Singapore has topped the World Bank’s 2014 Doing Business report again, retaining its title for eight years in a row.

It is followed by Hong Kong (China), New Zealand, the US and Denmark. Among top ten countries to run a business is Malaysia.

Meanwhile, the world’s second largest economy China fell five notches to come in 96th place.

Coming last in the 189-country list are Chad, the Central African Republic and Libya. However, Rwanda – an emerging African nation is credited with best improvements in business environment since 2005 thanks to its pace of reforms in asset registration and simpler trade and taxation procedures.

According to the report released on October 29, many countries are making it easier for people to start and run a local business, with low-income economies moving more quickly than larger ones to improve.

Last year, WB President Jim Yong-kim established an independent board in charge of assessing the report which was criticised by its members of executive board.

The data was based on surveys of over 10,000 professionals, mostly those who routinely help administers or give advice on legal and regulatory issues in a country.

The countries are scored on a range of issues, from how many days and procedures it takes to start a business, to the ease of credit and the cost of exporting or importing a container.-VNA