Sweden slipped five points in the World Bank’s annual business friendliness ranking as it has gotten more difficult to register properties and start a business compared to other nations.

Among the 185 countries where the study was conducted, Sweden came in at number 13 in terms of ease of doing business, while Singapore remained at the top for the seventh year in a row, followed by Hong Kong and New Zealand.

The World Bank-International Finance Corporation (IFC) study titled ‘Doing Business 2013’ tracks regulations that affect a company throughout its life cycle, from the ease of starting a new business to how long it takes to fill out taxes or register property. The rankings also consider general legal protections.

Sweden was downgraded in most categories, like starting a business, dealing with construction permits and getting credits. On the positive side, it has gotten easier to pay taxes in the country, the report said.