The theme of World Bank Group 12th annual Doing Business report is Going Beyond Efficiency. The report measures the regulations surrounding the enhancement of business activities as well as regulations constraining business growth. The report covers 189 countries across the globe.
The recently released publication ranked Singapore as the most business-friendly economy across the globe. The Republic has held the title consistently for nine consecutive years. Included in the top 10 economies that offer an environment that are suitable for business are the following: New Zealand, Hong Kong, China, Denmark, Republic of Korea, Norway, United States of America, United Kingdom, Finland and Australia.
For the past year, the World Bank Group generated significant insights on how these economies’ business industry has improved. In fact, the case studies conducted for the report states that 80% of the countries covered by the research showed business regulation improvements in the past year. Many have formulated and implemented simple but necessary reforms that improved the overall health of its business industry. An example of this is the reform executed by Tajikistan; it has implemented an easier business registration process, reduced construction fees, improved credit information access and enforced an electronic filing system for business taxes resulting to eased business registration and operation process.
With an improved business health from countries across the globe, entrepreneurs will have access to more viable locations for business formation.
Ideal Time for Singapore Company Incorporation
The World Bank Group based its ranking according to key areas that are essential in a business – from its formation to its operations. Some of the areas covered are tax schemes, contract enforcement, insolvency resolution, trade across borders, gaining credit, acquiring electricity, property registration and minority investors protection. Entrepreneurs setting up a business in Singapore will have access to these services and more. With numerous accolades and recognition for having a pro-business environment, entrepreneurs will find it beneficial to start up a company in the world-class city of Singapore. From easy registration process, free trade agreements, tax schemes specifically for new companies, strategic location, corporate law enforcement, competent workforce, robust intellectual property protection–Singapore proves to be a perfect business destination.
Are you ready to start your Singapore company? If so, Richmond offers a complete range of Singapore company incorporation services. From the registration of your business, incorporation, providing support services for your newly registered company as well as accounting and tax services. Get in touch with one of our specialist for a discussion.