"Economies such as Poland, Romania and Slovenia changed their legislation for companies and securities to reach EU standards. Those reforms focused on regulations stipulating more transparency in companies' day-to-day management," according to the report.

"Romania simplified the enforcement of judgments by eliminating the need for a separate enforcement order and allowing the attachment of credit balances and accounts receivable. The reform reduced the time to enforce contracts by a month from 537 days to 512 days," according to the document. 

As opposed to Romania, Bulgaria went down one place, currently ranking 45th. The best places to do business in are Singapore, New Zeeland, United States and, Hong Kong, while the worst are Congo and Burundi, according to the report.