World Bank Ease of Doing Business Report: Singapore Ranks First in Operational Efficiency-FOZL

Language
- 简体中文
- English

FOZL Knowledge Hub

Everything you need to know about setting up and succeeding in Singapore

Singapore's advantages

Company Registration and Services

Home

World Bank Ease of Doing Business Report: Singapore Ranks First in Operational Efficiency

Recently, The World Bank released the Business Ready 2024 report showing that Singapore, Hungary, and Estonia ranked first in three categories respectively. Among them, Singapore achieved the highest score in operational efficiency, reaching 87.33%, ranking first; In terms of public services, Singapore scored 70.4%, ranking second.

Image source: World Bank

The report covers 50 economies, downplaying economic rankings and focusing on discussing business environment maturity based on scores or percentages. The report measures three key indicators of the business environment: Regulatory quality, effectiveness of public services (including electricity and tax administration), and operational efficiency 。

Overall, the average score for the 50 economies surveyed in the report was 65.5% on regulatory issues, but only 49.7% on public services.

In 2025, the World Bank's Business Environment Maturity Report will expand to 110 economies, and the 2026 report will cover 180 economies.

FOZL assists local and overseas clients in Singapore with registering Singapore companies and provides clients with accounting ， annual audit ， audit ， tax filing ， trademark registration ， business consulting ， family office establishment and other services.

Currently, FOZL Group has subsidiaries in Malaysia, China, and Germany, supporting businesses' global development. If you want to learn more, please contact us at FOZL, and we will be happy to serve you!

Global Innovation Index Ranking: Singapore ranked fourth

None

Relevant Knowledge

【Licensing】Food Import Licence

All companies wishing to import, export, or trans-ship food products must be registered and licensed by the Singapore Food Authority in accordance with the relevant laws of Singapore.

【Licensing】Custom Registration

Companies registered in Singapore can directly engage in international trade. If a company intends to import products into Singapore, the goods must undergo customs clearance upon arrival. This requires the company to submit an application to Singapore Customs in advance and obtain the necessary registration or permits. Once the customs registration is approved, logistics companies or customs brokers can declare the goods to Singapore Customs on behalf of your company, pay Goods and Services Tax (GST), and import the goods into Singapore.

【Licensing】13R & 13X

For investments in Asia and the Pacific, Singapore is an important base for family offices, private equity, real estate, and hedge fund managers.

【Licensing】Ship Registration

The Singapore ship registration system is administered by the Maritime and Port Authority of Singapore (MPA). The following outlines the eligibility, procedures, and documentation requirements for registering a vessel in Singapore.

【Licensing】Fund Management Licence