Only New Zealand ranks ahead of Singapore in terms of ease of doing business. A survey which analyzed one hundred and ninety economies worldwide put the island city-state of Singapore at number two overall. Clearly, people love doing business with Singapore. The survey came via the World Bank and it’s good news for Singapore business people and for the country in general.
Singapore actually topped the survey for an entire decade, until its 2015 ranking was revised and dropped to third, so it has lost position. However, it’s still in a good place and up one spot from 2015, even though New Zealand has pulled ahead. The report which listed Singapore at number two was released in 2016 and the report was three hundred and fifty-six pages long. It was accompanied by a one hundred and four page report which was a study of the country.
The report rankings were based on a range of criteria, including data revisions and adjustments to methodology, as well as comparable rankings.
Doing Business in Singapore is a Breeze
The variables that were considered in order to figure out just how easy it is to do business in Singapore includes the ease of starting a business, the ease of getting permits for construction, the ease of property registration and the ease of paying taxes.
Singapore moves up in all of these categories. It stayed the same in other categories, such as accessing electricity, taking care of the interests of minority investors, performing trade across borders and making sure that contracts are enforced. However, it dropped in two categories, which were accessing credit and dealing with insolvency issues.
Singapore also has a great reputation in terms of giving women the opportunity to participate in business on an equal footing with men. This means that women have an easy time launching new businesses in the country, registering new properties and ensuring that contracts are enforced. It’s actually possible for women and men to start businesses in just 2.5 days in Singapore. In some countries, it takes up to 21 days to get a new business established.
Is Doing Business in Singapore Right for You?
Now that you know just how positive the business environment in Singapore is and how many opportunities to excel and profit are available there, why not explore Singapore business options today? Within the island city-state, an array of programs are in place which support entrepreneurs in fintech and other areas of industry. If you live in Singapore, you may be able to use these programs in order to gain traction in a particular niche
If you’re in another country, investing in Singapore may be the key to unlocking wealth and prestige. In particular, with the advent of Brexit, it is believed that many new offshore investments are going to come to the country, which might otherwise have gone to England. One of them could be yours.
Singapore is wonderful place to work and live. It has a very low crime rate, as well as a healthy culture and progressive government. So, why not do business in Singapore today?
Morris Edwards is a content writer at Singapore Company Incorporation Consultants Pte Ltd, where he writes most content on the site, and also writes the articles for Company Registration in Singapore Blog.