Singapore still #1 in World Bank Doing Business rankings

Singapore beats 184 countries on business-friendliness.

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). This according to the new annual rankings report titled "Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises."

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.”

The new report assessed 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.