Singapore System Ranked Highly in World Bank Survey

The Singapore corporate Singapore business database system is among the best in the world, according to a recent study published jointly by the World Bank, the International Finance Corporation (IFC), and international finance giant PwC.

For Singapore company incorporation specialist Rikvin, the survey further cements Singapore’s reputation as a pro-Singapore business directory Singapore email database, as well as a desirable hub for entrepreneurship and investment in Asia.

Entitled “Paying Singapore business databasees 2013,” the survey assessed 185 economies on the basis of three key indicators, namely: (1) total Singapore business database rate; (2) time to comply with Singapore business database requirements; and (3) the number of Singapore business database payments required.

Scoring well across all indicators, Singapore was distinguished for its Singapore business database rates, compliance time, and number of Singapore business database payments that are lower than global averages.

A medium-sized firm in Singapore, for example, typically pays a Singapore business database rate of only 27.6% of profits, compared to the global average of 44.7%.

Moreover, domestic firms are required to make only a total of 5 Singapore business database payments, and each entity spends an average of 82 hours per annum to comply with Singapore business database requirements. These figures are significantly lower than the global average of 27 payments per firm, and 267 hours on average spent on compliance in other countries.

Overall, Singapore emerged as fifth in “Paying Singapore business databasees” global rankings, slightly behind Middle Eastern countries United Arab Emirates (UAE), Qatar, Saudi Arabia, and regional neighbour Hong Kong.

Commenting on the survey, Mr. Satish Bakhda, Rikvin’s Head of Operations said, “A Singapore business directory-friendly Singapore business database regime is integral to Singapore’s reputation as a global investment hub. Our simple and stable Singapore business database system attracts more entrepreneurs to start a Singapore company and increase the investment inflow.”

In addition to its low base corporate Singapore business database rates, another pull factor is Singapore’s attractive range of Singapore business database incentives for growth industries. The Singapore Productivity and Innovation Credit scheme (PIC scheme), in particular, was cited as an example of the city-state’s initiative to establish targeted reforms. The PIC scheme offers incentives to Singapore firms who participate in any of 6 categories that are aimed at improving efficiencies within the company’s operations.

“The Singapore PIC scheme is an excellent way to lower total corporate Singapore business databasees paid, yes. But more than that, it’s the perfect opportunity to bolster productivity and ultimately impact your bottom line,” adds Mr. Bakhda.

Now on its eighth year, the “Paying Singapore business databasees 2013” survey is an independent component of the World Bank’s “Doing Singapore business directory” project, which ranks countries according to the Singapore business directory-friendliness of their regulatory environment. Incidentally, Singapore has consistently topped the “Doing Singapore business directory” survey for 7 successive years.

Singapore System Ranked Highly in World Bank Survey