Each year, the World Bank releases a ranking of countries based on their ease of doing business, detailed in their official ‘Doing Business’ report. 189 nations are ranked based on how simply firms can operate within them.
Metrics used by the World Bank to judge ease of business include the time taken to launch and close business matters, the ability to gain permits for construction and the efficiency of tax paying in the country’s largest centre of business.
In the most recent ranking – published in October 2014, Singapore was hailed as the number one nation for ease of doing business for the ninth year in a row. There are a number of reasons Singapore has become such as successful, thriving center of commerce. Here are just a few:
• Singapore is at the very heart of South East Asia, making it accessible to the entire region via a short flight. This puts Singapore-based businesses in a position to market their products or services to around three billion people.
• Singapore’s tax system has often been referred to as ‘the best in the world’. The country’s tax rate includes a 20% maximum tax for earnings above $320,000.
• Singapore’s government is stable, which means businesses are unlikely to suffer due poor infrastructure, lacking legal protection or unreasonable taxes, as is the case in many other countries.
• Singapore is strict on copyright law and intellectual property, so entrepreneurs can rest assured knowing their product is well protected against counterfeiters.
• Singapore is home to a high standard of communication and transportation, in addition to excellent healthcare and a clean environment, making it an easy, active place to live with a high quality of life.
World Bank has not yet published results for 2015, but it’s very likely Singapore will once again be awarded the top slot.
To compare, the top ten ranking is as follows:
2. New Zealand
3. Hong Kong
5. South Korea
If you’re considering setting up office space in Singapore, of if you’ve already started a business from home and have plans to expand it further, look no further than Asia Serviced Offices.
Additionally, we also offer commercial spaces in other highly ranked business locations according to World Bank, including Hong Kong.
We’ll be able to offer you a variety of commercial spaces in and around Singapore, so get in touch today to discover your perfect location.