For the seventh consecutive year Singapore has taken the crown as the best place in the world to do business, followed closely by Hong Kong, according to a report. 

China lagged way down the ranks at 91st place, although it is the top improver in the Asia-Pacific region since 2005, according to the annual Doing Business survey from The World Bank and member firm, France-based International Finance Corporation. Generally, Central Asia and Eastern Europe as regions had the largest share of economies implementing regulatory reforms, according to the report.

The survey, which is now in its tenth year, compares the business and regulatory environment of 185 economies to calculate the ease of doing business for small and medium enterprises. This includes looking at start-up procedures, applying for bank financing, running an offices and conducting cross-border transactions.

After Singapore and Hong Kong came New Zealand, the US, Denmark, Norway, the UK, South Korea, Georgia and Australia, at tenth. Bottom of the list was Congo, Chad and Central African Republic.

Poland (55) improved the most in the ease of doing business, making it easier to register property, pay taxes, enforce contracts and resolve insolvency. Sri Lanka at 81st was the second most reformed country, after having computerised and expedited the process for registering employees. 

The survey said that in the wake of the global financial crisis, reform efforts globally have focused on making it easier to start a new business, increasing the efficiency of tax administration and facilitating trade across international borders. Of the 201 regulatory reforms over the last year, 44 per cent have focused on those areas.