The city continues to simplify and streamline its processes, a study says.
Singapore is the second least complex jurisdiction in Asia for doing business, business services firm TMF Group revealed. On a worldwide scale, however, it ranks 61st amongst 84 jurisdictions covered by the Compliance Complexity Index.
The index jurisdictions based on the difficulty of adhering to local business regulations and associated issues – such as local reporting requirements, and the time taken to set up companies.
In the Asia Pacific, Singapore is right behind Australia and is followed by New Zealand, Korea and Japan. Ireland is ranked as the least complex country in the world, and the UAE is the most complex country.
TMF Group Singapore managing director Siaw Kim Leng commented, “Singapore is again ranked as one of the simplest places for corporate compliance in the world due to the continuing simplification and streamlining of its processes. More changes are on the way and look set to make the situation even less complex.”
“The abolishment of tedious documentation requirements, such as needing common seals to execute deeds and share certificates, has both reduced costs and time. The government has also made it easier for countries to re-domicile in Singapore making the city an even more attractive place to do business in,” he added.
In Asia, the five most complex jurisdictions for compliance are China, Malaysia, Vietnam, the Philippines, and India. Around the world, UAE, Qatar, China, Argentina, and Malaysia topped the rankings.
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