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Doing Business - Singapore vs Canada
In this article, we discuss the differences in key factors of doing business in Singapore and Canada.
Business Environment
Singapore is ranked 2nd easiest place to do business place by the World Bank and Canada is ranked 23rd.
Here are some of the key factors in which each country was ranked:
| Economy | globalRank | Starting a business | Protecting minority investors | Paying taxes | Trading across borders |
| Singapore | 2 | 4 | 3 | 7 | 47 |
| Canada | 23 | 3 | 7 | 19 | 51 |
Taxes
Individuals resident in Singapore are taxed on a progressive resident tax rate as listed below. Filing of personal tax return for tax resident is mandatory if your annual income is S$20,000 or more.
For more information on Singapore taxes, refer here.
Individuals resident in Canada are taxed on a progressive resident tax rate as listed below. Filing of personal tax return for tax resident is mandatory for the first $49,020 and above.
IP Protection
Singapore is ranked 1st on the International Property Rights Index 2020, which measures the strength of a country's property rights regime, including both intellectual and physical property rights while Canada is ranked 2nd.
Openness to Trade
- Based on The World Bank 2019 data, Singapore's openness to trade which is calculated via Trade openness: exports plus imports as percent of GDP, Singapore is ranked 3rd in the world while Canada is ranked 99.
Bureaucracy
- Both Singapore and Canada are viewed as clean countries with a low degree of corruption by the Transparency International in its Corruptions Perceptions Index 2018 report. Singapore places at 3rd position and Canada places at 9th.
Labor force
- The labour market in Singapore and Canada are equally competitive and here are some of the key indices being measured in The Global Competitiveness Report 2018.
| (Ranking based out of 140 countries) | Singapore | Canada |
| Digital skills among population | 6 | 18 |
| Cooperation in labour-employer relations | 2 | 17 |
| Ease of hiring foreign labour | 97 | 81 |
| Pay and productivity | 3 | 8 |
| Labour tax rate | 75 | 50 |
At-a-glance Country Rankings: Singapore and Canada
| Year | Category | Singapore's rank | Canada's rank | Source |
| 2018 | Ease of doing business | 2 | 22 | World Bank, Ease of Doing Business Report |
| 2018 | World's most competitive economy | 2 | 12 | World Economic Forum, Global Competitiveness Report |
| 2016 | Country most open to trade | 1 | 24 | World Economic Forum, Global Enabling Trade Report |
| 2018 | Country with least corruption perception | 3 | 9 | Transparency International's Corruption Perceptions Index |
| 2019 | Cities with the best quality of living | 25 | 3 (Vancouver) |
Mercer's Quality of Living Report |
Company Registration
Hawksford is a leading provider of company formation and administration services for companies of all sizes in Singapore. To support businesses in Singapore, we offer customized company formation solutions designed exclusively to meet the needs of Foreign Entrepreneurs, Foreign Companies and Singapore Residents.
What makes Hawksford a trusted provider?
- 10+ Years experience in Singapore
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- 1000+ businesses successfully incorporated in Singapore
- 100% Singapore based specialists