Singapore is a sovereign island country in maritime Southeast Asia. A global city, it has a highly developed market economy, based historically on extended entrepôt trade and more recently as a financial hub as well. Its economy is known as the most freest, most innovative, most competitive, most dynamic and most business-friendly in the world by various multinational economists, think-tanks and organisations.[1] Furthermore, Singapore is also consistently ranked as one of the least corrupt countries in the world, and the most transparent in all of Asia on the Corruption Perceptions Index (CPI).[2]
Singapore is a wealthy country, and is one of the original Four Asian Tigers, having also surpassed its peers in terms of GDP per capita, being the second highest in the world. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population within a single generation.[3] To start a business in Singapore, business owners have to register with the Accounting and Corporate Regulatory Authority (ACRA).[4] ACRA is the national regulator and company registrar of business entities, accountants and service providers in Singapore.
^
Innovation: Yip, Wai Yee (3 September 2020). "Singapore retains top spot as Asia-Pacific's most innovative nation". The Straits Times. Retrieved 1 March 2024.
Competitiveness: "Singapore retains top spot as world's most competitive economy". edb.gov.sg. Economic Development Board. Retrieved 1 March 2024. Jamrisko, Michelle (20 January 2020). "Singapore Leaps Up the Rankings in Bloomberg's Innovation Index". Bloomberg. Bloomberg News. Retrieved 1 March 2024.
Dynamism: "Singapore jumps to top of Global Dynamism Index". The Straits Times. Singapore. 29 October 2015.
Economic freedom: "Singapore". heritage.org. The Heritage Foundation. Retrieved 1 March 2024.
^"Corruption Perceptions Index 2020". Transparency International. 28 January 2021.
^Baten, Jörg (2016). A History of the Global Economy. From 1500 to the Present. Cambridge University Press. p. 292. ISBN 9781107507180.
^Harold Siow Song Teng (22 September 2011). Government Policy and Critical Success Factors of Small Businesses in Singapore. Cambridge Scholars Publishing. p. 52. ISBN 978-1-4438-3394-3.
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