Singapore is a sovereign island country in maritime Southeast Asia. A global city, it has a highly developed market economy, based historically on extended entrepôt trade and more recently as a financial hub as well. Its economy is known as the most freest, most innovative, most competitive, most dynamic and most business-friendly in the world by various multinational economists, think-tanks and organisations.[1] Furthermore, Singapore is also consistently ranked as one of the least corrupt countries in the world, and the most transparent in all of Asia on the Corruption Perceptions Index (CPI).[2]
Singapore is a wealthy country, and is one of the original Four Asian Tigers, having also surpassed its peers in terms of GDP per capita, being the second highest in the world. Between 1965 and 1995, growth rates averaged around 6 per cent per annum, transforming the living standards of the population within a single generation.[3] To start a business in Singapore, business owners have to register with the Accounting and Corporate Regulatory Authority (ACRA).[4] ACRA is the national regulator and company registrar of business entities, accountants and service providers in Singapore.