Singapore has retained its number two position, while Switzerland, for the fourth consecutive year, has topped the overall rankings in The Global Competitiveness Report 2012-2013 released this week by the World Economic Forum.
The report profiled a total of 144 countries by examining 113 indicators based on official data sources and a poll of 15,000 business executives. Singapore Company Registration specialist Rikvin acknowledges the top ranking as affirmation of the city-state’s significance in an ever-changing global village and esteems that more investors and entrepreneurs will be compelled to consider relocation and Singapore company formation on the back of this news.
Compared to the 2011-2012 report, Finland and Sweden have switched positions – with the former in third place and Sweden in fourth. Netherlands (5th) has displaced United States (7th) and Germany (6th) retains its position year-on-year. United Kingdom (8th) climbed up two spots while Hong Kong (9th) makes an entry into the top ten, ousting Japan one spot down to the 10th position.
Meanwhile, the emerging BRIC economies varied in their performances. In spite of a slight decline in rankings by three places, China (29th) continues to lead the group. While Brazil (48th) moved up this year, along with South Africa (52nd), India (59th) and Russia (67th) fell in their rankings.
What works in favor of Singapore, and facilitates foreign and local entrepreneurs in forming a Singapore company are factors such lower office rental rates, rebates offered through the Productivity and Innovation Credit Scheme (PIC scheme), and a close proximity to emerging markets such as India, China, Indonesia and Thailand.
Rikvin believes that the report is a testimony to Singapore’s success mantra in terms of business-friendly government policies, attractive personal tax and corporate tax rates, high quality workforce as well as excellent business infrastructure. Also, indicating towards Singapore’s stable financial outlook, rating agency Standard & Poor’s has recently reaffirmed the city-state’s triple A (AAA) long-term sovereign credit rating.
“This is very important in today’s world of weakening US economy and lingering Eurozone crisis. It will serve as a catalyst in attracting more investors to relocate to Singapore and help high-potential and innovative ideas come to fruition. While it’s heartening to see Singapore retain its position, there is a lesson to be learnt from Switzerland in terms of innovation and creativity, labor market efficiency and effective public institutions,” noted Mr. Satish Bakhda, Head of Operations at Rikvin.
“Singapore with its excellent recreational facilities, good schools and clean environment, is also the best place in Asia to live, work and play. Hence, as more and more firms embark on new expansion strategies, we anticipate continued inflow of high caliber foreign talent to via the Singapore employment pass to complement the local workforce in pushing Singapore to the forefront of globalization,” he concluded.