Latest report: Singapore ranked as the world's most competitive economy-FOZL

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Latest report: Singapore ranked as the world's most competitive economy

On June 18, 2024, the IMD World Competitiveness Center in Lausanne, Switzerland, released the 2024 IMD World Competitiveness Ranking showing that Singapore has become the world's most competitive economy The report indicates that Singapore ranks first globally in labor markets, attitudes and values, and technological infrastructure.

Image source: International Institute for Management Development, Lausanne, Switzerland

The report covers 67 economies, evaluating them across 164 competitiveness indicators in areas such as economic performance, government efficiency, business efficiency, and infrastructure.

Government efficiency In terms of government efficiency, Singapore ranks first in 10 areas, including policy adaptability, effectiveness of government agencies, transparency, and credit ratings. Business efficiency In terms of business efficiency, Singapore ranks first globally in nine areas, including overall productivity, availability of skilled labor, regulatory compliance, venture capital, and banking and financial services. Infrastructure In terms of infrastructure, Singapore ranks first in eight areas, including technology development funding, urban management, scientific research legislation, and air transport quality.

Image source: Singapore Ministry of Trade and Industry social media

The Singapore Ministry of Trade and Industry stated on social media that Singapore will continue to work closely with stakeholders to further improve and strengthen its global leading position as a center for business, trade, investment, and talent.

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

Currently, the FOZL Group has subsidiaries in Malaysia, China, and Germany, supporting the globalization of businesses. If you would like to learn more, please contact us at FOZL, and we will be happy to serve you!

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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