Over the decades, Singapore has turned out to be one of the top-notch business economies in the world. It has consistently ranked in the top ten business categories, if not the first. Let’s have a look at the reasons as to what makes Singapore the most viable destination in the world to do business.
There are a number of reasons as to why investors and businessmen look forward to company incorporation in Singapore. Significant factors like short time period and low cost to set up, licensing, tax regime, legal rights, good corporate practices and IP rights are among the top factors that contribute to Singapore’s ideal operating conditions. Let’s have a look at some of the constituent’s in detail.
This city-state offers a hassle free business experience when it comes to international affairs. It provides a simplified method which makes it easy for company incorporations, tax registrations, gaining construction permits, etc. through an online method.
Its strategic location makes it one of the best places to carry out business activities. Located in the hub of Southeast Asia, Singapore offers an access to a huge market of approximately 2 billion people. Additionally, it is extremely well-connected by flights which make it easier to reach other destination within no time.
An up-to-date infrastructure is essential to survive in today’s competitive economy. Singapore boasts of a pre-eminent infrastructure and an outstanding transport system. It is best known for its air-transport and port infrastructure.
Intellectual Property Protection
It possesses the finest IP regimes in the world. Its vigorous copyright and indisputable laws related to IP rights makes investors flock to this state for research and development and business.
Business Friendly Governance
The government is pro-business and involves the least possible red-tape to start a business. Additionally, Singapore boasts of powerful diplomatic ties and political stolidly.
Resolving a Business Dispute
Companies in Singapore do not have to wait for years to resolve a particular issue in court. Listed below are some of the features that come into play in case of a business conflict:
- Shortest time to resolve: approx. 150 days
- Costs 20 % of the claim value which is cheaper compared to the rest of places
- Specialized courts that instantly cater to such issues
- Efficient management of cases
- Provisions for submitting claims, paying fees and adhering to initial sermons online
It offers businessmen one of the best tax regimes, both for foreigners and locals. Listed below are some of the tax benefits for opening a business in Singapore.
- No stipulation on the repatriation of profits
- Dividend distribution tax is nil
- Personal tax rate begins from 0%
- Corporate taxes are pegged at 17%
Highly Skilful Employees
The first-rate education system in Singapore has produced top notch professionals and a highly productive work force. Additionally, the thoroughly specialized and business acumen labour force is an added bonus. They are well-equipped to meet the challenges of an advanced global market place.
Worldwide Singapore rankings based on recent findings by international surveys
Best Investment Potential – BERI Report 2015 I
Easiest Place to Do Business – Doing Business Report, Word Bank
Best Business Environment – Business Environment Rankings (BER), the Economist Intelligence Unit
Best Global Innovation – Global Innovation Index 2015, Innovation Input Sub-Index
Most Transparent Country – GCR 2015-2016, WEF
Best Labour/Employer Relations in Asia – GCR 2015-2016, WEF
Most Competitive Country In The World – GCR 2015 – 2016, WEF
Best Intellectual Property Protection – GCR 2015 – 2016, WEF
Best Logistics Supply Chain Performance – Logistics Performance Index (LPI), World Bank
Least Corrupt Economy: Corruption Perceptions Index 2015, Transparency International