Singapore holds on to top spot in World Bank Doing Business rankings

Oct. 31, 2012 - PRLog -- The annual World Bank Doing Business report shows Singapore holding on to its lead ranking as the world’s most business-friendly economy.

With the Doing Business series now in its 10th year, the new report, Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises, assesses regulations affecting domestic firms in 185 economies, ranking each on the basis of various criteria including ease of starting a business, insolvency resolution, and cross-border trade.  Since 2009, Russell Bedford member firms have contributed to the report’s Paying Taxes survey, which examines the regulatory and financial burden of tax compliance on companies worldwide.

While Singapore slipped one place in rankings for ease of paying taxes, it remains well within the top 10 least demanding tax environments, in fifth place.  In fact, the report reveals only three areas in which the country slips out of the top 10 – in property registration (unchanged at 36), contract enforcement (up one place to 12) and ease of getting credit (dropping three places to 12).

Douglas Tan, managing director of member firm Steven Tan Russell Bedford PAC commented: “Singapore has long been recognised as one of the world’s most accessible markets, and it is gratifying to see this again reflected in the Doing Business report.  In the current environment, however, where access to finance remains one of the most important issues for most SMEs, we will continue to request a better regulatory environment to support businesses in obtaining credit.”

Notes to Editors

About Russell Bedford International

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants.  Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 280 offices in more than 90 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.  Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.

Contacts:

Douglas Tan
Steven Tan Russell Bedford PAC
25 International Business Park
German Centre #04-22/26
Singapore 609916
T: +65 6222 7088 / 7777
E: douglas@stcsamasmgt.com.sg
W: www.strb.com.sg