The global economic downturn may have temporarily slowed business activity around the world, but many countries are playing their part to improve domestic regulations aimed at helping facilitate business.

According to the World Bank's global economy standings – which ranks 183 countries on the basis of how easy it is to conduct business –  Singapore tops the rankings, followed by Hong Kong and New Zealand.

The higher the global economic ranking, the more conducive that country is for people to establish and operate a local company. The index takes into consideration 10 equally weighted topics, including the ease of: Starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting investors; paying taxes; trading across borders; enforcing contacts and resolving insolvency.