A high ranking on the ease of doing business index means that the regulatory environment is conducive to the operation of a business. Also, the Singapore economy is based on free enterprise, with no restrictions on foreign ownership of business. Employing workers measures the flexibility of labour laws among various countries over the world. It examines the difficulty of hiring a new worker, rigidity in terms of working hours and problems faced while dismissing a worker. Trading across borders criteria includes documentation, time and cost to export and import. Singapore is also ranked first for having the most open economy for international trade and investment by the World Economic Forum.

Singapore is business friendly and an ideal country for company formation because of the ease with which taxes can be filed and paid, and also its low corporate tax rates relative to many developed economies in the world. From Year of Assessment 2010 onwards, the corporate tax rate of Singapore is to be 17%, just 0.5% higher than that of Hong Kong – Singapore’s closest competitor in the Asia region. However, the effective tax rate is significantly lower than most of the countries, if not all the countries, in the region. With a further reduction in the 1% from 18% to 17% in corporate tax rate, it will enhance Singapore’s appeal to attract investment dollars.

Singapore’s history is one of riches and romance spice trading and piracy, colonialism and growth. In the 7th century, she was the Temasek, the trading center of Sumatra’s ancient Srivijaya empire. In 1963, Singapore was part of a political and economic alliance formed between the Federation of Malaya, Sarawak and North Borneo which is now Sabah under the nation of Malaysia. This alliance, proposed by the Malayan Prime Minister Tunku Abdul Rahman, was called Malaysia, and proved to be short-lived.

In 1965, Singapore separated from the Malaysian Federation to become an independent republic. Over 45 years, Singapore has relentlessly pursued the goal of becoming Asia’s Pre-eminent center for tourism, trade and finance, by developing education and technical training programs, investment strategies, aviation and environmental policies. Now the small island republic of only 633 square kilometers, boasts the world’s busiest port and an airport served by over 70 of the world’s major airlines, serving more than 21 million airline passengers year. This diamond-shaped island is only 224 square miles with the population of 6 million.

Singapore has a highly developed market-based economy that depends heavily on exports and refining imported goods, especially in manufacturing, electronics, petroleum refining, mechanical engineering and biomedical science sectors which could in the website in Wikipedia. This nation is a good example of model urban planning and a former colony of Great Britain, it is a tiny city state. It is a member of Association of Southeast Asian Nation or known as ASEAN. Singapore is a major international hub in whole Asia, it is positioned on many sea and air trade routes. Slum areas were eliminated and the urban planners have been knowledgeable about the planning experiences in other parts of the world especially in Western Cities.