Singapore (PRWEB) January 29, 2013
Singapore has climbed back to the top two positions in the recently released Ernst & Young's (E&Y) Globalisation Index 2012. The Index, which aims to measure the degree of a country’s globalisation relative to its GDP, has deposed Ireland to the third place. Singapore’s regional rival, Hong Kong, came first place.
The results are based on two sources. The first, the E&Y Globalisation Index, ranks the world’s top 60 economies along 20 parameters. These indicators are categorised into five main pillars namely openness to trade, capital movements, exchange of technology and ideas, labour movements and cultural integration. The other source is an Economist Intelligence Unit (EIU) study based on the responses of 750 top executives from all over the world. The survey was conducted in November 2012.
While regional rival Hong Kong earned the highest score, 7.81, Singapore bounced back with a 6.31 score, in part due to its strong performance in the “openness to trade” category. With an 8.57 score, this was the only category where Singapore surpassed Hong Kong. The city-state also registered a 5.56 score in the “exchange of technology and ideas” category, representing an improvement vis-à-vis its 2011 score.
Analysis by Asiabiz Services, a Singapore company formation consultancy, shows that this Index builds on Singapore’s numerous accolades including its top ranking within Asia in INSEAD’s fifth Global Innovation Index.
Furthermore, Singapore’s overall score could be improved in the future with more capital movements, exchange of technology and ideas, labour movements and cultural integration. Commenting further, Mr. James Nuben, Head of Taxation at Asiabiz Services, said, “2012 was a challenging year for Singapore as it announced a series of measures to restructure the economy amid slower growth domestically as well as in the West and Japan. These measures included stricter policies on basic-skilled foreign labour and foreign workers as well as further differentiating privileges between citizens and permanent residents. These policies have affected our performance in the areas of labour movements and cultural integration.”
“Nevertheless, the Singapore brand is associated with trust, efficiency, confidence, transparent business regulations and strong intellectual property protection, among others. Singapore tax rates are also attractive to investors who recognise the city-state as a vital regional hub or mid-shore jurisdiction. In spite of the challenges ahead, we anticipate that the latest E&Y ranking will continue to motivate discerning entrepreneurs to opt for Singapore company registration,” he concluded.
ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company setup, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
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Phone: +65 6303 4614