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Singapore Retains Its Second Position in the 2013 Index of Economic Freedom of the Heritage Foundation

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The index of economic freedom which is published on an annual basis by heritage foundation has ranked Singapore as the second freest economy in the world in the 2013 index. Singapore has maintained this position for 19 consecutive years in a row, first being Hong Kong. The economic freedom score of the country is 88, which is 0.5 higher than last year. The gap between the score of Hong Kong and Singapore is very close i.e. only 1.9.

Australia is in third position with score rate of 82.6 followed by New Zealand, Switzerland, Canada, Chile, Mauritius, Denmark and United States. The Heritage Foundation has been conducting the Index of Economic Freedom survey of 185 countries around the world based on the 10 benchmarks including rule of law, limited government, regulatory efficiency and open markets since 1995.

Prudent economic policies within a stable political system have been the key to Singapore’s continuing success in retaining the second position in the index of economic freedom for more than a decade. Moreover, protective property rights and corruption free environment of Singapore have contributed to the ranking of rule of law.

Similarly, the country’s openness to foreign trade and investment has lead to the emergence of a more competitive financial sector and continues to attract foreign investments and talent and ensure economic dynamism. Singapore company registration is a simple and easy procedure that can be done within 24 hours. 100% foreign ownership is allowed for foreigner, which encourage the foreign entrepreneurs and investors to establish their business set up in Singapore.

Competitive Singapore tax rates, extensive free trade agreements with major trading partners and open regulatory system of the nation encourage robust commercial activity. Singapore company incorporation for subsidiary company is highly popular among the foreign entrepreneurs, businesses and investors as it enables them to enjoy a progressive regime of Singapore taxation. Smart immigration law, open policies, state of the art infrastructure, high quality living standard, excellent workforce and a strong economic condition are added advantage of starting company in Singapore.

This year, Singapore has achieved the prestigious ranking of world’s best place for doing business according to the Doing Business Report of 2013 by World Bank for eight consecutive years. World’s 2nd ranking in the 2013 index of economic freedom of the Heritage Foundation is another feature in its cap.

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