In the last 10 to 15 years, Singapore has established itself as one of the world's most stable and business-friendly nations. Singapore attracts business enthusiasts and wealthpreneurs as it is known for its pro-business environment, over-the-top infrastructure, international connectivity, and skilled labour force.
Even though the nation lacks natural resources and its domestic market is confined, Singapore weathered the uncertain financial crises of 1997 and 2008. It has survived economic hardships and monumental challenges and emerged as one of the most stable countries in the world. The Singapore economy has high government revenue, no foreign debt, and a consistently positive surplus.
According to EIU's latest business environment rankings for the 2nd quarter of 2023, Singapore has strengthened its position as the most conducive and best business environment over the next five years. Nations such as Canada and Denmark are standing with tied scores. They are putting effort into chasing Singapore. Several West European nations, along with the US, Hong Kong, and New Zealand, make up the remaining top 10 geographies.
The latest rankings by EIU suggest that Singapore is anticipated to maintain its supremacy for the 16th consecutive year. EIU's business environment rankings also indicate that Argentina, Greece, and India are rapidly progressing business-friendly climates. These improvements and all-time highs may lead to an uptick in GDP per capita growth, FDI, and investment standing.
What Makes Singapore a Paradise for Business Enthusiasts?
The startup revolution has recently become a trend, especially in vibrant countries like Singapore and India. The prime location of Singapore pulls the attention of business dreamers and pushes them to kickstart their entrepreneurial journey. Let's shed light on the significant factors that make Singapore a startup-friendly location for business enthusiasts.
Strategic Location
Singapore is located close to emerging markets in the world's economic superpowers, such as Japan and China. It lies in the heart of South-East Asia. Business owners found reaching a market of 3 billion people easy and convenient. Also, it's a known fact that the port located in Singapore is considered the busiest in the world. Thus, the nation is a premier International Maritime Centre. With over 20 million people utilizing the Changi International Airport in Singapore, it's an excellent destination for business enthusiasts to fulfil their entrepreneurial dreams.
Excellent Tax Benefits
The corporate income tax in Singapore is 17%. It is one of the lowest in the vibrant economies of the world. It has a well-structured framework for taxes. As businesses operating in Singapore enjoy tax advantages, people willing to start their own startups consider Singapore to be the land of immense potential for doing business.
Financial Hub
Due to its easy accessibility, Singapore's structured and well-planned location makes it a significant financial centre in Asia. A revolution in technology is taking place in the financial sector. As per the GFCI's ranking, Singapore holds the third spot on the list of vibrant monetary centres worldwide, just behind London and New York.
Business-friendly Climate
Singapore is one of the topmost nations that offers ease of doing business facilities. It has retained its place as second best, as per the ranks defined by the World Bank, amid a tenure fraught with trade tensions. The environment is business-supportive and flourishing for business enthusiasts.
Transparent Business Permits and Passes
Getting business permits and passes in Singapore is no longer a big deal. All one needs is the support of business consultants. Business ventures like Enterslice help entrepreneurs with Singapore company formation, secure business permits, and pass without hassle.
Avoidance of Double Taxation
Singapore is indulged in a treaty with 50 different nations and opts to avoid bilateral double tax. This treaty ensures that business transactions anticipated between Singapore and other treaty-involved countries will be exempt from double taxation.
Global Standard Infrastructure
Businesses benefit from Singapore's world-class infrastructure. It's a blessing in disguise for entrepreneurs to start and manage their own companies in Singapore. The infrastructure that matches global standards benefits entrepreneurs and business owners.
Productive and Efficient Workforce
Highly qualified and talented individuals with diverse skill sets are crucial for the longevity of a business in the industry. Entrepreneurs and investors prefer to establish businesses in Singapore due to the availability of low-cost and skilled resources in the country.
Companies getting registered in Singapore are eligible for fiscal as well as non-fiscal incentives. Tax incentives such as the Progressive Wage Credit Scheme, Start-up Tax Exemption Scheme, Enterprise Financing Schemes, the 100 Per Cent Investment Allowance Scheme, Enterprise Innovation Scheme, etc., are known incentives experienced by businesses established in Singapore. Industries such as Fintech, Biotechnology, Cybersecurity, Tourism, Healthcare, Manufacturing, Logistics, Real Estate, E-commerce, Green Infrastructure, and various other sectors empower the Singapore startup ecosystem. It's the perfect time to encash in the glorious days of Singapore and kickstart business on the sunny tropical island of Southeast Asia.
