Singapore continues to be the economy with the most business-friendly regulations, according to the World Bank’s annual Doing Business survey.
Singapore did particularly well in areas of enforcing contracts, and trading across borders; topping the list in those categories.
“Singapore made enforcing contracts easier by introducing a new electronic litigation system that streamlines litigation proceedings,” the survey said.
The country is ranked second when it comes to dealing with construction permits.
“Singapore is among those that combine high efficiency and high quality. In that country resolving the standard commercial dispute in the Doing Business case study takes only 21 procedures and 150 days and costs 25.8 percent of the value of the claim.”
Additionally the survey noted the city-state e’s judicial system follows several internationally recognised good practices, such as having a separate commercial court, providing arbitration, making judgments available to the public, using case management and allowing plaintiffs to file their initial complaint electronically.
Across 189 countries, Singapore continues to top the Doing Business survey for the ninth year, according to media reports.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
