Singapore ranks 48th in 2025's Global Business Complexity Index

The city-state is ranked fifth in Asia for business simplicity, the report says.

Singapore ranks 48th globally in TMF Group’s 2025 Global Business Complexity Index (GBCI), remaining one of the least complex business environments in Asia despite a slight change from 47th in 2024.

According to TMF Group, Singapore continues to offer companies a stable operating environment, supported by consistent legal frameworks, regional trade access, and infrastructure investment.

The city-state is ranked fifth in Asia for business simplicity, reflecting its ongoing competitiveness as a destination for regional and international business operations.

The 12th edition of the Global Business Complexity Index covers 79 jurisdictions worldwide, analysing 292 indicators related to company formation, compliance, taxation, human resources, and payroll. Together, these jurisdictions account for 94% of global GDP and 95% of global foreign direct investment flows.

The report highlighted Singapore’s continued investment in physical and digital infrastructure, including ports, airports, and digital connectivity, as key factors supporting its position as a regional trade corridor.

TMF Group observed that 43% of APAC jurisdictions cite infrastructure as a critical trade enabler.

In human capital, Singapore improved to 45th globally in the “human resources and payroll” category, aided by streamlined immigration policies, competitive wages, and flexible work arrangements.

These factors have helped the country maintain its attractiveness for international talent amid global labour shortages.

Whilst Singapore remains relatively simple for accounting and tax compliance, regulatory complexity has risen modestly due to expanded anti-money laundering requirements and corporate service regulations.

TMF Group noted that Singapore continues to align with global standards, including the OECD’s Base Erosion and Profit Shifting 2.0 framework, whilst also strengthening transparency measures.