Singapore is one of the countries with highly efficient infrastructure, free market economy, stable sociopolitical background and attractive tax regulation that makes it friendly to start a new business. It is one of the fastest growing economies in Asia, surpassing even China.
A lot of organizations that track business friendliness around the globe have consistently ranked Singapore as an ideal location to start a new business. Here are some of the recognization by well known authorities:
- Singapore ranks 2nd among 190 economies in Ease of Doing Business, according to World Bank’s annual “Doing Business” 2018 report.
Singapore is ranked among the top 3 economies in Ease of Doing Business rankings for 12 consecutive years.
- Singapore ranks 6th among 190 economies in Starting a Business indicator.
- In 2014, the Economist Intelligence Unit (EIU) ranked Singapore as number one among the 82 countries surveyed by EIU for its “efficient [and] open economy.” Singapore has received this ranking for 7 consecutive years.
- Singapore is ranked as 2nd best country for its Intellectual property protection in WEF’s Global Competitiveness Report 2014 – 2015 report.
- The IMD World Competitiveness Yearbook in 2014 lists Singapore among the least bureaucratic countries in the world (3rd worldwide, and 1st in Asia).
- Singapore is the “most globalised” country of the sixty most developed countries, according to a survey from Ernst & Young.
Features that catches your attention towards Singapore
- A robust economy,
- A balanced tax regulation with low tax rates,
- Well-organized process for incorporating and running a new company,
- Strategic geographical location with excellent infrastructure,
- Strong capital market and financial system,
- No restrictions on the import of capital,
- No restrictions on repatriation of profit,
- No property/death/inheritance taxes,
- Strong adherence to the rule of law and
- Well-functioning government that is free of red-tape or corruption.
Singapore’s central location in Southeast Asia makes it a physical and metaphorical gateway. Some of the most important economies in the world are just a short plane ride away from this location. Being known as one of the world’s best port, Singapore owes her economic success to the robust import and export activities. Thus, geographically, Singapore is in an ideal spot to do business with the rest of the world. Moreover, her world class airport ‘Singapore’s Changi Airport’ accommodates more than 62.2 million passengers yearly and provides huge flexibility of flights to nearly all major cities in the world.
Singapore has high-class infrastructure that astonishes most of the visitors which includes the country’s airport, subways, commercial buildings, highway systems, internet availability, museums, hotels, public parks and a lot more. Aside from creating a pleasant working environment, their infrastructure also improves the productivity of the businesses.
Attractive tax rates
Singapore has one of the world’s most attractive and most rational tax system. It levies no tax on dividends or on capital gain received from business. This aspect makes the country attractive for entrepreneurs who would like to start a new business.
Singapore has an extensive network of Double Taxation Agreements (DTAs) with over 86 countries. Such agreements were designed to ensure that the businesses established in Singapore do not suffer double taxation. Moreover, the country provides Unilateral Tax Credits (UTAs) for the countries which have not signed the DTA. Hence, businesses do not have to suffer from double taxation.
Most of the investors shudder at the thought of dealing with the economy where corruption or bribes are often the way to get things done. At this point, Singapore is completely opposite. The country has virtually no corruption because of its strict laws and harsh punishments. So, if you are planning to incorporate a new business you can be sure that you are not going to be at mercy of corrupted officers.
Singapore is perceived as a rule following, well-functioning, modern and honest country.
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