Should I Consider Doing Business In Singapore?
Ever since Singapore has gained its independence in 1965, it has rapidly become popular for being one of the cleanest, safest, and most orderly countries in the whole world. With an excellent educational system, lots of world-class infrastructure, an enviable public transportation system, and prudent economic management, it is no doubt an attractive foreign country from an investment standpoint.
Now under the big umbrella of investing in a foreign economy, there’s starting up and doing business. As compared to just buying corporate bonds or investing in bonds, this is a more difficult financial decision and a more intricate business move. You would also have to consider the population demographics, the different market needs, cultural traditions, and a lot more. And so you may ask, if Singapore is a country attractive for investment, does that automatically mean opening a business there is also a great financial decision? Should I really consider doing business in Singapore?
If you are really decided in doing business internationally, it is always best to check the global rankings of the country you’re considering. To give you an overview, here’s how Singapore is currently ranked among various indices:
- TOP 3 in the World and Best in Asia: World Economic Forum’s Global Competitiveness Report for 2017 – 2018
- #2 Best Country to Invest In and #6 Best Country to Start a Business: US News Best Countries
- TOP 2 in World Bank’s Doing Business Report for 2017
With all the impressive data and rankings done by different experts around the world, don’t you think that Singapore is really a good place to put your money, time, and effort in? Among the plethora of all the reasons available, we have single-handedly picked out the Top 5 reasons that could really make you think it’s a good idea to start up and do business in Singapore:
- LOW TAXES – The Singaporean government provides HUGE tax benefits, especially for small and medium enterprises. They have no dividends and capital gains tax. They have very low corporate and personal tax rates that even newly set up companies can enjoy full tax exemption on the first SG $100K in their first three consecutive years of operation. Entrepreneurs from all over the world will enjoy great tax benefits because they have double taxation agreements with more than 60 countries worldwide.
- EASY COMPANY INCORPORATION PROCESS – Singapore is simply the easiest place to set up a new business in for it requires minimal effort. It can take you only 1 to 2 days to register and incorporate a business, with or without your physical presence.
- LUCRATIVE PLACE FOR FOREIGN INVESTORS – Lots of business entrepreneurs can freely enter the country to do operations. They have pro-business programs or policies like The Global Investor Program, EntrePass, and Employment Pass, simply to attract more investors. They have no restrictions on foreign business ownership. As a matter of fact, even your investors who receive company profits and dividends (wherever they may be) are also exempted from Singapore tax.
- GOVERNMENT GRANTS – It is a known fact that their strong legal framework and strict laws benefit many entrepreneurs, investors, and corporations. But in addition, Singaporean and foreign companies enjoy other perks such as grants and financial aid. They provide assistance like training subsidies, technology upgrades, cross-cultural training programs, funds to improve employees’ work-life balance, and more.
- MARKET FLEXIBILITY – Singapore’s port is now known as the busiest port in the world. With that, there is simply plenty of room for import and export. It’s as if the sky’s the limit when you’re thinking of business ideas and deciding what industry you’ll enter. Currently, the country is leading in industries like oil refining and mineral fuels, goods manufacturing, consumer electronics, IT products, pharmaceuticals, chemical products, transport equipment, and shipping.
Singapore indeed has a pro-business environment. Even the attitude and mindset of their workforce is simply commendable; just like how you can’t make traffic an excuse for being late at work. These small things matter in making any kind of business successful. All you need to do is learn and get used to the cultural protocols and traditions, and you’ll be on your way to fulfilling your investment and business plans.
Thus, in Singapore, you can easily make concrete business moves and solid investment decisions to finally turn your dreams, ideas, and visions into reality.
If all these pointers got you excited and pumped up to set up your business in The Lion City, let Enterprise Assurance PAC help you out. Our team of financial, accounting, and management experts is more than willing to make everything easy for you. Starting up and doing business in Singapore is easy, and we are here to make it absolutely convenient and worry-free for you.