The wealthy island nation of Singapore topped the World Bank's ease of doing business rankings for the ninth consecutive year, according to the Doing Business 2015: Going Beyond Efficiency' report, released Wednesday.
New Zealand, Hong Kong, Denmark and South Korea, rounded out the top five spots, respectively.
The annual report ranked 189 countries on the based on 10 criteria, such as dealing with construction permits, getting set up with electricity or paying taxes.
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Entrepreneurs in Singapore need just 2.5 days to open a new business, 26 days to obtain a construction permit, 31 days to get set up with electricity and 4.5 days to register a property.
"Interestingly, while Singapore maintained pole position, its score actually slipped a smidgen from 88.30 for 2014 to 88.27 in 2015, whereas the other top 5 ranked countries saw improvements to their scoring," said Selena Ling, head of treasury research & strategy at OCBC Bank.
Ling highlighted that Singapore's scoring for the Getting Credit category did not change from 2014 to 2015, which likely means other countries have improved faster and are catching up in their scoring for this category.
"While the accolade suggests that Singapore will keep its competitive edge, the country will need to brace itself for slower growth next year being one of the most open and trade-oriented economies," added Ryan Huang, market Strategist at IG in a note.