Five Reasons Why You Should Plan a Singapore Business Setup
From a sleepy British colony of the 1940s, Singapore today has become one of the biggest trading hubs not just in Asia but worldwide. Singapore is the world’s fourth leading financial centre and a truly world city with people from across the globe earning a living in Singapore. It is one of the best cities in the world for business start ups. There are many reasons for you to think about a Singapore business setup. The top five reasons are:
Pro-Business Environment: Singapore is one of the most investor friendly destinations of the world. The political stability and the government’s open arm policy adds to its advantage. Singapore economy being free enterprise based has no restrictions on foreign ownership of business. In addition, the Singapore Government has been actively trying to encourage the growth of a knowledge-based economy and have in place a myriad of tax incentives the Singapore government has Free Trade Agreements with key economies such as US, Australia, Japan, New Zealand, members of the European Free Trade Association. The government also offers Enhanced Tax Deduction for Research & Development entities.
Location: The strategic location of Singapore serves as a huge advantage for business in East Asia, South East Asia, Pacific region and Australia. This becomes a huge advantage business start ups as India and China are becoming giant consumers. It also serves as a transit point for many international carriers due to its strategic location.
Infrastructure: Singapore boasts of having the busiest port in the world and trans-ships a fifth of world’s containers. This small city-state is served by a network of 3,122 kilometers (1,940 miles) of highways, 99 percent of which are paved. The Mass Rapid Transit serves the city covering total length of 118.9 km across 70 modern stations. Apart from these the city is well connected through buses and cars covering the lengths and breadths of the city. It has Direct Internet connectivity to more than 20 countries in the world and dedicated cables with countries like China, Korea, Japan, Hong Kong, Australia, India and Taiwan.
Financial Center: Singapore has the fourth largest foreign exchange trading centre in the world. It is home to over 500 local and foreign financial institutions. It is ranked third by the World Bank in a report among 145 countries in terms of the ease of doing business. More than 200 international asset management firms are located in Singapore to serve the Asia Pacific market. Singapore is ranked as the fourth most active forex trading centre after London, New York and Tokyo. It is also one of the fastest growing economies in the world and the growth rate is faster than many western countries.
Skilled Workforce: Singapore’s workforce is known for productivity, work attitude and technical skills Workers are It-savvy and a majority speaks English as this is the language of industry, education, and government. The government’s emphasis on education with the opening of many modern universities has ensured that industry is regularly fed with high skilled work force. There is also a huge migration of skilled workforce from countries like India, Malaysia Hong Kong adds to the advantage. The immigration norms in Singapore being friendly makes thousands of foreigners look for a job in Singapore business setups.
