SINGAPORE: The Republic came up tops on the World Bank Group's annual ease of doing business measurement for the 10th year in a row.
The World Bank released its annual Doing Business report on Wednesday (Oct 28). In a media release, it said among the top 20 economies in the report were New Zealand (2); Republic of Korea (4); Hong Kong SAR, China (5); Taiwan, China (11); Australia (13) and Malaysia (18).
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.
The Doing Business 2016: Measuring Regulatory Quality and Efficiency report found that East Asia and the Pacific is the second most represented region, after Europe, in the world's top 20 economies, according to the World Bank. It added that a majority of economies un East Asia and the Pacific are undertaking reforms to further improve the regulatory environment for small and medium-sized enterprises.
“Entrepreneurs in East Asia and Pacific are seeing reforms that cut across multiple sectors, from reducing barriers for opening a new business and making tax compliance easier, to improving regulations in the credit market and getting access to electricity,” said Rita Ramalho, Manager of the Doing Business project.
However, the report noted that in the East Asia and the Pacific, it takes an average of 74 days for an entrepreneur in the region to complete a property transfer, compared to the global average of 48 days, the World Bank said.
Other economies in the region mostly emerged in the top 100, with Japan at 34; Thailand at 49 and Vietnam ranking 90.