Great Reasons to Start your Business in Singapore
Once again, the World Bank has declared that Singapore is the best country in the world to start your business or to open up a new branch of your existing company. The World Bank cites ease of regulatory environment, top-notch infrastructure, a stable political environment, and a superb location at the hub of Southeast Asia, amongst other significant points.
- Singapore has a strong history of economic development which continues to this day. Forty years ago, Singapore was a mess. At the end of the 1950s it was very much a third-world country, with two-thirds of its population living in slums and squatter settlements. Water and insect-borne disease was rife, poverty was wide-spread, with a $320 GDP per capita, and the 13% unemployment rate caused regular civil unrest. In 1961, the Economic Development Board was set up to tackle these problems, and invested $100 million dollars into industrialization and creating new jobs. In 2016, the GDP per capita in Singapore is $55,000, making it the most vibrant economy in the world.
- Setting up business in Singapore is a very easy process and can be done in less than three days. Registering your business and tax registration can be done by filling out one online form, and getting all the construction permits necessary to start building takes less than a month. Property transfers can be done online. There is nowhere else in the world with such ease of start-up. Foreign persons bringing their business to Singapore will find an open immigration policy, and a smooth path to obtaining Permanent Resident status. Strong Intellectual Property laws and strict enforcement of copyright law bring safety to your ideas and works. For help in immigration to Singapore, use the aid provided at the One Visa Service.
- English is widely-spoken in Singapore. Although Malay is the official language, English is the language of instruction in schools and universities, and all this means that you don’t need to be bilingual to start a business in Singapore.
- Reasonable taxation is one of the main reasons that people move to Singapore. Personal taxes start from a base of $0 and are capped at 20%; corporate taxes start at 9% and are capped at 17%.
- Singapore’s strategic location at the heart of Southeast Asia is strategically sound. Obtaining international trading permits take less than a day, and are inexpensive. Singapore has the fourth busiest port in the world, with 130,000 ships coming through it annually, bringing in raw materials for industry, and shipping out the country’s vast supply of refined goods. Singapore’s airport, Changi, has been acclaimed as the best airport in the world for twenty years. Fifty-five million people come through Changi annually, and it has direct flights to all the major cities in Asia, including Tokyo, Shanghai, Mumbai, Jakarta, Kuala Lumpur, and Seoul. Obtaining international trading permits take less than a day, and are inexpensive.
- Singapore has a great educational system, and that translates to excellence when looking for employees. Primary education is compulsory, and the city-state boasts three excellent universities which attract intelligent students from all over Southeast Asia. You will find highly-trained staff graduating from Nanyang Technological University, which is ranked thirteenth in the world, and which focuses on engineering, IT, the sciences, and business. If you’re bringing your family along to Singapore, it’s great to know that your children will be receiving excellent education, and will have access to fine universities right at your doorstep.
- Singapore has a great health-care system. All medical personal are registered with appropriate bodies, and access to doctors is speedy, affordable, efficient, and, for those among us with less means, subsidised health-care is widely available. Pharmacies carry western medicines, and have an established record of high-quality drugs.
- Singapore’s infrastructure is excellent. Transportation, whether you are taking a taxi, a bus, or the mass rapid transport line, is swift, affordable, and clean. The city has excellent fresh water, clean energy with a focus on renewable sources, clean air, great urban planning, and low traffic congestion.
- Singapore is one of the safest cities in the world. Due to its strict enforcement on law and order, crime is extremely low, and anyone can walk around late at night without fear.
- There are so many other reasons to bring your business to Singapore. The city-state has a thriving multi-cultural population, and there are fascinating festivals and cultural opportunities for many different religious and ethnic groups. Singapore has a stable government, and is a peaceful place to live, without rioting and civil unrest. Terrorism is practically non-existent. There is a hard-working culture instilled in the residents of Singapore. There is an electronic litigation system that makes enforcing contracts a breeze.
Far from the swamplands and unrest of forty years ago, Singapore is a thoroughly modern city that values and promotes economic development, immigration, and education. You will find a place here for establishing your business, and you will find highly-trained workers here with a strong educational background. Singapore is the place for you, your family, and your business to thrive.
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