Singapore may be a relatively small island nation but when it comes to entrepreneurship, the opportunities are endless. Singapore is Asia’s financial hub and has long since overtaken Silicon Valley as the place for Start-ups to be. This country is known to have the most open, the most innovative, the most dynamic and business friendly economy in the world. If you’re thinking of moving here, here are a few ways your company could benefit.
Excellent Connectivity
Singapore is very well connected to the rest of the world. Over 80 international airlines connect the Changi International Airport with 330 cities across the world. Apart from this, there are 7 other airports in Singapore. Being an island, good sea connectivity is as important as air connectivity. The Singapore Seaport boasts of being the best in Asia for over two decades. The container port is also known as being the busiest port in the world. Ships from this port travel to over 600 ports in 123 other countries. Within the island, public transport runs seamlessly.
Business Friendly Ecosystem
When it comes to Ease of Doing Business, Singapore has consistently ranked in the top 2 spots. Starting a company, getting the required permits, registering it, etc is easy in Singapore. To find out more about registering a company, visit singapore-company-registration.net. Singapore also offers the best infrastructure for Start-Ups, unbeatable IP protection and a lot of aid from the government for new businesses. Singapore is also considered a triple A rated economy which makes it ideal for investing in new businesses as well as expanding businesses. It is the only country in Asia to have achieved this.
Attractive Tax Benefits
At 17%, the corporate tax rate in Singapore is 5.9% less than the global average. For business owners, it is also interesting to note that the personal income tax rate begins at 0% and at its highest stands at 22%. You will also have to pay no capital gains taxes. Singapore follows as single tier taxation policy and income that has been taxed as a corporate level can be shared amongst shareholders as tax free dividends. Some types of foreign income are also exempt from taxes. The country also boasts of the lowest GST rates in the world.
Stable Political Environment
When compared to other countries in South-East Asia, Singapore is said to have the most stable political environment. This is because of the government places a lot of emphasis on good governance and meritocracy. This unique combination is known as the ‘Singapore Model’. For entrepreneurs, this translates to a sense of comfort and security. Singapore is also recognized as the country with sound policy making procedures. Corruption is negligible in Singapore and transparency is highly valued.
Excellent Telecommunication Infrastructure
For any company to profit, having good communication infrastructure is essential. In the 1990s, Singapore was known as the ‘Intelligent Island’ with reference to its relationship with the internet. Singapore offers reliable telecom and internet infrastructure that can keep your company connected to people all over the world. Currently, Singapore has over 200 internet service providers and over 40,000 public Wi-Fi access points. Thus, no matter where you are, you can stay connected always and get your work done fast and securely.
Skilled Labor
Singapore offers sound education policies and a number of training programs for its citizens. It also has very attractive immigration policies. Hence, it is not surprising to note that the country has a large pool of educated and skilled labor. Its workforce has also been continually ranked amongst the top ten worldwide. To add to this, open communication between employers and employees has also resulted in Singapore having ranked highly in terms of productivity and working conditions.
Flexible Immigration
Singapore has an open immigration policy that makes it easy for people to relocate themselves here. The country offers a number of work permit schemes for entrepreneurs and professionals. Thus, if you would like to invite experts from other countries to work with you, Singapore makes it easy for them to relocate. Compared to other countries, it is also relatively easier for professionals to get Permanent resident status in Singapore.
Never Ending Opportunities
In Singapore, there’s no end to the opportunities for entrepreneurs. From education to healthcare to transport, there’s plenty you can do here. If your business has a social aspect to it, the government will give you plenty of aid and support. Many people also consider Singapore to be the gateway to South East Asia when it comes to businesses.
Image credits: By Zairon – Own work, CC BY-SA 4.0, Link
