Singapore has defended its title for the 10th year running as the easiest country to do business, while emerging markets China and India moved up the ranks, according to the World Bank (WB).
So what exactly allowed Singapore to retain its spot? WB’s Doing Business 2016 has cited Singapore’s prompt judicial process as one of the reason. This means resolving a commercial dispute via Singapore’s District Court takes just 150 days – the shortest time recorded worldwide, in addition it only costs 25.8% of the total value claim. Efficient dispute resolution paired with specialised courts, effective case management and sophisticated court automation tools also contributed to the high scores.
So what exactly allowed Singapore to retain its spot? WB’s Doing Business 2016 has cited Singapore’s prompt judicial process as one of the reason. This means resolving a commercial dispute via Singapore’s District Court takes just 150 days – the shortest time recorded worldwide, in addition it only costs 25.8% of the total value claim. Efficient dispute resolution paired with specialised courts, effective case management and sophisticated court automation tools also contributed to the high scores.
With policies to drive economic reform, strong education system and world-class infrastructure, Singapore has emerged from a humble port city fifty years ago to become one of the world’s most prominent financial hubs. Evidently so, Singapore was ranked 4th globally in the Global Financial Centres Index (“GFCI”) out of 82 other financial centres where London was ranked first, New York in second and Hong Kong in third place.
Singapore – The ideal destination for your business
The “original” entrepreneurial ecosystem may have started off from the Silicon Valley, but Asian countries such as Singapore is closely catching up. And this would not have been possible without the digital revolution as well as advancements in technology resulting in increased mobility. Even foreign entrepreneurs have point out preferences to establish their business presence in in this city-state citing its dynamism, “not-so-intense” competition for certain sectors and manageable overall costs.
This Lion City boasts an environment that favours entrepreneurships and start-ups. Located at the crossroads between the East and West, it is indeed a good place for different minds to meet and forge partnerships. Singapore is also known for its pro-business environment that enables businesses to breed and incubate, before they decide to be brought to other parts of the region; where most Southeast Asian cities are located just a quick flight from Singapore, the market opportunities are massive. Fundamentally, that is the most important reason why Singapore is thriving.
Ease of doing business
Starting a business only requires 3 procedures in Singapore: online company registration, making a company seal and signing up for an employee compensation insurance at an insurance agency, which can be processed as fast as 3 days in comparison to an average of 30 days in other East Asia and Pacific countries.
Singapore also stands out on the ease of complying with taxes with businesses only required to make 2 tax payments a year. And if these business’ holding companies are hosted in Singapore through the International/Regional Headquarters Award (“IHQ/RHQ”) administered by the Economic Development Board (EDB), companies will be able to enjoy a concessionary tax rate of 15% for qualifying activities.
Ready to setup your Singapore company?
If reaching out to this exciting Asian market is something you are considering, start right by taking your first step with one of the professionals in the business. Regardless of the size of your company, getting a strong foothold in the lucrative Asian market should be a strategic move made possible with the help from reliable, trustworthy and experienced business advisors.
Indeed Singapore’s regulatory framework and pro-business polices are adapted to meet the needs of investors and businesses, and they are constantly being reviewed to remain relevant. This city-state is primed to be the next Silicon Valley of Asia. To learn and understand more about the opportunities that your business can enjoy in Singapore, consult our corporate consultants today.
Singapore – The ideal destination for your business
The “original” entrepreneurial ecosystem may have started off from the Silicon Valley, but Asian countries such as Singapore is closely catching up. And this would not have been possible without the digital revolution as well as advancements in technology resulting in increased mobility. Even foreign entrepreneurs have point out preferences to establish their business presence in in this city-state citing its dynamism, “not-so-intense” competition for certain sectors and manageable overall costs.
This Lion City boasts an environment that favours entrepreneurships and start-ups. Located at the crossroads between the East and West, it is indeed a good place for different minds to meet and forge partnerships. Singapore is also known for its pro-business environment that enables businesses to breed and incubate, before they decide to be brought to other parts of the region; where most Southeast Asian cities are located just a quick flight from Singapore, the market opportunities are massive. Fundamentally, that is the most important reason why Singapore is thriving.
Ease of doing business
Starting a business only requires 3 procedures in Singapore: online company registration, making a company seal and signing up for an employee compensation insurance at an insurance agency, which can be processed as fast as 3 days in comparison to an average of 30 days in other East Asia and Pacific countries.
Singapore also stands out on the ease of complying with taxes with businesses only required to make 2 tax payments a year. And if these business’ holding companies are hosted in Singapore through the International/Regional Headquarters Award (“IHQ/RHQ”) administered by the Economic Development Board (EDB), companies will be able to enjoy a concessionary tax rate of 15% for qualifying activities.
Ready to setup your Singapore company?
If reaching out to this exciting Asian market is something you are considering, start right by taking your first step with one of the professionals in the business. Regardless of the size of your company, getting a strong foothold in the lucrative Asian market should be a strategic move made possible with the help from reliable, trustworthy and experienced business advisors.
Indeed Singapore’s regulatory framework and pro-business polices are adapted to meet the needs of investors and businesses, and they are constantly being reviewed to remain relevant. This city-state is primed to be the next Silicon Valley of Asia. To learn and understand more about the opportunities that your business can enjoy in Singapore, consult our corporate consultants today.
