Open for business
Singapore is the best place in the world to set up a business, according to the World BankiStock

The UK has ranked as the sixth easiest country in which to run a business worldwide. Singapore has topped the list, compiled by the World Bank Group.

The World Bank rounded up the business environment ranked by the ease of running a business based on aspects such as the access to credit, the opportunities to set up new companies, registering property and access to electricity.

The news comes as the UK slipped in a respected competitiveness ranking, where Switzerland topped the list. Switzerland ranked 26th on the World Bank's list. At the bottom of the ranking are economies of conflict torn countries such as Libya and Democratic Republic of Congo.

Here are the 188 economies ranked by the World Bank:

  1. Singapore
  2. New Zealand
  3. Denmark
  4. Korea, Rep.
  5. Hong Kong SAR, China
  6. United Kingdom
  7. United States *
  8. Sweden
  9. Norway
  10. Finland
  11. Taiwan, China
  12. Macedonia, FYR
  13. Australia
  14. Canada
  15. Germany
  16. Estonia
  17. Ireland
  18. Malaysia
  19. Iceland
  20. Lithuania
  21. Austria
  22. Latvia
  23. Portugal
  24. Georgia
  25. Poland
  26. Switzerland
  27. France
  28. Netherlands
  29. Slovak Republic
  30. Slovenia
  31. United Arab Emirates
  32. Mauritius
  33. Spain
  34. Japan *
  35. Armenia
  36. Czech Republic
  37. Romania
  38. Bulgaria
  39. Mexico *
  40. Croatia
  41. Kazakhstan
  42. Hungary
  43. Belgium
  44. Belarus
  45. Italy
  46. Montenegro
  47. Cyprus
  48. Chile
  49. Thailand
  50. Peru
  51. Russian Federation *
  52. Moldova
  53. Israel
  54. Colombia
  55. Turkey
  56. Mongolia
  57. Puerto Rico (U.S.)
  58. Costa Rica
  59. Serbia
  60. Greece
  61. Luxembourg
  62. Rwanda
  63. Azerbaijan
  64. Jamaica
  65. Bahrain
  66. Kosovo
  67. Kyrgyz Republic
  68. Qatar
  69. Panama
  70. Oman
  71. Bhutan
  72. Botswana
  73. South Africa
  74. Tunisia
  75. Morocco
  76. San Marino
  77. St. Lucia
  78. Tonga
  79. Bosnia and Herzegovina
  80. Malta
  81. Guatemala
  82. Saudi Arabia
  83. Ukraine
  84. Brunei Darussalam
  85. China *
  86. El Salvador
  87. Uzbekistan
  88. Fiji
  89. Trinidad and Tobago
  90. Vietnam
  91. Dominica
  92. Uruguay
  93. Dominican Republic
  94. Vanuatu
  95. Seychelles
  96. Samoa
  97. Albania
  98. Zambia
  99. Nepal
  100. Paraguay
  101. Kuwait
  102. Namibia
  103. Philippines
  104. Antigua and Barbuda
  105. Swaziland
  106. Bahamas, The
  107. Sri Lanka
  108. Kenya
  109. Indonesia *
  110. Honduras
  111. St. Vincent and the Grenadines
  112. Solomon Islands
  113. Jordan
  114. Ghana
  115. Lesotho
  116. Brazil *
  117. Ecuador
  118. Iran, Islamic Rep.
  119. Barbados
  120. Belize
  121. Argentina
  122. Uganda
  123. Lebanon
  124. St. Kitts and Nevis
  125. Nicaragua
  126. Cabo Verde
  127. Cambodia
  128. Maldives
  129. West Bank and Gaza
  130. India *
  131. Egypt, Arab Rep.
  132. Tajikistan
  133. Mozambique
  134. Lao PDR
  135. Grenada
  136. Palau
  137. Guyana
  138. Pakistan *
  139. Tanzania
  140. Marshall Islands
  141. Malawi
  142. Côte d'Ivoire
  143. Burkina Faso
  144. Mali
  145. Papua New Guinea
  146. Ethiopia
  147. Sierra Leone
  148. Micronesia, Fed. Sts.
  149. Kiribati
  150. Togo
  151. Gambia, The
  152. Burundi
  153. Senegal
  154. Comoros
  155. Zimbabwe
  156. Suriname
  157. Bolivia
  158. Benin
  159. Sudan
  160. Niger
  161. Iraq
  162. Gabon
  163. Algeria
  164. Madagascar
  165. Guinea
  166. São Tomé and Príncipe
  167. Myanmar
  168. Mauritania
  169. Nigeria *
  170. Yemen, Rep.
  171. Djibouti
  172. Cameroon
  173. Timor-Leste
  174. Bangladesh *
  175. Syrian Arab Republic
  176. Congo, Rep.
  177. Afghanistan
  178. Guinea-Bissau
  179. Liberia
  180. Equatorial Guinea
  181. Angola
  182. Haiti
  183. Chad
  184. Congo, Dem. Rep.
  185. Central African Republic
  186. Venezuela, RB
  187. South Sudan
  188. Libya