World Bank reveals best places to do business

Changi Airport, helping Singapore to do business

The World Bank ranking uses metrics such as the time taken to launch and close a business, gain construction permits and pay taxes in a country's largest business city.

Singapore has been ranked the best country to do business for a ninth consecutive year, according to an annual survey by the World Bank. 

New Zealand came second and Hong Kong third in the lender's "Doing Business" report which rates 189 nations by the ease in which firms can operate there.

Denmark filled fourth spot, followed by South Korea.

The UK moved up one position in this year’s poll to eighth while the US stayed at number seven.

Eritrea was at the bottom of the table, along with Libya, the Central African Republic and South Sudan.

The World Bank ranking uses metrics such as the time taken to launch and close a business, gain construction permits and pay taxes in a country's largest business city.

"The list remains very similar to last year's" the report said. "Economies in the top 20 continued to improve their business regulatory environment."