Singapore retains its position as the world’s best business environment for 15 consecutive years (2024)

FAQs

Has Singapore retains its position as the world's best business environment for 15 consecutive years? ›

Singapore retains its position as the world's best business environment for 15 consecutive years. Singapore has retained its position as the best business environment over the next five years, according to EIU's latest business environment rankings for the second quarter of 2023.

#1 globally for business environment

Ranked 1^st in EIU's Business Environment Rankings, Singapore has a conducive environment for business given its regulatory environment, stable and efficient infrastructure to support starting a business, access to financial intermediation and services, and enforcement of contracts.

98.2: Singapore (Rank: 4)

Note: The ranking of economies on the ease of starting a business is determined by sorting their scores for starting a business.

Our strong legal system and fiscally sustainable approach to governance have been critical enablers of a stable and business-friendly environment.

Singapore is already among the 20 best-performing countries in terms of emissions intensity². This reflects the substantial early action Singapore has taken to grow in an environmentally responsible way.

Amidst global economic headwinds, Singapore remains one of the world's strongest economies. Anchored in political stability, low corruption rates and transparent public institutions, we are a trusted partner for businesses.

The Singaporean economy makes it easy for domestic and international businesses to make their mark. The island is small and lacks natural resources. Therefore, Singaporean businesses look beyond their waterways to international operations. However, Singapore also boasts a large manufacturing industry.

Favourable tax regulations

Singapore is well-known on a global scale as a business tax haven. Due to its low tax rates and restricted tax base, the nation is perfect for business growth. You might be curious about the taxes in Singapore compared to the USA if you're growing from the US.

SINGAPORE – Singapore has retained its position as the world's leading business environment for the 15th consecutive year and should remain the best place to operate for the next five years, according to a leading market analyst.

With a business-friendly regulatory environment and a very low unemployment rate, Singapore is one of the world's most prosperous nations.

Why does Singapore have a strong economy? ›

Today, the Singapore economy is one of the most stable in the world, with no foreign debt, high government revenue and a consistently positive surplus. The Singapore economy is mainly driven by exports in electronics manufacturing and machinery, financial services, tourism, and the world's busiest cargo seaport.

Singapore is a high-income economy with a gross national income of US$54,530 per capita, as of 2017. The country provides one of the world's most business-friendly regulatory environment for local entrepreneurs and is ranked among the world's most competitive economies.

Singapore ranks 3rd in global competitiveness ranking; HK and Malaysia place 5th and 32nd respectively.

The business culture in Singapore is exceedingly competitive and is based on a strong work ethic. Westerners must learn to adapt to a different negotiation process while in Singapore. Negotiations tend to be conducted at a much slower pace than those in Western countries.

Singapore is leading the way in sustainable development by investing in green infrastructure to reduce the urban heat island effect. There are established green spaces that cover up to almost 50% of the total municipal area that hosts a large number of green buildings.

Since 1980, development and increased pressure for land usage has led to Singapore losing 90% of its forests, 67% of its birds, 40% of its mammals and 5% of its amphibians and reptiles.

Singapore is ranked 30 out of 168 countries in this year's Social Progress Index. Singapore, 7 December 2021 – Singapore's score under the Environmental Quality category jumped to 82 points this year, from 76.98 points last year.

The five Shared Values that were eventually adopted were: 1) Nation before community and society above self, 2) Family as the basic unit of society, 3) Community support and respect for the individual, 4) Consensus, not conflict, and 5) Racial and religious harmony. 1.

Singapore is famous for its modern infrastructure, cleanliness, and multicultural society. The Republic of Singapore is a country in South East Asia. Within it, there are 63 islands. It is located on the Malay Peninsula, which includes other famous countries such as Thailand and Myanmar.

How Singapore developed so fast? ›

Economic focus

Singapore invested heavily to promote economic growth. The Economic Development Board was set up in 1961 by Goh Keng Swee, and with the assistance of Dutch economic advisor Albert Winsemius, national economic strategies were formulated to promote Singapore's manufacturing sector.

We offer you excellent quality of life. Our residents enjoy political stability, low crime rates, and excellent healthcare, education, housing, recreation and transport options. Some of the world's most beautiful countries are also just a short flight away from Singapore.

No capital gains tax in Singapore

When you invest in the Singapore stock market, there is no capital gains tax. This means that both your dividends and capital gains will not be taxed. This is unlike in the US, where you will be charged with a 30% withholding tax on all dividends paid out to you.

Anyone can open a Singapore business, be it a foreigner or a local. This is according to the Singapore Companies Act. You just need a local registered address, a corporate secretary, a shareholder, and a resident director. You'll also need a paid-up capital of at least $1.

Among the largest companies in Singapore are two of its biggest tech companies, Sea Limited and Grab Holdings. Sea Limited operates the e-commerce marketplace Shopee and online gaming company Garena, while Grab Holdings is a super-app that provides ride-hailing, food delivery, and digital payment services.

Singapore's digital friendly environ- ment, high quality infrastructure, and efforts in adopting technologies in an efficient way to improve the quality of life for Singaporeans were key drivers. On innovation performance, Singapore ranked top in Asia in the Global Innova- tion Index 20195.

What is it? Our vision for Singapore to become a global business innovation and talent hub for advanced manufacturing. We launched our Manufacturing 2030 (M2030) vision in 2021, with the aim of increasing manufacturing value-add by 50% in 10 years.

Enhance the Global Partnership for Sustainable Development

Singapore is a developing country and does not provide or receive development cooperation funding. Our support to fellow developing countries is in the form of capacity-building programmes.

According to EIU, Singapore has the world's highest transport prices, due to strict government controls on the amount of cars. It is also among the most expensive cities for clothing, alcohol and tobacco. A person living in Singapore who wants to have a lifestyle slightly above average, is bound to spend on such items.

What is the summary of Singapore? ›

Singapore is a sunny, tropical island in South-east Asia, off the southern tip of the Malay Peninsula. The city-state is 710 square kilometres and inhabited by five million people from four major communities; Chinese (majority), Malay, Indian and Eurasian.

The latest GDP figures show Singapore's growth having slowed to its weakest pace after the economy recovered from a pandemic-induced contraction in the January-March quarter of 2021. In the previous quarter, October-December 2022, the economy grew 2.1%.

By the 1990s, the country had become one of the world's most prosperous nations, with a highly developed free market economy and strong international trading links. It now has the highest per capita gross domestic product in Asia, which is 7th in the world, and it is ranked 9th on the UN Human Development Index.

And none more so than Singapore, which ranks as the most overworked country in the Asia-Pacific region, if not the world. On average, Singaporean workers work 45 hours per week and take a measly seven days of annual leave.

Open economy

Singapore's sustained economic growth – and subsequent wealth – is the result of decades of committed economic policy and its openness to international capital and technology, investment-friendly policies and support for a competitive market.

Singapore has been ranked the 25th happiest country in the world according to the 2023 World Happiness Report, two spots higher than last year.

A multiracial, multicultural, multireligious heritage forms the backbone of the city's character. Traditional Chinese puppetry is an intricate artform that features characters inspired by Chinese culture and mythology.

Its contemporary modern culture consists of a combination of Asian and European cultures, mainly by Malay, South Asian, East Asian and Eurasian influences. Singapore has been dubbed as a country where "East meets West", "Gateway to Asia" and a "Garden city".

Singaporean employees work between 40-45 hours on average per week, though this may differ according to the company and type of work. The daily breakdown of work hours is usually around eight to nine hours per day and up to 12 hours per day for special work arrangements.

Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Singapore, on the other hand, reached USD 72,794 per capita, or 396.99 billion USD for the whole country. Singapore is therefore currently ranked 36 of the major economies.

Why is Singapore an ideal environment for business? ›

The Singaporean economy makes it easy for domestic and international businesses to make their mark. The island is small and lacks natural resources. Therefore, Singaporean businesses look beyond their waterways to international operations. However, Singapore also boasts a large manufacturing industry.

With a business-friendly regulatory environment and a very low unemployment rate, Singapore is one of the world's most prosperous nations.

SINGAPORE'S CONTRIBUTION TO THE SDGs

Close to 150,000 officials from over 180 countries and territories have participated in SCP courses in areas such as water and sanitation (SDG 6), sustainable cities (SDG 11), and climate action (SDG 13).

One of the key factors contributing to Singapore's economic miracle was its strategic location, which made it an ideal hub for international trade and commerce. The country's main exports include electronics, chemicals and services. Singapore is the regional hub for wealth management.

Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Singapore, on the other hand, reached USD 72,794 per capita, or 396.99 billion USD for the whole country. Singapore is therefore currently ranked 36 of the major economies.

The future Singapore will ride on technology to boost economic growth, include more green areas, and house vibrant towns that blend work, education and play. Here, we take you through some of the major infrastructure projects that are set to be completed in the years ahead.

Water constraints, energy security, carbon consciousness, land scarcity, waste generation, import dependency, ageing, and protection of biodiversity are just some of the restrictions that Singaporean policymakers and citizens must grapple with on a daily basis.

SINGAPORE has been ranked fifth among 30 economies for the sustainability of its global trade practices, according to a study by the Swiss business school, Institute for Management Development (IMD), and the Asia-based philanthropy, Hinrich Foundation.

Singapore's economic outlook

The Singapore economy recorded a second year of economic recovery from the pandemic in 2022, growing by 3.8% y/y, after growth of 7.6% y/y in 2021.