Wednesday, July 6, 2022

Thinking of Starting a Business? Think Singapore

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It is not without reason that Singapore is considered to be one of the best countries in the world for doing business. Whether you are thinking of expanding the reach of your existing business or considering setting up a new one altogether, there can be few better options than Singapore as a business location. There are several key factors that make the country a preferred destination for both foreign and local entrepreneurs to incorporate and run a business. Outlined below are some of the major advantages of setting up business in Singapore.

Strategic location

Singapore enjoys a strategic geographical location. Situated in the center of South-East Asia, it is one of the largest financial hubs. The country has one of the busiest ports in the world and is recognized as a leading International Maritime Centre (IMC). As the most industrialized and developed country in Asia, having easy connectivity with various nations around the world, it offers one of the best locations to set up a business venture.

Attractive tax benefits

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Singapore can be called an entrepreneur’s dream destination in terms of the tax benefits offered for establishing a new business. As per the report of The World Economic Forum, Singapore ranks among the top 10 countries in the world with lowest tax rates. The country has a very simple and rational taxation system, which makes it particularly attractive for entrepreneurs intending to incorporate or create a new business. It boasts of one of the most efficient personal and corporate tax regimes in the world.

Reliable internet and telecom facilities

Dependable internet and telecom facilities are a pre-requisite of establishing business these days. As the world becomes more and more connected through these mediums, Singapore ensures the availability of fast and reliable internet and telecom facilities for all kinds of business. The strong telecommunication infrastructure of the country covers the entire region. Nearly every inhabited part of Singapore offers telecommunication facilities, making it easy to conduct business in the country.   

Quality workforce

Singapore takes pride in the fact that it is rich in skilled human resource. As per Mercer and the World Economic Forum’s Human Capital Report of 2015, 54% of the country’s workforce has been classified as highly skilled. This percentage of skilled labor exceeds that of Australia and New Zealand. It goes without saying that quality workforce is one of the primary requirements of incorporating or establishing a new business. As such, entrepreneurs find the country a viable option to carry out their business prospects.

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Ease of incorporation and operation

Setting up a business is relatively easy in Singapore. The country enjoys a pro-business environment where incorporation rules are simple as compared to other nations. There are straightforward procedures for incorporation that can be completed in just 15 minutes. However, if the application needs to be referred to different authorities for review or approval, the process can get lengthy. It can even extend up to a couple of months to get permission. To steer clear of unnecessary delays and paperwork, one can depend on professional firms like KC ha Consulting to set up their business firms in Singapore in a fast and smooth manner.

Stable political environment

It can get very difficult to establish and operate a business in a country with a shaky or volatile political environment. Singapore is a stable political country. It has high government revenue and is free from foreign debt. The place is conducive to planning long-term business ventures. This is one of the reasons behind foreign entrepreneurs favoring the country as a potential investment destination for their business ventures.

No corruption

Corruption in a business location can cause headache for entrepreneurs. But anyone establishing a business in Singapore can safely carry on their work without having to worry about the menace of corruption. The country follows a no-bribe culture and is one of the least corrupt countries in the world. This is mainly due to two reasons: the first is that government officials are quite well-paid and the second is that corruption attracts very harsh punishment in Singapore. This means businessmen do not have to be at the mercy of corrupt officials to get their work done.

No currency control

Singapore is one of those few countries that allows a foreigner to have ownership over 100% of the stock in a company incorporated in the country. There is no need to form a partnership with a local person or have a local shareholder. The country imposes no restriction on the amount of money that one can bring in from outside and invest in a business in Singapore. There is no constraint of profit repatriation as well. One doesn’t have to pay taxes on the capital gains derived from the sale of any company or business. This easy movement of funds further makes the country a preferred business destination for entrepreneurs from around the world.

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Sara Revonia
Sara Revonia
Entrepreneur, Speaker, Author, and Mom. Sara Revonia’s articles are about business, life, and Entrepreneurship.
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