Singapore is the easist place on earth to run a business, while Canada ranks fourth, after New Zealand and the United States, according to a recent study by the World Bank.

The report rates 175 countries on the ease of doing business within their borders.

The report looked at the cost of meeting government regulations, taxation and the hassle entailed in getting a business licence and credit.

Singapore passed New Zealand this year to claim the No. 1 spot.

Othe countries in the top are: Hong Kong; United Kingdom: Denmark; Australia; Norway; and Ireland.

While Japan was 11th in the ranking and Thailand 18th, other Asian nations were lower down in the rankings. China was in the 93rd position.

The World Bank said many of the Asian countries are slow to change.

For the first time, Africa makes the top-three among reforming regions, after Eastern Europe and the OECD countries. Two-thirds of African countries made at least one reform, and Tanzania and Ghana rank among the top 10 reformers.