Start-ups: 10 fastest countries in which to launch a business around the world

Small businesses have urged the Chancellor George Osborne to simplify taxes and improve infrastructure

Chancellor George Osborne (C) wears a high visibility jacket as he makes a visit to the Prysmian Group factory and speaks to factory manager Steve Price (Getty)

New Zealand is the fastest place in the world to start a new business.

A survey by Approved Index using World Bank data showed that it took just 24 hours to legally start a business in New Zealand.

Small businesses have urged the Chancellor George Osborne to simplify the tax regime in the UK and improve infrastructure in different parts of the country to make it easier for companies to flourish.

The legal process to register as a business in the UK takes five days, slightly less than in the US, where it takes 6 days.

(ApprovedIndex)

On average, it takes 20 days to legally register a new business around the world.

Unless you're in Venezuela, where the process can take 5 months or 144 days. High levels of corruption and higher business costs makes Venezuela a tricky place to be for entreprenuers.

Cameron Blair from Approved Index said that longer waiting times to register a new business can put off entreprenuers before they have got started.

"Some business people might feel put off by the prospect of an 84 day wait to get up and running like there is in Brazil, whereas countries like New Zealand clearly welcome new business and try to make it as easy as possible which I am sure encourages more entrepreneurialism," Blair said.

The ten fastest places in which to start a business:

1. New Zealand, 1 day

New Zealand (2011 Getty Images)

2. Macedonia, 1 day

3. Canada, 2 days

Quebec City, Canada

4. Hong Kong, 2 days

5. Georgia, 2 days

The landscape outside Coober Pedy, Australia (SATC)

6. Australia, 3 days

7. Portugal, 3 days

8. Singapore, 3 days

Singapore (AFP/Getty)

9. Armenia, 3 days

10. Azerbaijan, 3 days