Subscribe to SGEntrepreneurs – Singapore Entrepreneurs (Asia)News Feed About Team Advertise Partners Contact Resources

4th Year Running Singapore is Easiest Place to Do Business

November 8, 2009 by Gwen  
Filed under News Stop

Leave a comment

Doing Business logoFor the 4th year running, Singapore has once again gotten the first place ranking in a global study of 183 economies as to its “Ease of Doing Business”. In 2nd place is New Zealand, 3rd is Hong Kong, 4th is USA and 5th, the UK.

How this ranking is reached [PDF] is through a simple average of the 10 topics covered during the ranking process: (1) Starting a Business (2) Dealing with Construction Permits (3) Employing Workers (4) Registering Property (5) Getting Credit (6) Protecting Investors (7) Paying Taxes (8) Trading Across Borders (9) Enforcing Contracts (10) Closing a Business.

While Singapore ranked top 5 for eight out of the ten topics covered, we ranked 13/183 for Enforcing Contracts and 16/183 for Registering Property.

World Bank - Doing Business Rankings - Top 10

Top 10 economies under “Ease of Doing Business”. Click to enlarge.


Do you agree? As this latest Doing Business 2010 report only covers the June 2008 to May 2009, the latest change to the requirements for an Entrepass (with effect from 28th Sept 2009) wasn’t factored in. Considering how much discontent I’ve been hearing over this change from some foreign entrepreneurs (both who have benefited from the previously liberal Entrepass requirements and those who are now finding it difficult to fulfill the requirements), I’m not sure how this will affect Singapore’s standing in the Doing Business 2011 report.

But for foreign entrepreneurs looking for a quick guide to your visa choices here in Singapore and how you may still try to set up a business here in Singapore, check out our article,
Navigating the Visa Jungle for Foreign Entrepreneurs in Singapore.

For all past year reports, download the PDF files from the Doing Business website. Singapore was 2nd in the 2006 report and 3rd in Doing Business 2005.

Share and Enjoy:
  • Facebook
  • Twitter
  • Digg
  • StumbleUpon
  • Google Bookmarks
  • Posterous
  • Tumblr
  • del.icio.us
  • LinkedIn
  • Mixx
  • Technorati
  • email

No related posts.

Tags: ,


Comments

  • stephen cranston
    By the criteria above I am not surprised Singapore scores highly. Infrastructure is good and dealing with the government is pretty easy. It is not difficult to start a business in Singapore. However doing business in Singapore is not as easy as it looks. This is especially true if you are providing business services. There are a number of problems in dealing with Singapore companies but I'll give just one - they don't like to pay. Late or non-payment does not appear to be a criterion for this survey. It might sound odd but dealings with the government are more transparent and predictable than dealings with the private sector.
  • gwendolynregina
    Hey Stephen, you bring up an excellent point. One that is quite oxymoronic in fact, since it's a quantifiable aspect that might be tied to cultural and thus qualitative characteristics. I do agree that this point has an impact on business and that startups should be aware of the general accepted norms in that society/country as it could severely break their businesses if they expect one thing, and get another (a not so favourable) thing.

    Just only proves what we already know, that there are too many variables involved in trying to assess which place is 'best' for doing business. While infrastructure does help, it can only go so far.
  • Admittedly I'm new to Singapore (US expat) and haven't set up a business here yet, but my impression so far is that the #1 ranking is a bit inflated. I've had too many difficulties with MoM to think that we're actually better than *every* other country ranked--if it's true, then that's indicative of a somewhat sad global state of affairs. Or I've just had very biased experiences.

    In any case, extremely glad to be here!
  • kumarsg
    What about the changes made on EntrePass policy? Will the rank still be sustained ? One newspaper mentioned that, EntrePass holders are already in difficulties by the new changes.
  • gwendolynregina
    Yeah, good question and one I myself asked too. We wouldn't know till next year's report though, as Doing Business 2010 only covered the period till May 2009. But I don't think it will make too much of an impact in that Singapore will probably be in the top 5 again, or at the very, very least, top 10.
  • Well, frankly speaking I think the big question will be how strict the new changes are enforced and if they can be offset by a letter of recommendation or not.

    If a letter of recommendation by MDA is not enough then in a worst case this could very well be the end of foreign entrepreneurs starting iJAM companies in Singapore (like myself with http://planetabroad.com).

    To be honest, I don't really understand the reasoning behind the new policies. Whilst it makes sense to try and help the local population find jobs etc., I fail to see how I am taking away somebodies job here or wasting government funding (even though that obviously shouldn't have anything to do with the Entrepass but with the respective investment programs anyways).

    But then of course, as a non-native I might not be getting the underlying issue here so feel free to educate me on this...
blog comments powered by Disqus