Setting up your business in Singapore might be one of the best decisions you may ever make. However, you have to be the adventurous type of business person for a similar decision. In the end, you will come to realize that taking some risks is totally worth it, business wise. The business climate in Singapore is so friendly that companies only thrive here. However, you should be fully aware of the keen competition in the business climate here. To succeed and thrive, you have to come with something new.
While in the past Silicon Valley was the start-up hub of the world, the competition there is keen and sometimes, the location proves itself unsuitable for some types of businesses. However, in Singapore, there is a completely different story. Whatever your business idea is, you can find plenty of development opportunities there.
Besides enjoying a highly skilled workforce, Singapore also offers plenty of incentives and special programs for foreign businesses choosing to open their headquarters here. The economy here relies enormously on foreign businesses and creating a favourable context for further development is one of the major concerns of the Government. But below are several other solid reasons you may want to move your business in Singapore as soon as possible.
Yes, the favourable business climate is a good enough motivator, but if you’ll be able to pair that with a great lifestyle, why not? Singapore seems to work on the “work hard, play hard” principle. And while you will find incredibly well-trained employees here, they certainly know how to enjoy their spare time. Plus, facilities such as free Wi-Fi connection throughout the city is another great reason why moving here might appeal to you.
The nightlife in Singapore is quite of an entertaining one, while the endless beaches offer locals and visitors the perfect setup to recharge their batteries after a busy working day. There are plenty of remote beaches, filled with bars and clubs that business people will definitely enjoy.
Plenty of funding options
Considering the fact that Singapore is a developing country, it relies enormously on the capital brought here by foreign companies. This way, the specialists at A1 Business say that finding funding options here is quite easy. Plus, the registration process is a facile one, if you choose a reliable and skilled collaborator. The government offers generous incentives for all foreign start-ups that choose the Singaporean shore to manage their businesses.
Highly trained workforce
We all know it very well that the human resource can make or break a business. Well, in Singapore’s case, you will find only some of the best employees out there. As more and more foreign companies choose Singapore as a location, talented employees from all over the world come here in flocks to find better working opportunities. As compared with Silicon Valley, employees find in Singapore a busy, still quiet and orderly location. This is a big plus on their list. Besides, the Singaporean government is quite friendly with their expats and tries its best to accommodate them in great conditions.
Singapore has an amazing strategic location
Located at the heart of South Asia, Singapore prides itself with one amazing strategic location. The country’s location enables business people to reach a wide market, estimated at almost 3 billion people. Besides, the country has one of the busiest ports in the world, facilitating the country’s exports, having a wide opening to markets around Asia. The airport in Singapore has also been designated the best airport in the world for more than 20 consecutive years. Through its gates pass yearly almost 20 million people.
A business-oriented country
The company registration process in Singapore only takes several days from the beginning to the end, thanks to the large number of enterprises that specialise in helping foreign companies relocate here. This turns the country-city into one of the best locations in the world to open and manage a business and helped the government attract plenty of investors interested in similar matters, throughout the years.
A friendly tax system
If you were thinking that the ways in which Singapore could help your business grow end here, you’re wrong. Corporate taxes are incredibly low here, and for many enterprises, this may be a solid enough reason to open their businesses here. Besides, individual taxes sometimes start at 0% and never go beyond 20%.
Corporate taxes are 9% for those enterprises that generate profit up to $S300,000 in private companies’ case. For profits that pass the previous amount, there is a flat rate tax of 17%. Besides, Singapore doesn’t have capital gains taxes. Singapore aims to decrease the country’s reliability on income taxes and even lowered the GST tax at 7%, one of the lowest rates in the world.
Favourable measures for all immigrants
Singapore’s immigration policy is one of the most favourable in the world. The country has friendly policies for all expats that choose to relocate their homes and start over their lives here. So, the advantages go beyond a favourable business climate. Many business people who choose to open businesses here choose to also bring their families with them. The process is a fairly easy one since the visa provisions are highly favourable ones. Due to the relaxed immigration policies in Singapore, expats can get their permanent residence statuses quite easily.
A very stable government
Unstable governments are never friendly and favourable for economic development. Given the fact that this small country has an incredibly stable government with clear policies and regulations, this makes it the perfect location to open a profitable business here. Since all the economic policies are perfectly aligned and make investments easy to tackle, this offers the perfect business growth context.
These are some of the best reasons for which business persons all over the world choose to relocate their businesses in this small, but incredibly profitable country. The wage policy is amazing, the workforce incredible, the registration process – easy, and every business will turn out to be very profitable in this favourable context.