SINGAPORE: The Lion City has been recognized as one of the fastest jurisdictions in the world for completing ad hoc tasks, boasting a remarkable 21% completion rate, according to Mercator’s Entity Management Report published by Singapore Business Review.
Efficient processes and cost-effectiveness
Noted for its speed, Singapore ranks tenth in terms of cost-effectiveness, with an average expense of just 46% for ad hoc tasks, making it one of the more affordable global jurisdictions for corporate operations.
The city-state secured the top position in the 2024 rankings, thanks to its efficient regulatory framework and cutting-edge digital infrastructure that streamlined entity management processes.
The Accounting and Corporate Regulatory Authority (ACRA) plays a pivotal role by offering a central online platform for quick, low-cost filings, which significantly reduces bureaucracy.
Streamlined procedures for entity registration, annual reporting, and compliance filings help businesses save both time and money.
Mercator also highlighted the benefits of Singapore’s advanced digital infrastructure, which facilitates e-filings for nearly all corporate actions, widespread acceptance of e-signatures, and virtual board meetings, making it an ideal location for multinational companies to operate smoothly and efficiently.