28 countries where it's easiest to start a business

There are some countries that encourage businesses by removing as many hurdles as possible, while there are others that have too many regulations.

Let's take a look at India and 28 other nations where it's easiest to start a business.

Source: Global Innovation Index 2013

Click NEXT to see India's rank...

India

Score (0–100): 62.40

Overall rank: 128

Although India has taken steps in recent years to remove some hurdles, there are still too many regulations bogging down businessmen and entrepreneurs. Its lowly rank of 128 among 142 countries shows that the government needs to reform and remove red-tape in many areas.

Click NEXT to see 28 countries where it's easiest to start a business...

New Zealand

Score (0–100): 100

Overall rank: 1

New Zealand, one of the biggest exporters of dairy products in the world, has been praised for removing many barriers to foreign investments and local businesses.

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Canada

Score (0–100): 99.10

Overall rank: 2

Canada, which has the ninth-highest per capita income in the world, is one of the most investor-friendly countries in the globe. It has a booming trade relations with many nations, especially neighbouring United States.

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Australia

Score (0–100): 97.90

Overall rank: 3

Australia, which has the fifth-highest per capita income in the world, is ranked high both in social and business freedom. The country offers one of the best environments for investments and setting up industries.

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Macedonia

Score (0–100): 97.80

Overall rank: 4

Macedonia, which has recently introduced a flat tax to attract more investments, has a developed open economy, with trade accounting for more than 90 per cent of gross domestic product.

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Georgia

Score (0–100): 97.60

Overall rank: 5

Georgia, which has been called one of the biggest reformers in the world, has implemented several changes after witnessing sever economic problems in the 1990s.

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Rwanda

Score (0–100): 97.30

Overall rank: 6

Rwanda, whose primary exports are coffee and tea, is an attractive destination for foreign investors, especially in tourism sector and commercial establishments.

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Kyrgyzstan

Score (0–100): 96.00

Overall rank: 7

Kyrgyzstan, whose major export is gold, has carried out several economic reforms, including better regulatory system and privatisation of government-owned enterprises.

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Singapore

Score (0–100): 95.90

Overall rank: 8

Singapore, one of the most open economies in the world, has low taxes and high per-capita GDP. It's a major economic hub in the globe.

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Hong Kong

Score (0–100): 95.80

Overall rank: 9

Hong Kong, which has the eighth most traded currency in the world, is constantly ranked high in economic freedom, competitiveness and quality of life.

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Madagascar

Score (0–100): 95.50

Overall rank: 10

Madagascar, whose 70 per cent population depends on agriculture, is an exporter of seafood, vanilla, coffee, cacao, litchi, pepper and cotton among other products.

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Slovenia

Score (0–100): 95.10

Overall rank: 11

Slovenia, which has two third working population employed in the service sector, has excellent infrastructure, educated workforce and limited trade barriers.

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Armenia

Score (0–100): 94.70

Overall rank: 12

Armenia, which has reformed its tax and customs structures, has been a major recipient of grants and loans from international institutions, such as IMF, World Bank and EBRD.

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Belgium

Score (0–100): 94.30

Overall rank: 13

Belgium, which has a booming trade with almost all major countries, benefits from its central location, educated workforce and strong fundamentals.

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Malaysia

Score (0–100): 93.60

Overall rank: 14

Malaysia, which has a open and industrialised economy, is one of the biggest financial and business hubs in Asia.

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Finland

Score (0–100): 93.20

Overall rank: 15

Finland, whose international trade comprises a third of its GDP, is one of the biggest supporters of free trade and open economies.

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Ireland

Score (0–100): 93.20

Overall rank: 16

Ireland, which is constantly ranked as having excellent quality of life, is a major exporter of zinc and lead concentrates.

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Sweden

Score (0–100): 92.60

Overall rank: 17

Sweden, whose 90 per cent resources and firms are in private hands, is one of the most highly competitive economies in the world.

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Denmark

Score (0–100): 92.40

Overall rank: 18

Denmark, which has one of the lowest income inequalities in the world, advocates open trade policies and lifting of trade barriers.

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Hungary

Score (0–100): 92.30

Overall rank: 19

Hungary, which has attracted more than $70 billion in foreign investment, has a booming private sector contributing about 80 per cent to GDP.

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Belarus

Score (0–100): 91.70

Overall rank: 20

Belarus, which has taken some measures to liberalise its economy, is struggling to move away from state-run to market-driven economy.

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Portugal

Score (0–100): 91.70

Overall rank: 21

Portugal, which is home to many global companies, has been part of Eurozone since its start.

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France

Score (0–100): 91.50

Overall rank: 22

France, which has the second-biggest economy in Europe, boasts one of the most liberal and competitive markets in the world.

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Albania

Score (0–100): 91.40

Overall rank: 23

Albania, which has abundant natural resources, moved away from state-run economy to market-driven in the early 1990s.

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Mauritius

Score (0–100): 91.40

Overall rank: 24

Mauritius, which has attracted billions in foreign investments, is witnessing big growth in industrial, financial and tourism sectors.

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Latvia

Score (0–100): 91.20

Overall rank: 25

Latvia, which is dominated by private-run companies, has a growing industrial base although the service sector still dominates the economy.

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Iceland

Score (0–100): 91.10

Overall rank: 26

Iceland, which is a mixed-economy, has carried out extensive market reforms in recent years. It is rated high in quality of life, income equality and as having the most egalitarian societies in the world.

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Norway

Score (0–100): 91.10

Overall rank: 27

Norway, which has abundance of natural resources, has high standard of living, competitive market and one of the best welfare systems in the world.

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Bulgaria

Score (0–100): 90.90

Overall rank: 28

Bulgaria, which has a large private sector, is an exporter of iron and steel, machinery and refined fuels. The World Bank ranks it as an upper-middle-income country.