In the recent past, it has been clearly observed that the emerging economies of China, India and other Southeast Asian countries have been entering the Asian territory to take full advantage of the domestic market, booming infrastructure and cheap labor.
Singapore is standing firm on its pillars of reliability, low corporate tax rates, integrity, high productivity, quality, and the availability of skilled manpower, rule of law and enforcement of intellectual property. With this, Singapore is continuously providing a conducive environment to companies who are aiming to expand in this region.
Here are some of the benefits that can be enjoyed by companies looking to set up their business in Singapore:
Strategic location and excellent connectivity
As Singapore is located in the heart of Southeast Asia, it has become the home to top companies falling under various industries from across the world. Singapore has its close proximity to two of the emerging markets of China and India. Singapore’s Changi International Airport serves more than 100 international airlines, connecting to 400 cities. For the past 2 decades, Singapore’s seaport infrastructure is ranked as the best across Asia.
In information technology and telecommunications, Singapore’s broadband network reaches out to almost 99% of the population, with regional and international connectivity measuring around 27.6 Tbps to almost more than 100 nations.
Start-up nurturing and business-friendly ecosystem
Singapore has been consistent to top the World Bank’s Ease of Doing Business report, considering its easy business setup procedures. In 2015-16, World Economic Forum’s Global Competitiveness Report also rated Singapore as the country with the best infrastructure, IP protection and incentives across Asia.
Apart from providing easy access to infrastructure and capital to successful and budding entrepreneurs, Singapore also continues to be regarded as a triple-A rated economy for business expansion. The Singapore government to has contributed towards propelling the country towards a flourishing start-up ecosystem.
Attractive tax framework and trade agreements
Singapore is amongst the nations that offer the most attractive corporate tax structure across the globe, 17% being the maximum tax rate on taxable income. The Singapore government has so far signed more than 21 free trade agreements with 27 economies and 76 DTAs. These agreements are beneficial for business and trading beyond borders as they are aimed at lowering tax barriers. All these factors, along with the absence of dividends tax and capital gains, makes Singapore one of the desired destinations for the start-ups.
Enjoy benefits from the legal system and a high degree of personal safety
Singapore, no doubt, has the most stable political environment across the Southeast Asia region, offering all entrepreneurs a high level of comfort and security. In the case of cross-border issues or disputes, business owners can depend on Singapore’s status of having a world-class arbitration facility. Singapore is also the least corrupt nation in Asia, where transparency is highly valued.
Easy access to skilled local talent
Over the past few years, Singapore has been enjoying its highest ranking for the most skilled in terms of general attitude and worker’s productivity. Singapore’s labor force is highly motivated because of effective company policies, attractive living conditions, and a conducive working environment.
To conclude, Singapore plays an important role as a business in Asia and holds a unique value in the global economy.
Easy financing options for Small Businesses
Banks and online or offline finance companies in Singapore offer small business loans to start-up companies. Small business funding is offered by way of business revolving lines of credit, business overdrafts, factoring loans, etc. There are various options to choose from working capital loans, small terms loans, secured & unsecured funding, Merchant cash advances. The government also offers different types of grants to start up’s and women entrepreneurs.
Smart Funding companies like Finaxar offers quick and easy access to funds through their funding options. They have also introduced a new tailored option for all the offline and online merchants to cover up their cash flow gaps. Merchant line of credit offers merchants to get hassle-free, online funding in 24 hrs and credit assessment in as quick as 30 mins.
Convinced yet as to why one should consider to set up a business in Singapore?