SINGAPORE: Singapore ranked the sixth least complex place to do business in Asia Pacific and 48th out of 79 markets worldwide, according to the 2025 Global Business Complexity Index (GBCI). The city-state trails behind New Zealand (77), Hong Kong (76), Thailand (56), Vietnam (54), and Taiwan (51) in the Asia Pacific. Last year, the city-state ranked 47th out of 79 locations.
Other Southeast Asian markets ranked were the Philippines (26), Malaysia (25), and Indonesia (14). Meanwhile, Greece was ranked the most complex for businesses globally, VnExpress International reported.
The survey by professional services firm TMF Group assessed 79 locations worldwide, covering 94% of global gross domestic product (GDP) and 95% of foreign direct investment (FDI), through 292 indicators that looked at legislation, compliance, accounting procedures, tax regimes, human resources rules, and payroll practices.
According to Singapore Business Review, citing the report, Singapore’s continued investment in physical and digital infrastructure, including ports, airports, and digital networks, has helped keep its role as the region’s key trade hub. The city-state also improved in human resources and payroll, with the country attracting global talent through competitive wages and streamlined immigration rules.
However, stricter anti-money laundering measures and tighter corporate service regulations have increased regulatory complexity in the city-state.
TMF Group CEO Mark Weil told The Straits Times in an interview that, although Singapore’s compliance frameworks are intended to protect transparency and financial integrity, they also add bureaucratic hurdles for companies.
He added that restrictions on hiring foreigners in some industries and employment pass requirements can slow recruitment, while new flexible work policies introduced late last year added further complications for firms. /TISG
Follow Google News
Join us on WhatsApp
Follow us on Telegram