NZ second easiest place in world for business - survey

World Bank survey shows New Zealand has held its second place ranking when it comes to ease of doing business, Small Business Minister Clayton Cosgrove says.

New Zealand was pipped in the annual survey by Singapore. The United States came third.

Mr Cosgrove said maintaining that spot in the face of increasingly competitive business policies in other countries was a good result.

"We have worked hard to minimise the amount of time business people spend on paperwork so they can focus on their businesses.

"Today's number two ranking is an endorsement that our approach is working and that this country is one of the most business friendly in the world."

The survey uses 10 key indicators to measure and compare ease of operating a business.

Mr Cosgrove said positive findings included that New Zealand was the easiest country in which to start a new business - taking just an hour, compared with an average of 13.4 days in developed countries.

New Zealand businesses also paid less tax as a percentage of their profits than either Australia or the average across all developed countries.

New Zealand has rated first or second since the survey started six years ago.

- NZPA