Singapore has long been a haven for businesses big and small, thanks to its progressive ways, openness, and support to people of any background. This article will highlight some of the major pulls that contribute to why many foreign companies choose to extend their business or even relocate. For starters, many are pulled by the enticing grants or loans being offered, which are also top factors for starting a business in Singapore.
Singapore holds a unique position in the global economy and a key role as a business center in the heart of Asia. The city-state is consistently recognized as a global business hub that features advanced infrastructure, open business policies, political stability, a skilled workforce, English as the main working language, and respect for intellectual property rights.
Many multinational companies set up their bases in Singapore next to more than 150,000 small and medium enterprises. Business owners worldwide regard Singapore as a perfect location to grow their businesses, with many using the country as a foundation to get into other emerging Asia markets.
Regardless if you’re an individual, non-resident, small and medium company, or a multinational, choosing Singapore will give your business a launchpad to other developing economies. You can take advantage of Singapore’s network of trade agreements, an attractive tax system, and ease of doing business.
Reasons Singapore is a preferred foreign company destination
Starting a business is easy. The World Bank’s Doing Business 2019 report revealed that Singapore had been steadily recognized as the world’s top place for doing business. It’s easier and quicker to register a company in Singapore compared to other countries since the process takes only one day, given that all the proper requirements are completed, and the application is submitted. Owning a company in Singapore is possible for anyone, including foreigners. A fast and reliable online system is available – anyone can submit application forms via the internet.
The legal system and safety are top-notch. Singapore offers one of Asia’s most stable political environments, which benefits entrepreneurs and investors with a strong sense of security. The judicial system is recognized as one of the most efficient in Asia, enforcing effective anti-corruption laws so that investors can conduct their business without bureaucratic problems.
Singapore also has a persistently low crime rate and offers everyone a high degree of personal safety. Businesses can also rely on Singapore’s reputation as a world-class arbitration facility if ever cross-border issues arise.
Strategic position and trade agreement networks. Singapore is the home to the world’s top players worldwide across all industries due to its location and proximity to emerging markets. Air travel is also frequent, making business operations more convenient. Singapore has a longstanding good international connection with other countries for trade and industry.
Lively financial center and affordable funding. Singapore is a center to approximately 124 commercial banks, 531 capital markets, and 365 fund managers. It’s not just a hub for investment and wealth management but also the fourth largest forex trading center worldwide. Because of this, entrepreneurs have access to private and commercial banking services when starting a business in Singapore.
These are just some of the top reasons Singapore is a preferred foreign company destination. Other benefits include attractive corporate tax rates and foreign income exemption, among others. As you read more resources and consider moving your business here. You can learn more about starting a business in Singapore by going to a bank or lender’s resources page.
