ranking economies in the report, re-affirming favourable business environment for overseas companies to set up their regional headquarters and offices, and for all businesses to flourish

5 / 6

Forward-thinking governmental restructuring has resulted in the country scoring incredibly high on the World Bank’s scale measuring how easy it is to do business in different countries. This year the government has also approved a 3 percent tax rise to pay for social welfare programmes and new public sector jobs.

6 / 6

India jumped 23 places to come in at the 77th spot in the World Bank's latest ease-of-doing-business global rankings in 2018, a year after it had jumped 30 places. Among categories, the country had the best performance in 'Dealing with Construction Permits' where it jumped by a massive 129 places to become the 52nd easiest place to construct a business unit. Improved transparency and streamlined procedures were behind India cleaning up its notoriously corrupt land sector and the financial transactions that come with it.