The U.S. ranks No. 8 in the World Bank's annual report of the world's best places to do business, dropping two spots from the previous year.
The 2019 Doing Business report uses 11 different indicators, including access to credit and the ease of paying taxes, to assess how easy it is to start and operate a business in one of 190 countries worldwide. New Zealand, Singapore, and Denmark landed in the top three spots for the third year in a row, followed by Hong Kong and South Korea.
This year, Georgia and Norway jumped the U.S. in the rankings, in part because of the time and paperwork required to launch a business. On average, it takes four days and six forms to start a business in the U.S., compared with only two days and one form in Georgia.
"Sound and efficient business regulation is critical for entrepreneurship and a thriving private sector," Jim Yong Kim, the president of the World Bank Group, wrote in the report. "Without them, we have no chance to end extreme poverty and boost shared prosperity around the world."
The U.S. ranks higher in other, similar studies with different methodologies. In the World Economic Forum's global competitiveness report this year, the U.S. took the top spot for the first time since 2008, thanks to strong economic growth.