Introduction
Singapore is the leading financial hub in Asia.
It has so many things to provide you with a better life and also a better business. Where the lifestyle is better, the business prospects are also better.
If you have the idea to do business in the global market, you may not be able to avoid Singapore. Especially when you are trying to reach the Asian market to grab a huge population and business opportunity, it’s significant that you may consider India or China.
But, to be in a prominent position in the market from the very first moment, you have a better option: Singapore. People here lead better lives with better prosperities.
If you ask why entrepreneurs consider Singapore for their business purpose, there is plenty to say. Well, it is probably the best place in the world for the next five years regarding the business environment.
According to the International Institute for Management Development (IMD), it is the third most competitive economy.
Apart from that, there are other prominent aspects to consider Singapore as your next business hub.
Superb Connectivity
The geographic advantage of Singapore is way better than any other business hub in Asia. The crossroads and the sea routes are quite amazing for the shipments. Even the southwest part of Asia is just a flight away from this place.
As a foreign investor, you need to be assured that you are doing business in a place with no transportation issues. Business needs smooth transportation; if you get that, it becomes easier to drag the business to the success path.
Besides that, Singapore is also known as the transportation hub of Asia. It is also the Best Seaport in Asia.
Availability Of Skilled Workforce
Another prominent reason to consider Singapore as your business destination is its workforce. Many types of people around the world are living in Singapore to lure their living.
This is not just about work, but they also want to lead a good life. So, skilled and multilingual people are living in this place.
This has various benefits for your business.
- You don’t need to take your employees from your country to Singapore (which could be more expensive).
- You are getting skilled people from the first day of business.
- You are saving training session expenses and also managing quick business operations.
These people are engaged in many work professions. For instance, forex position traders in Singapore are very popular. So, they are capable of better financing and understand better accountability of any business process.
Better Immigration Policies
One of the best parts about Singapore is that the government of this place is constantly trying to attract foreign investors; they know the importance of business, and thus they don’t want to offend any foreign investors.
Augmenting the local workforce is common in Singapore. So, their purpose is to attract foreign investors with highly skilled individual workforces.
Register business Singapore is not as difficult as you think. The liberal immigration policies of Singapore are quite efficient in managing the registration process with ease.
Highly-Developed Infrastructure
Highly developed infrastructure is a plus point for any foreign entrepreneurs. The entrepreneurs get overwhelmed with the pattern and stability of Singapore. A proper political environment with better public service is desired by all.
This is where you will need to check through the environmental aspects of the business. High quality of life is better for any business because, in that area, people will pay more to get anything they want.
Proper transportation with better infrastructure is now the prime focus of investors.
Tax System
The income tax rate for individuals living in Singapore ranges between 0% to 22%. This natural flow of taxation helps any business, and it appeals to investors.
Currently, Singapore does not consider any inheritance tax, capital gains tax, or estate duties. This is a good opportunity for the investors to ensure that they will be in a prominent position to avoid some unnecessary taxes.
Businesses in Singapore, however, are required to pay a 17% flat corporate income tax. Apart from that, you will get some tax incentives from the Singapore government depending on your business purpose.
Great Quality Of Life
A good quality of life that the people of Singapore are pulling up the business aspects in that place. Where the education system is good, and people are getting highly paid jobs, entrepreneurs get easily attracted to such places.
Singapore is no exception. It will be one of the best strokes of the entrepreneurs for at least five years from now.