Over the past two decades, sustained government investment in R&D - lately with a 25 billion SGD investment in research, innovation, and enterprise under REI2025 and pro-business incentives have catapulted Singapore's economy into the third most competitive in the world, according to the IMD World Competitive Ranking 2022, and has cemented it as the best place to do business for the past 15 years, according to the Economist Intelligence Unit (EIU). According to the World Bank, it takes just 15 minutes to register a company online and only one and a half days to set up a business in Singapore - 17 times faster than the regional average resulting in a dynamic, fast-moving ecosystem of start-ups, often working in synergy with the many multinationals and leading Fortune 500 companies headquartered in the city.
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