Why choose Singapore as your business destination?
The decision to start a business in any country requires careful consideration over factors involving infrastructure, strategic location, political and economic stability, among others. Singapore is strategically located and is one of the world’s most connected cities. This facilitates businesses to grow and expand their reach into Asia and beyond.
With over 7,000 multinational corporations and 3,000+ start-ups, Singapore continues to project an image conducive for business.
Key highlights that make Singapore an ideal business location include:
- #2 in the world for the Easiest place to do business: Ease of Doing Business Index 2019, World Bank
- #1 Best business environment in the Asia Pacific and the world: Business Environment Rankings (BER) 2019, The Economist Intelligence Unit
- #1 in the Asia Pacific and #5 in the world for Best global innovation: Global Innovation Index 2018
- #3 in the world for Best Intellectual Property (IP) protection: Global Competitiveness Report 2018, World Economic Forum
- #1 in Asia and 10th in the world for Talent competitiveness: The IMD World Talent Ranking 2019
- #1 in Asia for Quality of living: Singapore tops Mercer’s 21st Quality of Living Ranking for Asia 2019
There are promising reasons as to why you should consider Singapore as your destination to expand your business:
With a fully digitalised system in place, Singapore allows you to initiate the process of setting up a business with ease even if you are not present in the country. Registration of your company can be done remotely online and takes less than an hour to finalise, making it the quickest in Southeast Asia. In Singapore, setting up and incorporation can be completed within 1.5 days according to the World Bank Group, Doing Business 2020.
The Singapore government has worked to create a pro-business environment that encourages innovation and productivity. This creates a vibrant economy that features R&D labs for leading Fortune 500 companies and multinational corporations working side-by-side with start-ups, creating an environment suitable for expansion and development.
Singapore’s strategic location allows you to connect with the world’s major trade, shipping, and aviation routes, making it an ideal hub from which you can reach your markets anywhere across the Asia Pacific region.
Ranked #2 as the most globally connected country in the world by DHL Global Connectedness Index 2018, Singapore is placed within a six-hour radius of any Southeast Asian country.
With over 100 airlines flying to about 100 countries and territories globally, Changi Airport hosts approximately 62 million passengers every year. Singapore can link you to more than 600 ports internationally, making this island the ideal location to fast track your business goals.
Singapore’s tax system centres around creating an economy that is sustainable and supportive of creating long-term substantive growth opportunities for individuals and businesses alike.
The city state corporate income tax is set at a rate of 17%. The effective tax rate is lower as a result or various tax exemptions, reliefs, and schemes. This can be further lowered by utilising several government tax schemes and subsidies. Furthermore, a 100% tax reduction is in place for qualifying expenditures for eligible R& D activities in Singapore.
With numerous tax incentive schemes, low corporate tax rates, and a system that provides a platform supportive for both MNCs and start-ups, Singapore is growing to become the first choice for companies looking to relocate or expand their business ambitions.
From building the best-in-class digital infrastructure to having exemplary and easy transport networks across the city, Singapore creates an environment best suited for your business to run efficiently and conveniently.
Ranked #1 in Asia for digital connectivity, Singapore is home to one of the world’s most responsive 4G mobile networks, with plans to roll out 5G networks that extend across at least half of the city by end of 2022.
The city’s high-ranking transport system will also ensure that you are connected to every part of the island with ease.
English is the working language in Singapore and is widely spoken across the city. This makes it easy for foreign companies seeking to relocate, expand or start their business in the city to communicate with stakeholders involved and gather information in carrying out their daily business activities.
Singapore is home to an ethnically diverse population of Malay, Indian, Chinese, and other ethnic groups. A large proportion of the population is bilingual which allows businesses to establish themselves in the region more effectively.
Singapore remains committed to building a talent pool that is beneficial and productive in responding to evolving business needs and technological advancements.
Singapore offers start-ups and multinational corporations’ access to a global talent, allowing you to form business relationships with strategic partners and gaining insights with professionals from across the world. Singapore’s flexible immigration policies allow for companies to sponsor their foreign employees by offering a range of visa options such as EPass, SPass, EntrePass and more.
Choosing a country to build your business is also highly dependent on the quality of living and lifestyle available. Regarded as one of the safest countries in the world, with consistently low crime rates, a pragmatic and effective government, good health care, quality international schools and comfortable housing. Singapore’s high standard of living makes it a favourable place for you and your family.
Singapore is home to over one million expats, a true testament to the safe and healthy living environment and outstanding support system that the city provides for businesses and entrepreneurs.
Whether you are a start-up looking to establish your first office, or a multinational corporation seeking to expand your presence in Singapore or the Asia Pacific region, our team of professional staff are sure to deliver service excellence that meet your expectations.
All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents of this document.