NZ easiest country to start a business

New Zealand is the easiest country in the world to start a business, according to a report that also ranked this country second out of 144 nations for the "soundness" of its banking sector.

The World Economic Forum's latest Global Competitiveness Index ranked this country first in terms of the official procedures required to establish a company.

Only one procedure was needed in New Zealand, compared with other countries where multiple procedures could be required.

A company can be established in New Zealand through a relatively simple online process.

This country was also ranked first in the world in terms of the number of days it took to set up a business. It took only half a day to establish a firm here, according to the report.

Australia was ranked 10th in terms of procedures required (3) and fifth on the time measure (2.5 days).