Local entrepreneurs have found doing business is easier than a decade ago due to a more streamlined business start-up process decreasing from 50 days to 30 days since 2005, supported by an increase in jobs and firm creations, said the report.
According to source of the report, the WB`s Maritime Transport Council, online business registration has accelerated technological advances for business in the last eight years.
"We`re seeing that friendlier business regulations - particularly simplifying them and streamlining business regulatory processes - have a positive impact on job creation," also evidenced by Mexico`s early 2000s results in an increase of five per cent registrations and a 2.2 per cent employment increase.
"We see the association that on average, the countries with more efficient business regulations have higher growth rates," said the report.
The top ranking country to do business with remains Singapore for the seventh year in a row with the top 10 including Denmark and Norway at fifth and sixth respectively followed by United Kingdom (7) Korea (8), Georgia (9) and Australia (10).
Those economies registering the biggest improvements included Poland, Sri Lanka, Ukraine, Costa Rica, Greece and Serbia. Eastern Europe and Central Asia showed the most improvement in business climate after high-income Organisation for Economic Co-operation and Development (OECD) countries.