Singapore has time and again proved its iron in the list of the most eminent cities in the world. This diverse country-state has evidently shown its high performance in the economical statistics pan Asia and on the global level as well. So, if you think to start a business in Singapore, here are some things you need to know.
Many business debutants and young entrepreneurs from all across the globe are showing a keen interest in having a business association with Singapore.
According to the Economist Intelligence Unit, Singapore is ranked as the fourth most livable city in the world.
The income of the ex-pats and the people living in the city is more than that of professionals anywhere else in the world. The per capita income has surpassed the income of people in Canada. The fourth-largest trading center in the world is Singapore. They have structured magnificently the supportive and friendly services including international banking, insurance, treasury operations, wealth management, capital markets, and finances readily available.
The global businesses in Singapore relish the perquisites provided to them by Singapore Government. Various agreements and plans let them grow their businesses freely and with huge profits. Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements, Free Trade Agreements, Investment Guarantee Agreement, and many more are there to add to the list of its conducive approach. As per the reports of the World Bank in 2009, Singapore is the easiest place to start a business in. Singapore easily provides the best choice for business structure and jurisdiction.
Various factors help Singapore surpass many other powerful countries in attracting investors.
Some of these are:
Low Taxes
Singapore has very low tax rates, which boosts the spirit of a new business, unlike many other countries that have very harsh tax regimes, which makes unfavorable conditions for start-ups. Singapore was ranked 11th, as per Forbes in 2009 in the list of Tax Misery and Reforms. In 2010, Forbes again enlisted the countries who put less burden on the tax, named the best countries for business, and ranked Singapore at #4.
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Environment
As per the World Bank reports of 2010, Singapore is the best country to do business among the 183 counties. Singapore has the most helpful and friendly environment for work. Singapore is number one at providing ease to the businesses at the cross-border trade.
Global Competitiveness
As per the World Economic Forum (2012), Singapore’s economy was ranked as the second most competitive in the world. The key to their success lies in the efficiency of their government and lack of corruption in which they are the no.1. They have some of the best educational institutions in the world. It is ranked third for its infrastructure while second for its financial market sophistication.
Singapore is ranked 1st and 2nd, for the efficiency of its goods and labor markets and leads the world in terms of financial market development respectively. Singapore also supports businesses with its excellent infrastructure
As per the IMD, 2012-2013 World Competitiveness Yearbook Singapore is ranked #2.
Welcomes Trade
Singapore tops the list of WEF under the title “Global Enabling Trade Report 2012”. It has consistently shown its openness towards global trade and has always put efforts to integrate global value chains and companies with their intelligent investment decisions.
Overall, the young entrepreneurs looking for the excellent opportunity to start a business or even for those businesses that are looking for new ventures and more profit must take Singapore into consideration. Therefore, start working for the Singapore visa and work permit, and say get set go for your next race.
