We often wonder and marvel at Singapore’s status as one of the most prosperous countries in the world. An example of efficient governance with a focus on entrepreneurship and business, Singapore can offer your business a lift too. There are myriad reasons why this tiny city-state lodged near the equator has become an economic powerhouse of the world.
A Great Location
Singapore’s location sets it strategically close to some of the most important economic zones of the world. It is not too far from the Indian sub-continent and its time-zone is good for business with China. Not to mention, it is surrounded by the South-East Asian tigers – Thailand, Vietnam, Indonesia and Malaysia. Singapore is also an important half-way point from southern Asia to Australia.
Singapore duly takes advantage of this location with great connectivity. The Changi Airport is considered the best in the world, with daily flights to all the major cities in the world.
A Business Friendly Place
Singapore boasts a pro-business setup. Compared to many other countries, Singapore has minimal red tape and setting up your business here can happen in the matter of a few days or weeks. The tax system of Singapore also encourages business. Low corporate and income tax is one of the many reasons why this country’s economy thrives when others falter. Singapore does not have capital gains tax and has one of the lowest VAT rates on the planet. Many companies, large and small, have set up their headquarters in Singapore to leverage the business-friendly taxation system.
Many firms which have transferred offices or set up new businesses in Singapore have benefited from dealing with a local government that understands business. This is not something too many countries can boast of. Singapore features utmost transparency and cooperation when it comes to business paperwork and permissions. Singapore also has a great relationship with all the major economies of the world. There are many free trade and non-double taxation agreements that companies can take advantage of and increase their capital savings.
A Hotbed of Talent
Singapore attracts the best talent in the world. For all job levels, business owners have a wealth of resources to choose from. The work culture of Singapore is one of the main reasons the country has maintained such a high standard of efficiency. The country’s diverse workforce is also high on innovation. Singapore is one of the most tech-enabled countries in the world.
Living in Singapore – A Lifestyle Experience
Singapore has a very high standard of living. The average Singaporean loves his or her luxuries and some of the favourite pastimes here are dining and shopping. One can find products and brands from all over the world in its many markets and malls. Culturally, Singapore is enriched with the presence of multiple communities, each of which has contributed to the identity of the country.
The modern city has excellent public transportation – owning a car in Singapore is not necessary at all. It is one of the safest places on earth and the healthcare system is highly rated. Education in Singapore is also of very high standards.
Setting up a Singapore Business – Where do I start?
Establishing a presence in Singapore will be a major boost for any business owner. The process is streamlined but includes some strict parameters. From company registration and governance set-up to accounts and tax compliance, there are a host of criteria to complete. Singapore has multiple public desks that cater to the filing of new businesses. Government agencies like the Standards, Productivity and Innovation Board (SPRING), Accounting and Corporate Regulatory Authority (ACRA) and the Economic Development Board (EBD) are there to help with issues like investor support, tech integration and incorporating compliance updates.
Finding an office premise in Singapore is not difficult. From the world famous central business district to suburban locations, there is a vast selection of office space to choose from.
Guidelines for Foreigners
It is always a good start to familiarize with the basic requirements for foreigners to start a business in Singapore. Some of the prerequisites include a minimum paid-up capital, a registration as a private limited company and an employment pass from the Ministry of Manpower. There are many more guidelines with regard to the registration of a company, hiring of staff and the company’s maintenance on Singaporean soil.
It is always a good idea to leave the detailed work to expert business consultants. A good consultancy or third-party facilitator with extensive expertise can make these processes much easier for aspiring business owners or representatives. Get more details on the various consultancy services available on this website.