Singapore trails New Zealand in ease of doing business

It had the best environment for enforcing contracts.

Singapore clinched second spot globally in the Ease of Doing Business rankings with a score of 86.2, according to a study by Russel Bedford. The Lion City lagged behind New Zealand but outpaced Hong Kong and Denmark.

The study said that the city saw its highest score in the ‘starting a business’ category at 98.2, but ranked fourth globally. Singapore was also named the best market globally in enforcing contracts with a score of 84.5.

It nabbed third spot in protecting minority investors and fifth in the ‘dealing with construction permits’ category. The report noted that the Lion City made dealing with construction permits easier by enhancing its risk-based approach to inspections, improving public access to soil information and streamlining the process to obtain a construction permit.

In addition, Singapore also grabbed seventh place in the ‘paying taxes’ category and 19th in getting permanent electricity connection for a newly constructed warehouse. It ranked 21st and 27th spots in registering properties and resolving insolvencies, respectively.

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