Singapore has been unseated from its decade-long run at the top of the Ease of Doing Index by New Zealand, according to the latest findings in the annual report by the World Bank.

Singapore, now in second place, had an overall score of 85.05, while New Zealand scored 87.01.

The shift to New Zealand is attributed to the country’s steps undertaken to reduce the time to register a business as well as making paying taxes easier.

To start a company in New Zealand now requires only a single procedure that takes half a day of processing, versus the 21-day global average. New Zealand also scored at the top for attaining construction permits, registering property, getting credit, and protecting minority investors.

“Simple rules that are easy to follow are a sign that a government treats its citizens with respect. They yield direct economic benefits—more entrepreneurship; more market opportunities for women; more adherence to the rule of law,” Paul Romer, World Bank chief economist and senior vice president, said in a statement.

Rounding out the top 10 in the list are Denmark, Hong Kong, Korea, Norway, the United Kingdom, the United States, Sweden and Macedonia.

The widely-popular annual ranking scores 189 countries based on 11 sets of indicators such as the ease of starting a business, dealing with construction permits, accessing electricity and obtaining credit.

This marks the first year that the Washington-based development lender took gender factors into consideration in assessing how easy it is to start a business, register property and enforce contracts.

South Korea drops a spot

South Korea came in fifth this year, dropping down from fourth.

According to the Korea Herald, the country moved up the rating ladder in four sectors and lost ground in four areas.

Its ranking for the environment for starting a business jumped to 11th place from 23rd. The country also saw its standings rise to 23rd and 39th in tax payment and property registering, respectively.