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Ease of Doing Business in

Singapore

Singapore Download Profile (1733.2KB, pdf)
Region East Asia & Pacific
Income Category High income
Population 5,535,002
GNI Per Capita (US$) 52,090
City covered Singapore

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 2 3 up
1
85.05 84.50 down
0.55
Starting a Business 6 7 up
1
96.49 96.49
-
Dealing with Construction Permits 10 24 up
14
81.75 78.69 up
3.06
Getting Electricity 10 10
-
91.32 91.22 up
0.10
Registering Property 19 22 up
3
83.58 82.33 up
1.25
Getting Credit 20 19 down
1
75.00 75.00
-
Protecting Minority Investors 1 1
-
83.33 83.33
-
Paying Taxes 8 9 up
1
91.85 90.78 up
1.07
Trading across Borders 41 41
-
89.30 89.30
-
Enforcing Contracts 2 2
-
83.61 83.61
-
Resolving Insolvency 29 28 down
1
74.31 74.31
-

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 6

DB 2016 Rank: 7

Change in Rank: up1

DB 2017 DTF (% points): 96.49

DB 2016 DTF (% points): 96.49

Change in DTF (% points): 0.00

Standardized Company
Legal form: Private Limited Liability Company
Paid-in minimum capital requirement: SGD 0
City: Singapore
Indicator Singapore East Asia & Pacific OECD high income
Procedure – Men (number) info_outline 3.0 7.0 4.8
Time – Men (days) info_outline 2.5 23.9 8.3
Cost – Men (% of income per capita) info_outline 0.6 19.0 3.1
Procedure – Women (number) info_outline 3.0 7.1 4.8
Time – Women (days) info_outline 2.5 23.9 8.3
Cost – Women (% of income per capita) info_outline 0.6 19.0 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 12.3 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Registration on-line with ACRA including company name search and filing the company incorporation and tax number (GST)

    Agency: ACRA

    The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of businesses and public accountants in Singapore. Incorporation is done through Bizfile, an electronic filing system. An application for the approval and reservation of a company name is to be submitted online via Bizfile. Since 2007, Bizfile has been providing one-stop business facilitation services to customers at the point of registration. These services include reserving domain names, goods and services tax (GST) registration, subscribing for the relevant e-newsletter and registering for e-service alerts on latest government procurement opportunities, activating Customs Account and application for a corporate bank account. An application fee of SGD 15 is payable for each approved company name. It can generally be completed within an hour after payment online. Once a name has been approved, it will be reserved for 60 days. A one-time application for the extension of the reservation period by a further 60 days can be made before the expiry date.

    Entrepreneurs registering a new business can purchase the Business Profile on line at the same time of registration, when filling up the incorporation forms. The processing time is about 15 minutes from the time of successful submission of all documents and all information, and the registration fee payable is SGD 300. The ACRA will issue a notice of incorporation via electronic mail to the law firm or professional firm engaged for the purposes of incorporation upon the successful incorporation of the company together with the registration number of the company.

    The registration with the Inland Revenue Authority of Singapore (IRAS) for the goods and services tax (GST) when (a) its annual taxable turnover exceeds SGD 1 million can be done using the same online forms.
    Less than one day (online procedure) SGD 315
    2

    Make a company seal

    Agency: Seal maker

    The company seal is generally obtained from the company seal manufacturers. Generally a market rate of SGD 40 will be charged if the seal is to be collected within 3 days or approximately SGD 70 if the seal is to be collected within 1 day
    1 day SGD 70
    3

    Sign up for Employee Compensation Insurance at an insurance agency

    Agency: Insurance Agency

    Under Section 23(1) of the Work Injury Compensation Act (WICA), Chapter 354, of Singapore, every employer shall insure and maintain insurance under one or more approved policies with an insurer against all liabilities which the company may incur under the provisions of this Act in respect of any employee employed by the company unless the Minister, by notification in the Gazette, waives the requirement of such insurance in relation to any employer.

    Time and cost may depend on the arrangement between the company and the insurance agency.
    1 day no charge