Conducive Pro-Business Environment
Singapore has long been recognised as one of the best cities for business. In the Swiss-based international Institution for Management Development's 2010 Competitiveness Yearbook, Singapore has been ranked as the most competitive country in the world. This is what a World Bank report had to say about doing business in Singapore "It takes an entrepreneur just over 6 working days to get a new business going in Singapore, with low start-up costs. Overall, taking into account other factors, including business licensing, taxes, credit legal rights and investor protection, Singapore has about the most business-friendly regulation in the world."
Investors have also come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the Singapore business environment even more attractive to global investors.
Singapore’s pro-business environment has earned the following recognition from international organisations:
- Ranked first for having the most open economy for international trade and investment (The Global Enabling Trade Report 2010)
- The world's easiest place to do business (World Bank Doing Business 2012 Report)
- Among the top 2 most competitive countries in the world (The Global Competitiveness Report 2011-2012, World Economic Forum)
- The best business environment in Asia Pacific and worldwide (Economist Intelligence Unit, Country Forecasts, December 2010)
- Asia's most "network ready" country
- Find out more about Singapore's rankings