Why You Should Start Your Business in Singapore
KEYWORD PHRASES – reasons to start a business in Singapore
Singapore is viewed as an amazing tourist destination. Its natural beauty, the historical structures, and the excellent infrastructure are a treat to the eyes. But, did you know that Singapore is also one of the best places to start a business?
Aspiring entrepreneurs want a business-friendly atmosphere to kick start their venture. Since growth and profit are their main aims, they typically look for an environment based on strong virtues that can provide skilled manpower, low corporate tax rates, and hassle-free registration. And, all of this can be found in Singapore.
Singapore has driven its economy to a highly profitable one and placed itself among developed nations within a short span of time. Global players like Apple, Google, Procter and Gamble, DBS Bank, etc., have already recognised the potential that Singapore has to offer entrepreneurs. Whether you want to expand your business or start a new venture, Singapore offers immense opportunities and a conducive environment. Here are some reasons to start a business in Singapore.
Singapore’s Strategic Placement Offers Excellent Connectivity
Singapore is in the heart of South-east Asia. The world’s top companies that plan to expand to the South-east Asian region chose Singapore as their base. All thanks to its strategic location that offers excellent connectivity with other nations across the world. When doing business in Singapore, logistics should not be a worry. Singapore’s Changi International Airport serves around 80 airlines and offers connectivity to more than 330 cities. It also hosts leading logistics firms like FedEx and UPS. Considering this, there is no doubt Singapore tops the charts in Asia in the Logistics Performance Index by the World Bank. Apart from its great air connectivity, Singapore also houses the world’s busiest port. Its port offers 200 shipping lines with links to around 600 ports in 23 countries. Who wouldn’t like to set up business in a place that is so well connected with the world?
Singapore has a Business-Friendly Ecosystem
According to the World Bank’s Ease of Doing Business report, Singapore has ranked among the top two out of all the countries in the world. The reasons behind this are the nation’s hassle-free business registration process and the business-friendly laws. As compared to other nations, where it may even take a month to register your corporation, you can incorporate your business in Singapore in just three days. Its strong judiciary system and virtues offer entrepreneurs a stable environment to conduct business. The country-state is also a thriving start-up ecosystem. The government offers extensive support to budding entrepreneurs by providing funding support in various ways. One of its initiatives is Startup SG offers them with access to local support initiatives and connects them to the global entrepreneurial network. Whether you are looking for funding, guidance, or both, Startup SG is categorised to offer support in all forms to startups.
You can take Advantage of Affordable Tax Rates
According to the World Economic Forum’s report, Singapore is amongst the top 10 in the world in the list of countries having low tax rates. With the tax rate standing at only 17%, Singapore offers one of the most attractive corporate tax structures. One of the major considerations for entrepreneurs when setting up their business is taxes. After all, a huge amount goes into paying dues to the government. Also, there are no capital gain taxes in Singapore. Overall, Singapore has a progressive tax framework, which is base on a territorial policy. To reduce dependency on income taxes and enhance their competitiveness, the Singaporean government follows the Goods and Services Tax (GST) system. Again, Singapore is one such nation that maintains one of the lowest GST rates, which is currently 7%. These affordable tax rates are sufficient to entice entrepreneurs to set up their business in Singapore.
Free Trade and a Stable Economy
The government of Singapore has signed over 21 free trade agreements with 27 economies. In addition to this, it has signed 76 comprehensive avoidance of double tax agreement. Cost of trading with other nations, including additional taxes, is one of the biggest barriers in trading across the borders, the flow of investment, technical know-how and expertise. These agreements allow businesses to minimise these tax barriers and freely trade with other nations. Another lucrative reason to set up your business in Singapore is its stable political environment. According to the Global Competitiveness report 2015-16, the World Economic Forum ranked Singapore as having the best IP protection in Asia. The same report also cited that Singapore has a sound political framework and policy-making procedure.
Access to a Pool of Talent
As per the Business Environment Risk Intelligence (BERI) report of 2014, Singapore enjoys the highest ranking for workers’ productivity and general attitude. Effective company policies, conducive working environment, and healthy living conditions can credit for a highly motivating workforce in Singapore. Additional, the Human Capital Report of 2015, also states that a huge 54% of Singapore’s workforce is highly skill. The nation’s emphasis on quality education and its progressive education policies. And the ongoing training programs, and attractive immigration policies have helped churn out skilled professionals time and again. Doing business in Singapore can let you access local as well as immigrant talent.
Access to human and other resources and a sound economic framework is vital for the smooth growth of your business. While these reasons to start your business in Singapore are enough for anyone to be convinced, make sure you do your research before making such a big decision.
Quick Credit Pte Ltd
Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.
We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.
In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!
Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.
Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.