Singapore: Expensive But Best For Business

Although Singapore is definitely ASEAN most expensive city now to live or to visit, it is still the best place to conduct business, according to the World Bank’s annual Doing Business report.

Singapore consequently retained its status for a 10th straight year as the easiest country in which to do business. The report ranks countries based on 11 indicators such as ease of starting a business, dealing with construction permits, getting electricity and obtaining credit.

The best 30 performers stand out because they have rules that allow “efficient and transparent functioning of businesses and markets,” not because they have little regulation, the Washington-based development lender said in the report.

New Zealand was ranked second, followed by Denmark, South Korea, Hong Kong, the U.K., the U.S., Sweden, Norway and Finland. Australia fell out of the top 10 and was down to rank 13 while Japan was down to rank 34 and China up six spots to rank 84.

Most ASEAN countries imrpoved their ranking except three: Thailand, down by 23 shots to rank 49; Vietnam down by 12 shots to rank 90 and the Philippines which lost eight ranks to 103. The survey takes into consideration 189 countries.