KUALA LUMPUR, Oct 29 — Malaysia’s increased efficiency in dealing with construction permits helped its ranking on the ease of doing business rise two spots to 18th this year from 20th in 2013 in a key World Bank survey of 189 economies.

Neighbours Singapore topped the list, with New Zealand, Hong Kong and South Korea rounding out the top four in the World Bank Group’s International Finance Corporation (IFC) Doing Business 2015 report released today.

Malaysia was fourth in Asia ahead of Taiwan at no. 19 and Thailand at no. 26.

“Through an ambitious reform agenda, Malaysia has gradually improved the ease of doing business. This has benefited local entrepreneurs, who now have fewer regulatory hurdles to deal with and more resources to focus on their business,” said Rita Ramalho, Doing Business lead author, World Bank Group in a statement which accompanied the report.

“Malaysia’s case also shows how the latest technologies can be used to improve the regulatory environment for businesses. Over the past five years, for example, the implementation of electronic systems has made it easier for businesses to pay taxes and execute contracts.”

Now in its 12th year, the report showed that Malaysia has improved its business regulatory framework through 17 reforms since 2005, compared to the global average of 12 reforms per country in the same period.

The reform included merging the company, tax, social security, and employment fund registrations at a one-stop shop in 2011.

“Efforts such as these have reduced the time required to start a business from 37 days in 2005 to less than 6 days today — less time than in Ireland,” said the report.

Malaysia was also placed among the top five economies in East Asia and the Pacific in seven areas: protecting minority investors, trading across borders, starting a business, getting credit, enforcing contracts, paying taxes, and resolving insolvency.

“These improvements reflect the initiatives undertaken by the Government through the Government Transformation and Economic Transformation Programmes, as well as the work undertaken by Pemudah,” International Trade and Industry Minister Datuk Mustapa Mohamed said in a separate statement, referring to the joint public-private sector Task Force to Facilitate Business.

“Going forward, Pemudah will collaborate with the IFC World Bank to delve deeper into the areas for improvement, and work with the Government to substantially reduce the costs and time to do business in Malaysia. This will ultimately make Malaysia a more attractive investment destination.”

Established in 2007, Pemudah aims to improve service delivery, facilitate the ease of doing business in Malaysia, reduce costs and eliminate red tape.