Australia ranked the tenth easiest country to do business in

Australia is ranked the tenth easiest country to do business in, ahead of Finland, Malaysia and Sweden, according to the World Bank's Doing Business 2013 report.

The recently-released report, which analyses financial and regulatory conditions for SMEs in 185 economies for the June 2011 to June 2012 period, reveals that Australia's ranking is largely driven by the ease of obtaining credit, starting a business and dealing with construction permits, among other factors.

In particular, it only takes two days on average to register a business in Australia, while the OECD average is 12 days. Additionally, there are only two steps Australian company founders need to complete in order to register their business, whereas OECD countries average five steps.

Obtaining credit and paying taxes are also becoming easier, with Australia's ranking jumping five places and two places respectively to become the fourth and 48th easiest place to get credit and pay taxes.

However, challenges remain for businesses in terms of protecting investors - local firms are ranked 70 in the world within this category.

Globally, Australia is still behind Singapore, New Zealand, the United States and Denmark when it comes to the ease of doing business.

Ease of doing business, top 20 countries

Ease of doing business top 20 countries

View the complete list of rankings here.

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