SINGAPORE: Singapore remains one of the most favorable environments for business, ranking 47th out of 79 jurisdictions in the 11th edition of the Global Business Complexity Index (GBCI).
The index, which assesses the complexity of doing business across various countries, highlighted Singapore as a relatively straightforward jurisdiction for businesses, particularly for foreign companies establishing their presence for the first time.
The report emphasized Singapore’s ease of business incorporation, making it an attractive destination for companies looking to expand into the Asia-Pacific region. The country’s transparent regulations, efficient legal frameworks, and well-structured government processes contribute to its reputation as a business-friendly nation.
However, the GBCI also pointed to certain regulatory challenges that companies operating in Singapore may face.
The nation’s stringent Anti-Money Laundering (AML) regulations and other compliance frameworks impose higher reporting obligations on businesses. These measures, while essential for maintaining Singapore’s integrity as a financial hub, add layers of complexity to operational processes.
In addition, the report noted that local tax laws and mandatory Central Provident Fund (CPF) contributions further complicate payroll processes. Despite these hurdles, Singapore continues to offer a secure and stable environment for investors, bolstered by long-term political stability and a highly educated workforce.
The GBCI acknowledged Singapore’s continued investment in business infrastructure as a key driver of its economic success, affirming that the nation remains an attractive option for businesses worldwide, even as companies navigate its complex regulatory landscape.
TISG/