Singapore – somewhat unfairly – has the image of being a rather dull, sterile city full of dull, boring people. However, the reality is very different. Instead of a bland utopia, go to Singapore and you will discover a wonderfully eclectic mix of Chinese, Malay and Indian peoples living side by side, topped off with a healthy dose of Western culture.
Unlike many other Asian cities, Singapore is clean, efficient, and wholesome. The trains run on time and you won’t accidentally stumble into any unsavoury parts of town. There are also lots of fantastic restaurants, top hotels, and lush forests in the centre of the island where you can go to relax.
A World Class Economy
Singapore is one of the world’s largest economic hubs, which makes it a fantastic place to start a business. Indeed the World Bank has described the country as the easiest place to do business. It is the only one of the Asian Tiger economies to have been given an AAA credit rating from all three of the top credit rating agencies.
It has a busy port and a major international airport. The Singapore economy is innovative, competitive, and business friendly. It is also one of the least corrupt places in the world, attracting a huge amount of foreign investment as a result.
Singapore is the world’s fourth largest financial centre. All of the world’s major banks have a presence in Singapore and more than 7,000 multinational corporations have branches there. It is very much a free market in Singapore and foreign companies are common. Singapore’s tax system is very conducive to business. The country’s corporation tax rate is capped at 17% for profits above $300k and the VAT rate is only 7%.
Singapore also has extremely strong Intellectual Property protection laws.
Setting Up a Business in Singapore
Setting up a business is incredibly easy. It only takes about ten minutes to register a business online in Singapore – Servcorp in Singapore can help you do this if necessary. It is also very easy to manage a business in Singapore once you have started trading.
It is difficult to establish a viable, successful business in a politically volatile country where you are likely to be hit with unexpected taxes at any moment, not to mention the problems associated with high-level corruption and a lack of legal protection. Singapore has none of those problems. The Singaporean government is very stable and Singapore is known for its high productivity, hard working population and cosmopolitan business sector. The Singapore government is very easy to work with and you won’t be stifled by unnecessary bureaucracy.
Singapore is well located in Southeast Asia. All major locations in Southeast Asia are a short flight away and with lots of regular low-cost flights on major carriers such as Singapore Airlines and Malaysian Airlines to choose from, it is easy to expand your business and reach new clients.
With such a favourable business environment in Singapore, it is the perfect place to start a new business or expand an existing one.