2016.10.2604:19:00UTC+00New Zealand is most friendly place for business, says World Bank

A World Bank research revealed New Zealand is the easiest place for doing business, surpassing Singapore which holds the spot for a decade in one of the hugely trailed rankings worldwide.

Any entity that intends to begin a business in the country only has to undergo a single process, which lasts for half a day. The global median time for such a procedure is 21 days. The nation also led in obtaining credit, securing construction permits, enlisting property, and safeguarding minor shareholders.

Singapore came in second, while Denmark and Hong Kong ranked third and fourth, respectively. It also included South Korea, Norway, the United Kingdom, and the United States. Somalia, Venezuela, Libya, and Eritrea made it to the lowest spot.

World Bank said New Zealand topped the list when it removed its cheque levy, making the taxation process easier. Chief economist and senior official Paul Romer said simple rules for doing business in an area result in economic benefits.