As TODAY reports, Singapore retained its status for a 10th consecutive year as the easiest country in which to do business, while emerging markets such as China and India moved up the rankings, according to the World Bank.
The World Bank’s annual Doing Business report ranks 189 countries based on 11 indicators such as the ease of starting a business, dealing with construction permits, getting electricity and obtaining credit.
The 30 best 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 latest report.
Contributing to Singapore’s high scores was its “high-quality judicial processes”.
“Resolving a commercial dispute through the Singapore District Court takes just 150 days, the shortest time recorded worldwide, and costs 25.8 per cent of the value of the claim.
Efficient dispute resolution is paired with good institutions (such as specialised courts), effective case management and sophisticated court automation tools,” the report said.