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Singapore Sustains Its Top Position for the Sixth Time in a Row

"Singapore demonstrated astounding resilience during the global economic crisis, and the government has been proactive in rolling out reforms and relief measures as required and has always been keen to reinvent, review and remain relevant to the dynamic business environment, that is why the tiny city-state continues to be persistently courted by investors and entrepreneurs, therefore Singapore’s top ranking is unsurprising,� says Satish Bakhda of Rikvin Consultancy. http://www.rikvin.com/ Satish Bakhda of Singapore company registration specialists, Rikvin Pte Ltd, comment follows the release of the Ease of Doing Business Report by World Bank. Singapore took the top spot in terms of overall ease of doing business, ahead of Hong Kong, New Zealand, US and Denmark. The World Bank Group released, Doing Business 2012: Doing Business in a More Transparent World, the ninth in a series of annual reports, recently. The report investigates the regulatory framework and reforms that facilitates or constrains the establishment and growth of business enterprises across 183 countries and ranks them based on reforms and regulations relating to 11 areas including starting a business, registering property, protecting investors, paying taxes and trading across borders, to name a few. Mr. Bakhda says, "In terms of regulations relating to trading across borders, resolving insolvency, construction permits and starting a business, Singapore has continued to score well. It has demonstrated significant reforms and improvements when it comes to regulatory matters relating to property registration and contract enforcement." Regulatory climate is crucial for the growth of businesses especially Small and Medium Sized enterprises. "The report is well respected among the investors and enterprise community, which, during such tumultuous times, when strategic decisions are to be taken regarding investments, expansions, diversification or disinvestments, is paying a lot of attention to the regulatory framework across economies. Singapore as a promoter of free market has ensured a relatively convenient regulatory framework relating to key areas that determine enterprise growth, while retaining provisions for relevant and essential government interventions. The balance has been carefully maintained through constant review and revisions thus the


regulations are transparent, manageable and easy on the coffers of business community. The sustained top ranking underscores the affable business environment which has fueled the economic growth," says Mr. Bakhda Commenting further on the report Satish Bakhda says, “As a Singapore company incorporation service provider we have found that international entrepreneurs and businesses are attracted to Singapore by its particularly relaxed regulatory regime. While Singapore’s strategic location and infrastructure facilitates their regional growth the ease of setting up and operating a company from Singapore is a prime attraction. Singapore compares well in terms of matters relating to starting a business, while the regional average for the number of procedures involved in setting up a business is 7 one can setup a company/business in three steps and the time taken is also 3 days as against the regional average of 38 days. There is no doubt Singapore will hold on to its top rank pretty much unchallenged in the coming years, unless, the recent tightening of regulations relating to work passes evolves into a major constraint for business growth.” About Rikvin: Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties include company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore. Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines: (65) 6438 8887 Website: http://www.rikvin.com/


Singapore Sustains Its Top Position for the Sixth Time in a Row