SINGAPORE IS MOST SOUGHT-AFTER BUSINESS HUB IN 2023 WORLD CITIZENSHIP REPORT - CS GLOBAL PARTNERS

KUALA LUMPUR, June 21 (Bernama) -- Singapore was crowned the best place to do business this year in  the 2023 World Citizenship Report, published by CS Global Partners, a government advisory and marketing firm.

With a score of 84.8, Singapore has a conducive environment for business given its regulatory environment, stable and efficient infrastructure to support starting a business, access to financial intermediation and services, and enforcement of contracts, making it easy for domestic and international businesses to make their mark in the global arena.

In second place is the United States. Scored 83.7 and as one of the most recognised economies in the world, the US offers a lucrative open market that is a powerful growth engine for companies of all sizes, according to a statement.

In third place with a score of 83.1 is Hong Kong. The country has a free-enterprise, free-trade economy and the government has traditionally adopted a policy of non-intervention in the private sector, while at the same time providing the territory with a modern and sophisticated commercial infrastructure and a sound legal and administrative framework.

Taking fourth place, the Netherlands scored 82.4 and the country continues to be a good place to start a business. Considered as the gateway to Europe, the Netherlands has a stable business climate where ambitious companies can tap into innovation ecosystems to accelerate their businesses.

Switzerland and Japan both tied at fifth place, ranking at 82.3 in the Economic Opportunity pillar. Switzerland, the 20th biggest economy in the world, is a well-known financial hub and a great place to invest thanks to its stable economy and strong business culture.

Meanwhile, in addition to its positive economic outlook, Japan is noted for its internal stability. The nation is considered one of the most politically stable countries in the world, as well as one of the safest to travel in for work or business.

The 2023 World Citizenship Report measured 188 countries in the world, looking at what these nations have to offer High Net-Worth Individuals (HNWIs) and the mass affluent who are continually looking past their home borders for better opportunities.

One key motivator that was measured in the report was Economic Opportunity, which measures the overall ability of a nation to extend wealth, material comfort, and other key benefits of a strong economy to all of its citizens.

A shift in economic growth from the West to emerging markets over the past few decades has led to new business hubs worldwide. Regions such as Asia, the Middle East and South America have seen rapid economic growth, coupled with improved infrastructure and, in some cases, lighter regulation.

-- BERNAMA