Globally, the smallest country in Asia has been ranked number one as the most uncomplicated and the most non-troublesome one for running business in 2012. This report has been obtained from the yearly ranking by the World Bank and also the International Finance Corporation. Entrepreneurs who need to run a business need to take into consideration the level of ease of doing it while complying with the laws and regulations. Up to date, economies are ranked based on their level of ease of doing business. 185 economies are taken into account in the assessment by World Bank and International Finance Corporation.
According to World Economic Forum in its published Technology Report, “Singapore is Asia’s most “network ready” country.” Even though Singapore does not make itself a way to the top in all aspects of ranking topics like starting a business, investors’ protection, insolvency resolved, property registration, trading across borders, dealing with construction permit, getting electricity, enforcing contracts, getting credit, paying of taxes; it is world’s number one, all-inclusively. All the mentioned topic rankings were the selected elements for fair comparison. Nevertheless, it’s no longer news for fellow economists for the said country has been on top since year 2006. Having the best environment for the local entrepreneurs of Singapore to run a business in the country, it is regarded as having the best performance and the most business friendly in comparison to other countries despite number one placing for certain areas. New Zealand is first in the aspect of protecting investors, whereby Japan gets top placing in resolving insolvency.
Regional economists have taken their turns on commenting the yearly ranking done by World Bank and International Finance Corporation. According to Straits Times, Song Seng Wun, an economist and CEO from CIMB had given his point of view, saying “Singapore has made the ease of doing business into an art.” Deriving from the same source, Chief Executive of Singapore Business Federation had opinioned that among the factors that attract business doing are actually the great networking, excellent workforce, respectful laws, and of course intellectual property.
Another comment would be from Dahlia Khalifa, a senior economist of World Bank who has quoted this in BBC News back in 2011, “It is simply the most efficient place from which to import and export. For example, you only need four documents to export and import goods, which remains global best practice.” Her statement had shown tremendous ease for running a firm in Singapore. Despite all the indicators utilized for the assessment of the selected economies, cost of running business is not one included.
Along with that, according to Global Dynamism Index, Singapore ranks number one as the country for running a firm or a business as well. The indicators include Labor and Human Capital, Business Operating Environment, Financing Environment, as well as Science and Technology and Economics and Growth.
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