The financial sector of Singapore is highly competitive. Banking is dominated by three groups, the largest being the government owned Development Bank of Singapore. Additionally, 113 foreign banks operate more or less freely.
To start, run, and close a business is easy under Singapore's regulations. Starting a business takes a mere three days, and a business license can be obtained in 11 procedures and 25 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.