According to the Doing Business Project, Singapore ranks first when it comes to the “Ease of Doing Business”. Started in 2002, the Doing Business Project looks at SMEs and “provides objective measures of business regulations and their enforcement across 189 economies and selected cities at the subnational and regional level.”
Going into detail of what comprises the “Ease of Doing Business”, the chart lists a number of factors such as:
- Starting a Business
- Dealing with Construction Permits
- Getting Electricity
- Registering Property
- Getting Credit
- Protecting Investors
- Paying Taxes
- Trading Across Borders
- Enforcing Contracts
- Resolving Insolvency
Visit this link here if you want to know the exact details of all the topics listed above.
Singapore Company Registration Services and Process
Zooming in on starting a business, it takes only 3 procedures in 2.5 days to register a company in Singapore as compared to 7 procedures in 37.8 days in East Asia and Pacific. And apparently, Singapore has dominated this list for the past six years.
Adding on the previous post on Taxes, Singapore ranks 5 when it comes to paying taxes. This is favourable when you compare it with East Asia and Pacific which ranks 25. But if you think about it, one of the factors why Singapore tops the list for such a long time is because of our simple method for filing taxes.
According to the report,
“Going electronic made administrative processes more efficient… The time needed to issue assessment dropped from 12-18 months to 3-5 months between 1992 and 2000… Automated standard taxation procedures also made the system less dependent on the subjective expertise of individual tax officers, reducing the potential for corruption.”
Even the United States, in rank number 4, falls behind Singapore when it comes to ranking on Ease of Paying Taxes. Singapore ranks 64th. Online tax filing definitely makes everything way easier and more convenient.
Talking about the ease of doing business, time is money.
Aspiring entrepreneurs, take the first step today.
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