Singapore was ranked first by the World Bank in terms of the ease of doing business, with the lender measuring national stipulations and obstacles and their impact on entrepreneurial activity.

"Regulations determine how easy it is to start a business, the speed and efficiency with which contracts are enforced and the paperwork needed for trade," World Bank Chief Economist Kaushik Basu said in a statement while explaining some key factors in the ranking.

Another Asia-Pacific nation, New Zealand came in second in the ranking, with Hong Kong, Denmark, the US and the UK also among the leading 10 nations this year.

Red tape a key factor

The survey pointed out that in Singapore, entrepreneurs need an average of two and a half days to set up their companies, while in Eritrea - the nation doing worst in the ranking - investors usually required an average 84 days to launch a business.

While praising Germany's infrastructure, Europe's biggest economy did not make it into the top 10, dropping to 14th position from being number 13 a year earlier because of bureaucratic hurdles.

Despite being identified as the world's major emerging economies, neither Brazil or Russia, nor India, China or South Africa figured highly in the World Bank's list, with the latter being ranked 43rd and doing best among the BRICS nations.

hg/ng (AFP, dpa)