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Singapore 2nd easiest place to do business in 2006

August 1st, 2006 by Design Translator

Yes, Singapore is the 2nd easiest place in the world to do business based on a World Bank Report. Our design-savvy Design Translator will give you a primer in how to start a business in Singapore in less than a few paragraphs.

This supports what I have been saying for ages. Singapore is one of the easiest places in the world to do business!

This list, was from the World Bank’s published report called Doing Business in 2006: Creating Jobs.

These are the top thirty economies based on the ease of doing business:

1 New Zealand
2 Singapore
3 United States
4 Canada
5 Norway
6 Australia
7 Hong Kong, China
8 Denmark
9 United Kingdom
10 Japan
11 Ireland
12 Iceland
13 Finland
14 Sweden
15 Lithuania
16 Estonia
17 Switzerland
18 Belgium
19 Germany
20 Thailand
21 Malaysia
22 Puerto Rico
23 Mauritius
24 Netherlands
25 Chile
26 Latvia
27 Korea
28 South Africa
29 Israel
30 Spain

Via: Signum sine tinnitu

As Singaporeans like to say: NO LAH! It cannot be! I say yes LAH!

Just for starters it takes SDG$315 dollars to register a company in Singapore. SDG$15 to reserve a name and do a name search, and the remaining SDG$300 to register a company limited by shares. (USD$1 is approx SDG$1.65)

Furthermore you only need 1 director to get the company going and get this:

Under the Companies Act, dormant companies and exempt private companies with annual revenue below the prescribed threshold (currently set at $5 million) are now not required to have their accounts audited for financial year beginning on or after 1 June 2004.2 These companies have a choice as to whether to have their accounts audited except where the law has prescribed that an audit is still required.

For income tax filing purpose, companies that qualify for the audit exemption and have chosen not to have their accounts audited can file the unaudited accounts in place of the audited accounts. The unaudited accounts (including notes to accounts) must be accompanied by the Directors’ report and the Statement by Directors and they must be prepared in compliance with the Companies Act.

For more information go to Accounting and Corporate Regulatory Authority Singapore or ACRA.

So fellow entrepreneurs what are you waiting for? Go Singapore! I Like!

Related Articles
[1] BL, Starting a business in Singapore.

2 Responses to “Singapore 2nd easiest place to do business in 2006”

  1. on 02 Aug 2006 at 2:41 am   Ken

    I agree! Super easy and cheap.

    Is the report based on setting up business alone?

  2. on 02 Aug 2006 at 6:49 am   BL

    Hi Ken,

    From the abstract of the report:
    Doing Business in 2006: Creating Jobs is the third in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. New quantitative indicators on business regulations and their enforcement can be compared across 155 countries—from Afghanistan to Zimbabwe—and over time…The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why.

    I have set up the link in the main article for you to read the full report (190 pages long) and I am still reading it at the moment.

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