Business Reforms in Singapore
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Trading across Borders: Singapore made exporting and importing easier by improving infrastructure and electronic equipment at the port.
Resolving Insolvency: Singapore made resolving insolvency easier by establishing a new scheme of arrangement procedure with features of the debtor-in-possession reorganization regime and introducing provisions applicable to prepackaged restructurings.
Labor Market Regulation: Singapore adopted legislation that requires employers with more than 10 employees to notify the Ministry of Manpower if five or more employees are retrenched within any six-month period.
Dealing with Construction Permits: Singapore made dealing with construction permits easier by streamlining procedures and improving the online one-stop shop.
Registering Property: Singapore made it easier to transfer a property by introducing an independent mechanism for reporting errors on titles and maps.
Paying Taxes: Singapore made paying taxes easier by introducing improvements to the online system for filing corporate income tax returns and VAT returns. At the same, the social security contribution rate paid by employers increased and the rebate of 30% on vehicle tax expired.
Enforcing Contracts: Singapore made enforcing contracts easier by introducing a new electronic litigation system that streamlines litigation proceedings.
Registering Property: Singapore made transferring property easier by introducing an online procedure for property transfers.
Getting Credit: Singapore improved its credit information system by guaranteeing by law borrowers’ right to inspect their own data.
Getting Credit: Singapore improved its credit information system by collecting and distributing information on firms.
Starting a Business: Singapore made starting a business easier by combining tax registration with business registration on a single online form.
Dealing with Construction Permits: Singapore made dealing with construction permits easier through new workplace safety and health regulations allowing companies in low-risk industries to submit documents online.
Registering Property: Singapore made registering property easier by upgrading electronic systems and streamlining the administrative procedures of the government agencies involved.
Starting a Business: Singapore reduced the time and number of procedures to start a business by simplifying the online start-up process.
Dealing with Construction Permits: Singapore made dealing with construction permits easier by improving internal data management and processing at agencies involved in the permitting process.