UK is the sixth easiest place to set up a business according to the World Bank

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

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: