Macedonia is among the ten best places to start a business, according to the latest World Bank report, reports CNN's "Going Global".

The report notes that Macedonia is ranked fifth because over the past five years the country has simplified the process of establishing a business by lowering capital requirements, reducing application procedures and time, and improving its online one-stop shop.

The rankings look at 185 economies around the world. In measuring how easy it is to start a limited liability company, the report looks at how many steps are officially required or commonly done by entrepreneurs, as well as how many days it takes to go through those procedures. The report also factors in the cost and the minimum capital required, with 0% of income per capita being best.

New Zealand tops the ranking, followed by Australia, Canada, Singapore and Macedonia. The top ten also includes Hong Kong, Georgia, Rwanda, Belarus and Ireland.