If you are looking to throw in the towel at your current job and leave the country and start your own business, where should you head?

According to the World Bank's most recent report that ranks 185 economies for ease of doing business, New Zealand is the top choice to start a small and medium-sized enterprise, CNN reports.

How does the World Bank determine its data?

"In measuring how easy it is to start a limited liability company, the report looks at how many steps are officially required or commonly done by entrepreneurs, as well as how many days it takes to go through those procedures," CNN adds. "The report also factors in the cost and the minimum capital required, with 0% of income per capita being best."

In New Zealand, it takes only one step and one day, the ideal number, to incorporate a company. Someone who wants to open a business just has to apply for registration online.

According to the report, the process costs 163.55 New Zealand dollars (US$129) and does not have a minimum capital requirement. By contrast, the U.S. ranks 13, requiring six steps in order to start a business with no minimum capital.

How did Latin America and Spain rank out of the 185 economies in the report?

Chile came in 37th, following Spain 44th, Colombia 45th, Mexico 48th, Panama 61st, Paraguay 103rd, Costa Rica 110th, El Salvador 113th, Dominican Republic 116th, Nicaragua 119th, Argentina 124th, Honduras 125th, Brazil 130th, Ecuador 139th and Bolivia 115th.  

The report based the U.S. statistics on requirements in New York City, as it used the largest business city of each country it studied.