World Bank ranks the Republic top for the fourth time in a row
SINGAPORE has been ranked as the easiest place in the world to do business for the fourth time in a row.
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According to the World Bank’s seventh annual Doing Business report on 183 economies, the Republic yet again pipped New Zealand, Hong Kong and the United States to the top place.
The latest version of the report published yesterday shows the top 10 were unchanged from the previous year, with the exception of Britain, which traded places with Denmark to rise from sixth to fifth place.
The report’s programme manager, Ms Sylvia Solf, said Singapore’s progress in e-government procedures had helped it retain pole position.
‘Singapore has put a lot of emphasis on implementing e-government initiatives, making everything as transparent, easy and efficient as possible for local businesses,’ she said.
The World Bank noted that Singapore had made it easier to start a business by making it possible to incorporate a company and register for taxes using the same online form. It now takes three days instead of four to start a business.
Singapore had also made it easier to deal with construction permits, with low-risk industries allowed to submit documents online. It now takes 25 days, instead of 38, to issue a permit.
And the Republic has eased property registration by improving its computerised system.
While Singapore was top in the sub-categories of employing workers and trading across borders, and second for protecting investors and closing a business, it was ranked 13th for enforcing contracts.
Property registration was Singapore’s weakest point, with the World Bank noting that registering a property here requires three procedures and five days.
It came 16th in this category, trailing countries such as Saudi Arabia, Georgia and New Zealand.
Singapore’s reforms were among the record 287 measures introduced by 131 economies around the globe to make doing business easier.
The World Bank noted that most reforms were aimed at reducing administrative burdens, and the current economic downturn could present an opportunity for more improvements.
In terms of top reforming countries, Rwanda came out on top, with Kyrgyzstan, Macedonia and Belarus highlighted for making positive changes.
The study – distributed by the World Bank and its private lending arm the International Finance Corp – aims to show how simplifying procedures and encouraging investment creates jobs and spurs growth. It ranks economies according to 10 indicators of business regulation – from starting a business, to hiring workers and trading across borders.
But the rankings do not reflect factors such as macroeconomic stability, corruption, skill levels or security.
Local business leaders told The Straits Times that they were not surprised by the report given that Singapore has been leading the field, with processes and procedures among the easiest and most transparent in the world.
Mr Lawrence Leow, president of the Association of Small and Medium Enterprises, said the report was an accurate reflection of what he had observed on the ground. He added: ‘We should continue to liberalise rules to boost innovation, and keep the cost of living and doing business here competitive relative to major cities.’
Mr Phillip Overmyer, chief executive of the Singapore International Chamber of Commerce, said Singapore must also pay attention to its global competitiveness. ‘We have to find ways to enhance key areas such as productivity, innovation and creativity, because others could easily catch up with us,’ he said.
Source : Straits Times – 10 Sep 2009
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