Foreign investors are always seeking opportunities to start a business in Singapore. This is currently one of the most attractive business hubs in Asia as well as the entire world. The government and private institutions endeavor to help business starters with funds and strategies on how to succeed in business. According to government officials, welcoming foreign investors helps the Lion City grow economically. Most importantly, Singapore citizens get enough jobs to promote their livelihood.
If you are wondering what more could be luring foreign investors into this country, this article is for you. Read it and take notes.
Singapore has a very strategic location as compared to other Asian countries. Apart from being accessible by Asian and European countries, the island has a big and functional harbor for ease of movement of goods. Many businesses can import raw materials and export their products to different parts of the world without a problem.
Stable Economic and Political Environment
These external forces have a big impact on the business environment. When Singapore is scooping up awards for the best business environment, these two are crucial considerations by experts. The state’s economy has been growing steadily at an average of 2.5%, giving benefits to both foreign investors and the state. Well, you can read more at Pilotoasia.com about the GIP scheme for investors. Political stability makes it possible to create and legislate policies that favor business. Collectively, such an environment lures foreign investors.
Skilled Local and Foreign Labor
The state appreciates a blend of local and foreign skills. According to this official website, getting a work permit to come and work in Singapore is straightforward when you have met the qualifications. The government gives guidelines on the ratio of local to foreign workers in business and this has been fair to all foreign companies coming to the Island. There are also clear guidelines on the type of work permit or pass you will get depending on your qualifications.
Technology and Innovation
Talk about biotech innovation, agricultural science, or overall technology, and Singapore will appear on the list. The Lion City has embraced innovation that makes manufacturing, movement of goods, marketing businesses, and investing in business a lot easier. Most foreign companies relocate to Singapore to enjoy another level of tech and innovation in all areas.
One of the biggest reasons why some countries do not attract foreign entrepreneurs is because of unfavorable taxations. Singapore, on the other hand, has made it affordable, easy, and favorable for both local and foreign investors. Some EU countries have signed an MoU with the state to avoid double taxation while others have agreed on tax reduction for investors coming to Singapore from these countries.
Robust Intellectual Property Protection
You do not have to worry that someone else will steal your business idea while in Singapore and make a killing off of it. The government has policies that take care of patents and copyright issues. Young innovators and businesses that are unique should not shy away from coming to Singapore since their IP rights will be protected.
These are the main reasons why Singapore attracts foreign investors. However, the list is longer than this. You can research more if you are interested in starting a venture here.