"Singapore continues to be the economy with the most business-friendly regulation," the report said. Resolving a commercial dispute in Singapore's courts generally takes just 150 days, the shortest time in the world, and costs around 26 percent of the claim's value. In Myanmar (No. 167 on the list), it would take more than three years and fees would run more than half the disputed value, the report said.
In the U.S., which remained stuck in seventh place ranking this year, enforcing a contract typically took around 420 days and cost nearly 31 percent of the claim, the report noted.
In Singapore, "efficient dispute resolution is paired with good institutions (such as specialized courts), effective case management and sophisticated court automation tools. And litigants can submit their claim online, pay court fees online and serve the initial summons electronically," the report said.