Starting a new business in New Zealand will cost lesser than a day. In Venezuela, it will take 230 days. The World Bank has labeled New Zealand as the easiest country on the earth to do business owing to this measure.
For the first time New Zealand has reached the top rank in this rankings. It defeated Singapore, which was holding this position for last 10 years. On the other hand US fell down by one rank from seventh position to eighth. There are three countries which have made progress in their business sector through major reforms namely, Brunei, Kenya and Kazakhstan.
However the poorest economy is of Somalia, which was excluded completely from the last years.