Since 2004, Singapore has remained at the top of the list in World Bank’s rankings for the easiest country to do business. According to the most recent survey, this year was no different and Singapore held onto its position from last year.
To compile its list, the World Bank evaluates the convenience of doing business in a country based on 11 factors, which can have a profound effect on the business itself. These factors include taxation, financial incentives, contract enforcement’s and getting construction licenses and permits among others.
The World Bank report stated that Singapore continues to be the economy with the most business-friendly regulations. It went on to say that the country’s efficient dispute resolution is paired with good institutions (such as specialized courts), effective case management and sophisticated court automation tools. All this adds up to the fact that litigants can submit their claim online, pay court fees online and serve the initial summons electronically.
However, the ranking evaluation is a complex procedure and takes into account the efficient transportation and transparent functioning of the business, while maintaining public interest and a revenue building capacity. Another variable that contributed to Singapore’s high business ranking is its efficient judicial system. A commercial dispute in Singapore takes just under 150 days to resolve and costs just 25.8% of the entire claim. Not only are the disputes dealt with efficiently, the judicial system in Singapore also boasts systematized case management and state of the art automation tools in the courts.
By making an example of Singapore as a high performance country, the Director of the Global Indicators Group at the World Bank, Augusto Lopez-Claros, indicated the climb of several low income countries to the top rankings in the list. He said that such countries have gotten an opportunity to look at the best business practices in some of the better-performing countries in the world, and are thus beginning to adopt many of these practices.
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But Singapore has not gained a high ranking based on its previous acclamation’s. The government has taken several leaps in the commercial sector by making the contract enforcement easier with the introduction of an automated litigation process and an online procedure for the transference of properties. The credit information system has also seen several improvements and now allows the borrowers to inspect their financial data at their own convenience.
In addition to that, tax registration in Singapore can be conveniently done by filling out an online form. According to the given table, other business giants like United States and Australia are further down the list. But the report of the World Bank points to the fact that the world is becoming an easier place for entrepreneurs to do business and Singapore is at the top of the list because of the numerous characteristics like low setup cost incorporation that will ensure growth for your business.
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