Singapore 2nd easiest place to do business in 2006

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!

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[1] BL, Starting a business in Singapore.

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