5 REASONS WHY LEE KUAN YEW WOULD BE PROUD ABOUT DOING BUSINESS IN SINGAPORE

Varidus
Varidus
Jul 24, 2017 · 4 min read
image source: Wikipedia

The Lion City founded by Lee Kuan Yew was raised with the similar expectations that a regular father has from his child but the potential of Singapore today has gratified him like no regular child!

source: izquotes

The technological prodigy is not only a beauteous island adorned by the Asian continent but it is also the fastest growing economy in the world. Turns out Singapore achieved everything to make its father proud. One of the greenest cities in the world has made the grass greener their side! Apart from the other mind-boggling facts about Singapore which makes it one of the most amazing places to be, there is one which would make you pack your bags and take the next flight! Singapore is Ranked 2nd in the ease of doing business by World Bank which actually speaks volumes for the booming world economy that it is becoming.

But there has to be a reason behind the ranking and popularity the robust Asian Tiger economy has gained and not just in words. There are reasons why it is the thriving place to start your business today. And here are 5 such reasons you need to get your biz moving:

  1. Business friendly tax policies

The city-state has 75 comprehensive double taxation agreements and 8 limited treaties dealing with income from shipping and air transport enterprises, as well as no controlled foreign company rules, no capital gains tax, and one of the lowest corporate tax rates in the world. Yes, Singapore’s VAT is 7%, one of the lowest! Many foreign entrepreneurs and companies are drawn to Singapore due to its relatively low business costs. Also, the government provides tax incentive schemes for startups which you can find out on IRAS’s page. Hence, making it very business friendly.

2. Start-up chum

Singapore is known to be an encouraging friend and supporter for the entrepreneurs and especially startups. It provides the perfect environment of motivation for you to start your venture. The government’s enterprise agency SPRING Singapore can also help startups through mentoring and assistance with securing funding from third parties. For instance, SPRING Singapore offers a Micro Loan Programme (MLP) in conjunction with other financial institutions. There are various government funding programs and assistance options as per your need to water the seed of your startup in the guise of cash grants, incubator schemes, equity financing schemes, tax incentives schemes, debt financing, and so on. Read more about these schemes.

3. Perfect business habitat

One of the best environments to do business is offered by Singapore because of the stringent and transparent law and order and the dynamic workforce on the go. “The Singapore government has created an extremely stable and efficient business infrastructure where red-tape and bureaucracy are rare.” Moreover, Singapore has made setting up of a company a cakewalk with only a time of 1 or 2 days max. Thanks to the efficient online procedures and their ease and comfort. And the boosting economy is the cherry on top!

4. Best Intellectual Property system

When you are in Singapore you don’t need to worry about the novel life-changing idea you got because it got that covered for you! With its very strong copyright, trademark, and patent laws it has become the best choice to protect the IP assets. They believe that “The ideas of today are the assets tomorrow” making itself a safe haven for business. The World Economic Forum (WEF), the Institute for Management Development (IMD) and the Political Economic Risk Consultancy (PERC) all rank Singapore as the top IP destination in Asia. Read more about these best of Singaporean IP laws here.

5. Tech Wunderkind

Forbes rated Singapore as the numero uno place to do business and one of the primary reasons they pitched is the introduction of the electronic litigation system which streamlines litigation proceedings. “Going electronic made administrative processes more efficient… And to point a few benefits electronic litigation system: it has made transferring property easier; it improved its credit information system; improved credit information system; and, it made starting a business easier by combining tax registration with business registration on a single online form.

Singapore is labeled the easiest company to start your business easily and efficiently constantly from the last 10 years. We would like to hear from you so share your views on the potential of Singapore for your business with us here! And to know more check out this complete go-to guide for you. At Varidus can help you start your very own business in Singapore.

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Scaling Innovations

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Varidus

Scaling Innovations

Varidus

Varidus

Scaling Innovations

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