The financial sector of Singapore is highly competitive. Banking is dominated by three groups, the biggest is the Development Bank of Singapore which is owned by the government. Additionally, 110 foreign banks operate more or less freely in the country. To start, run, and close a business is easy under Singaporeâ€˜s regulations. Starting a business takes a mere three days (the world average is 35 days), a business license is obtainable in less than the world average of 18 procedures and 218 days. Closing a business is uncomplicated. Singaporean labour regulations are flexible. The non-salary cost of an employee is low, dismissing him is easy. Work hour regulations are flexible.