5 conclusive reasons to do business in Singapore
When it comes to doing business in South East Asian, the first country that comes to mind is Singapore. A study shows that Singapore is the best place to start a business. It has been rated by the World Bank and IFC as the best place to start a business. This cosmopolitan nation holds a great reputation for offering numerous advantages such as flexible immigration policies, an world-class tax system, transparent government policies, ease of doing business, outstanding infrastructure and so on and so forth. The process of registering a company in Singapore is quite easy and devoid of burdensome tasks, which in turn, attract lots of foreign entrepreneurs around the world. Why is Singapore the paradise for doing business? Here are five top reasons.
1. Flexible Immigration Policies
Singapore has open immigration policies that facilitate the immigration of foreigners who wish to do businesses in the country. If you’re a business man who wants to move to Singapore to run your business or hire foreign workers, the government has the appropriate work visa provisions. Singapore’s flexible immigration policy facilitates the relocation of foreign individuals who are interested in gaining Singapore Permanent Residence status, and be able to set up their businesses in the country.
2. Terrific Tax System
Taxes are a priority for any business investor, and one of the main agendas for starting a business anywhere around the world. One of Singapore’s unique benefits is its low corporate and personal tax rates. A Company pays taxes depending on its earnings in Singapore or when it receives earnings from a different country. Singapore is one of the nations that works on a Single Tier Tax system, that is, the earnings received by a company is only taxed once. In different words, the dividends received by a share holder of a company are absolutely tax-free.
3. Strategic Location
Singapore is the heart of a global business center, both geographically and from a trading standpoint, with the Asia-Pacific region being one of the fastest growing markets across the globe. It connects impeccably with the rest of the markets around the world, with a great security and foreign exchange system backed by 24 hour financial trading.Singapore is also located centrally on many leading international flight routes, connecting the Americas and the Middle East, Southeast Asia to Europe.
4. Positive Business Environment
With an excellent infrastructure and support network that helps support business growth, Singapore has an extremely favorable environment for both start-ups and global businesses. The country’s positive economic stability and business environment also helps to attract investors from different countries, and with the World Bank rating it as the best place to do business, it’s becoming progressively more recognized as one of the best places in the world to base a company.
5. Skilled Labor Force
Singapore has the best diligent and skilled labor force across the entire Asia. As knowledge-based country, its technically-proficient and highly-educated manpower thrives well in a work-smart and hard working culture.