For serious decision-makers, expanding to a new territory has first to pass a rigid checklist. The target location must match, if not surpass, its home location’s business climate, regulatory systems, market potential, and economic strength. Additionally, it should be a place where getting in is easy, and running a business is convenient.
Singapore offers all these to potential investors. It provides superb infrastructure, excellent human capital, connectivity, and a sustainable ecosystem to support businesses. Above all, the ease of doing business in Singapore is renowned all over the world. This is the result of the collective effort of all the stakeholders to make Singapore a center for businesses to grow.
This article outlines what makes doing business in Singapore favorable. Here we provide the key factors that make Singapore successful in attracting business.
State Policies that Fosters Investment
Singapore has grown to be a lead country for fostering many industries and businesses. The government plays a big role in this milestone for supporting the state’s progress to becoming a hub for businesses. Some of these roles include investing in infrastructures, education, and building connections with other foreign countries.
Moreover, it has managed to remove the bureaucracy in dealings with government agencies. As a result, activities like business registration and incorporation are now faster and more convenient. Additionally, it’s continuing funding to support startups and enterprises encourage more individuals to take the entrepreneurial road.
Singapore records around 2% growth in its economy each year. This may seem small, but achieving this constant growth is a feat not many economies can do. Like any other country, Singapore is vulnerable to economic crises, but the government’s policies and programs ease the impact of such crises on the country’s economy.
In consequence, consumer spending remains strong in Singapore, and in turn, businesses continue to do well. Additionally, with the government’s urging, the hiring activity of employers continues to increase, which lessens the unemployment rate of the country.
In 2014, Singapore secured the highest ranking for the labor force in terms of productivity and overall general attitude. Further, Singapore record says that 47% of Singapore’s workforce has tertiary education and that 72% are literate in at least two languages. These data provide us with the idea of the soundness of Singapore’s talents and workforce.
Efficient tax Systems
Singapore is one of the countries with the lowest corporate tax rates. The income tax rate of corporations in Singapore is levied at 17%. Additionally, these Singapore companies can avail of incentives and deductions that can further lower their tax dues. For example, new start-up companies can enjoy full tax exemption on the first $100,000 of their taxable income for their first three consecutive years of initial operation.
Easy Incorporation Process
Singapore has ensured that it is one of the easiest countries to start a business in. World BankGroups’ Doing Business Report in 2016, where Singapore topped, revealed that it only takes an average of 3 steps and 2.5 days to start a business in Singapore.
Further, Singapore also ranked first in its ability to protect the minority investors in the companies of its country. These, among other reasons, make Singapore a favorable place to launch and expand a business.
Expand Your Business in Singapore
Were you looking for reasons to expand your business in Singapore? You’ve got your reasons now! Doing business in Singapore is much easier with wide opportunities for growth and development.
You can easily make your Singapore PR application to run your business yourself. We in 3E Accounting Singapore can make that happen with our knowledge of how the process works. We can assist your company register Singapore. Contact us today to know how our expert teams can help you.