Searching for a great destination to establish your new startup? How about Singapore? During the last 2 decades, this Asian country has become an attractive business hub. Entrepreneurs from all over the world are opting for business incorporation Singapore.
Singapore is also the place where existing businesses like MNCs and SMEs are looking to expand their business activities. If you want to read more on the true potential of this market place, you are on the right page.
Singapore is one of the countries that belong to the ASEAN group. This group has approximately $2.4 trillion of business with America. Singapore is on the sea-links between Eastern and Western hemispheres. It is an entrepot that facilitates the movement of goods between these locations.
Singapore, in particular, has come up as an attractive business hotpot. It is renowned for its friendly attitude towards international businesses.
- World Bank Report 2020 ranks Singapore in the 2nd place for Ease of Doing Business.
- In 2019, the Economist Intelligence Unit (EIU) analyzed 60 countries over Digital Security, Health Security, Infrastructure and Personal security and had ranked Singapore in the 2nd place.
- As per the International Monetary Fund (2020) estimates, Singapore ranks as the 5th wealthiest country based on per capita nominal GDP.
- It is one of the least bureaucratic and red-tape free countries
- Singapore is politically stable
Singapore authorities have successfully cut down red-tape to a great extent. It is evident in the process of business incorporation in Singapore. It is also one of the jurisdictions that have lower tax rates in the world.
Singaporean personal income tax ranges in 0%-20% and corporate tax rates are in the range of 0%-17%: the country levies no capital tax gain or inheritance tax as suggested by https://taxfyle.com/blog/inheritance-tax-explained .
What attracts startup business owners?
The polices adopted by the Singapore government have successfully created a stable political climate, dynamic marketplace, business-friendly atmosphere, and sturdy economy.
Singapore has proactively invested in the telecommunication infrastructure to accommodate the increased demand for connectivity. They have internet service throughout Singapore. Its more than 5 million internet and 9 million mobile subscribers are served by 217 internet service providers.
It has over 43,000 public WIFI access points that offer users an opportunity to connect with the outside world. These reliable networks play an important role in seamless international transactions.
Startups, MNCs and SMEs all need consumer base, skilled labour force, and the ability to export. Singapore’s population is close to 6 million. Though it is not a large consumer base for MNCs, it serves as a test-bed for new technologies. Singapore offers them qualified and English-speaking workforce.
And it has dependable sea and air connectivity with the rest of the world. Singaporean ports trade with more than 700 harbours spread all over the world. It has reliable air-links with more than 80 countries. Most importantly, its geographical location places it within 6-8 hours of air travel to emerging markets in Asia. MNCs consider Singapore as the staging post to Asian markets.
Singapore government, especially, the Ministry of Manpower are committed to raising the quality of the workforce. They offer a variety of skill development grants to improve Singapore’s workforce. They have world-class educational institutes that supply the industry with highly talented and productive professionals.
Singapore is also an attractive job market for professionals from all over the world. It attracts talented managers, CEOs, accounting, and financial wizards. These professionals help Singapore companies in maintaining their competitive edge. The government has strict laws to protect intellectual property.
Singapore put great belief in their SMEs sector. It helps them to create job opportunities and keeps the unemployment rates down. In return, the government takes care of SMEs by providing them tax exemptions, rebates, incentives, and benefits which help them in reducing their operational costs.
Singapore is a secure and multi-cultural society. It has low employment rates and has low crime rates. The country is very harsh against corruption and crimes. It is a well-governed and attractive place to relocate your family. It offers world-class facilities for dining, entertainment, and healthcare. And finally, it is an English speaking place that makes it easy for foreigners to merge in.
SBS Consulting Pte Ltd is a registered filing agent in Singapore. If you have any queries regarding company registration in Singapore, do email us at email@example.com or contact us on +65-6536 0036 for the answers.