In the World Bank’s Doing Business-2017 report, Armenia took the ninth spot among 190 states worldwide for starting a business. The country was ranked the fifth in a similar ranking a year earlier.

New Zealand, where businesses can be established in less than one day tops the ranking, while Canada, where only two procedures are needed to start a business, and Hong Kong are next in the second and third positions, respectively.

Macedonia came in the fourth, closely followed by Azerbaijan, Singapore, Australia and Georgia.

In Doing Business 2017, Armenia improved its overall rank this year by five notches, climbing to 38th among 190 countries reviewed.