Singapore ranks 47th in the Global Business Complexity Index

The index described Singapore as a "relatively easy jurisdiction for business."

Singapore is amongst the jurisdictions with the least complicated business environments, ranking 47th out of 79 in the 11th edition of the Global Business Complexity Index (GBCI).

The GBCI highlighted Singapore as a relatively easy jurisdiction for business, particularly for first-time foreign companies incorporating there. However, the index warned that Singapore's stringent Anti-Money Laundering (AML) and regulatory frameworks may result in higher reporting obligations.

“Local tax laws and mandatory pension contributions are necessary for transparency and robust employee protection, but they also add layers of complexity to the payroll process,” the index added.

The index maintained that, despite these challenges, Singapore continues to be a business-friendly country with transparent regulations, robust legal frameworks, and efficient government processes.

“Long-term political stability has created a secure environment for investors…Singapore’s well-educated and skilled workforce is a major factor in the country’s ever-increasing investment in business infrastructure,” the index added.