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Why Entrepreneurs Are Choosing to Do Business in Singapore

We once lived in a world where few countries enjoyed economic prosperity while the majority of countries watched with envy, wishing to have the same opportunities. Today, we live in a global economy, where all countries can participate and benefit from the trading of goods and services that occurs on a global scale.
As the global economy has opened up the trading borders of nations, some countries have prospered tremendously, while countries that are considered superpowers have seen their economic power decline. This argument can be made with regards to China’s growing economic power, compared to the United State’s stagnant economic growth. But beyond China, there is another Asian country that is reaping the benefits of being a major player in the global economy – Singapore.
What is so significant about this?
Open borders for business means that enterprising individuals, also known as entrepreneurs, have the opportunity to expand their businesses beyond their local community. You don’t have to suffer in your country if you are frustrated with the lack of economic opportunities. Countries are welcoming entrepreneurs with open arms because entrepreneurship promotes innovation and economic development.Many entrepreneurs are moving their businesses beyond their national borders, as doing business on an international level is looking more and more attractive.Singapore is a hot spot for this global economic activity. The great business environment and economic opportunities that exist in Singapore are attracting entrepreneurs, corporations and investors.

Why are entrepreneurs choosing to locate their businesses in Singapore?
Here are a list of reasons:Singapore is rated as #1 most competitive economy on the worldIt is also #1 in Asia for intellectual property protection

Singapore is #1 in Asia for sustainability

Singapore is rated #2 in the world by World Bank for ease of doing business

Singapore is ranked the #2 wealthiest nation in the world by Forbes magazine

Singapore is rated #1 as the most politically stable country in Asia

Singapore is rated #1 in Asia for quality of life

Corporate tax rates flat 17%

There are no dividend or capital gains taxes in Singapore

There is no estate/death/inheritance tax in Singapore

Personal tax rates start at 0% and max out at 22%

Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements

Singapore’s many free trade agreements and the Investment Guarantee Agreements

Protection of your ideas and innovations thanks to Singapore’s strict enforcement of its strong intellectual property laws

The facts listed above illustrate why Singapore is a favorite destination for entrepreneurs wanting to relocate themselves and their business entirely or simply expand their operations globally.

Take for instance the ease of doing business in Singapore. The country has a score of 87.34, compared to 82.15 for the United States.

What are some of the words used to describe Singapore?
Comfortably diverseI love taxes here

Safe living environment

Cutting-edge business community

Relaxed, stable lifestyle

Singapore provides many advantages for an entrepreneur who wants his business to grow in its prosperous environment.

For instance, Singapore provides a great strategic location in Southeast Asia. Its location gives your business access to a market of 2.8 billion people. Its pro-business environment attracts foreign investors seeking to invest in great business ideas. Singapore has an open immigration policy, which makes it simple for entrepreneurs to get work visas and to gain permanent residency status.

How to form a company in Singapore?
The best approach for a foreign entrepreneur who wants to set up and operate a business in Singapore is through the Global Investor Programme.Entrepass facilitates the entry and stay of entrepreneurs who plan to be active in the starting up and operation of a business in Singapore. The pass lasts for up to two years and can be reissued with the submission of a well-designed business proposal. Entrepass allows an entrepreneur to leave and re-enter Singapore frequently with no hassle. The pass can be renewed as long as the business in Singapore remains in operation.You can click and read the related article below: 

Government’s Assistance in Business Growth
Singapore works extremely hard to ensure that businesses are given the best environment and assistance to grow.The following agencies can be contacted when seeking help to grow our business:Economic Development Board – provides complete investor support and promotes a first- rate business environment in Singapore.Standards, Productivity and Innovation Board – the enterprise development agency for growing innovative companies. It also has a hand in helping small and medium businesses become more competitive. The agency aids businesses in financing, capabilities and management development, technology and innovation, and access to markets.

Accounting and Corporate Regulatory Authority – oversees the registration and regulation of business entities and public accountants. This agency also provides information on new business structures, compliance requirements, and governance practices.

SMEPortal.sg – a one stop site for entrepreneurs looking to start, sustain and grow their businesses. It features links to government information and services, also industry help and how-to guides.

Great Labor Force
Singapore has an attractive, world-class, and hard-working labor force. Great employees are needed for any business to succeed. Singapore is a knowledge-based economy and its labor force is educated and professionally qualified. Singapore’s workforce is recognized for its focus on higher education, high level of productivity, technical knowledge, and work hard and work harder culture.Employees can be found through online recruitment portals and headhunting agencies. More can be found out about the labor market, along with information about hiring and training at SMEPortal.sg. You can also explore training programs that the Economic Development Board offers in partnership with many businesses.As entrepreneurs, our ability to do business is no longer confined to our home countries. It used to be that only large corporations could expand their businesses on an international level. Now entrepreneurs operating on a smaller scale, can do business from pretty much anywhere they choose.Singapore is one of the top destinations for entrepreneurs seeking to expand on an international level. Singapore is a country focused on continued economic growth, so it pushes to provide entrepreneurs with an environment where they can grow their businesses for continued success. The country understands that a healthy, competitive business environment is what attracts continued investment into its infrastructure – both talent-wise and financially.

Take advantage of the business opportunities that exist in Singapore. You may soon find that the opportunity to build a business will no longer be so easy to take advantage of when more entrepreneurs learn about the vibrant business environment in Singapore.

If you are interested in starting a business in Singapore, we can also send you a business report in Singapore for free.Because the page is limited, please contact us to get the Doing Business in Singapore Guidance including commercial environment, housing and business, financial, banking and legal aspets 100 pages reports.Doing Business in Singapore Guidance

 

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