For the past 10 years, Singapore has been named one of the top 10 business-friendly countries in the world by The World Bank. Upon the release of The World Bank’s annual Doing Business report, Singapore was placed in the top 10 for the 10th year in a row. There are many amazing things that have contributed to this decision by The World Bank, including the judicial processes and other regulatory measures that the country has taken to ensure quality and efficiency. While The World Bank is only in its 13th year of producing this report, it has given many businesses and countries a lot of perspective on things that they can do to encourage businesses to move to their own countries.
What Made Singapore Land in the Top 10?
There are several reasons that gave Singapore its number one spot on The World Bank’s annual Doing Business list. For starters, the judicial processes that Singapore uses for commercial disputes are completed in record time. If the judicial system in Singapore has to step in for a commercial or business matter, it takes only 150 days to have the issues resolved, it also only costs 25.8% of the claims value. Another valuable point that had helped to land Singapore on the top 10 was the appearance of positive modifications to their regulations for both quality and efficiency. It was also highly noticed that changes were made to help new businesses enter the country and flourish by lowering the number of days it takes to bring the business in to the country and begin getting it off the ground.
How Efficiency Matters
As every business knows, the amount of time and money spent to get a business off the ground is crucial to not only setting a speed for growth, but a smooth motion for making goals and milestones. However registering property, setting up a company, paying taxes, and ensuring all paper work is in order can be a hassle when attempting to achieve these goals within your own borders. Toss in attempting these matters in another country can make many of these tasks cumbersome and difficult to achieve. But not in Singapore, they have improved the time and efficiency in their systems to ensure that business owners from small to large can get their businesses moving in the right direction efficiently and effectively.
Other Top 10 Countries
While Singapore landed its place in the top 10, there always has to be more to the list than just the number one country. New Zealand follows in a close second to Singapore on the list, then Denmark, South Korea, Hong Kong, Britain, the United States, Sweden, Norway, and finally Finland. Each country has begun to make changes to encourage more businesses to migrate to these top 10 countries, however it is hard to say whether any will be able to overtake Singapore. As changes occur, many businesses are already looking forward to The World Bank’s 14th year report.