Singapore tops World Bank’s charts for the 6th year

Singapore has topped World Bank’s Doing Business 2012: Doing Business in a More Transparent World report, making it the 6th consecutive year at the top of the list. The Doing Business 2012 report, which rated 183 economies between June 2010 and May 2011, aims to give us a clearer picture of the effectiveness of business regulatory reforms and highlight the ease of doing business in different economies. All economies were measured based on 10 types of business-related indicators including starting a business, protecting investors, paying taxes and trading across borders. A new indicator i.e. getting electricity emerged in this year, resulting in Hong Kong, New Zealand, USA and Denmark completing the top five list, and in that order. Singapore also fared better than its neighbors Malaysia (#18), Korea (#8), China (#91), Japan (#20) and Taiwan (#25).

When it comes to starting a business, Singapore ranked #4 out of 183, well above the OECD and East Asia & Pacific regions. According to World Bank, in order to start a business in Singapore, only three procedures and three days are required. Starting a business in all-time rival Hong Kong took the same number of days and procedure. However, Hong Kong was ranked #5 in this category. Analysis by GuideMeSingapore.com shows that incorporating a Singapore company is a more favorable option than in Hong Kong because the cost of starting a business in Singapore was almost a third of that in Hong Kong (0.7% vs. 1.9% of income per capita).

To read the full article, please visit http://www.guidemesingapore.com/blog-post/singapore-business/singapore-tops-world-banks-charts-for-the-6th-year

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Created on Nov 21st 2011 05:45. Viewed 90 times.

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