Are you considering expanding your business to an international market but unsure of the best location? Look no further than Singapore. This thriving city-state has emerged as a global business hub, attracting entrepreneurs and investors from around the world. In this article, we delve into the numerous advantages that make Singapore an ideal choice for business growth and success.
1. Strategic Location:
The country surpassed the United States to claim the top spot on the Global Competitiveness Index 4.0 and the title of best business environment in Asia Pacific and the world in 2019 (The Economist Intelligence Unit).
Also, Singapore's strategic location in Southeast Asia makes it an attractive gateway to the broader Asia-Pacific region. With excellent connectivity and a world-class infrastructure, the city-state offers unrivaled access to major markets such as China, India, and the ASEAN countries. This strategic advantage allows businesses to tap into a vast consumer base and establish strong trade connections effortlessly.
2. Business-Friendly Environment:
Singapore has earned a reputation as one of the most business-friendly countries globally. It consistently ranks high in various global indices, including the World Bank's Ease of Doing Business Index. The government's proactive policies, robust legal framework, and efficient regulatory system make it a haven for entrepreneurs and companies seeking a stable and transparent business environment.
3. Political Stability and Rule of Law:
Political stability is a vital consideration for any business looking to establish itself overseas. Singapore boasts a well-established political system, characterized by stability, transparency, and good governance. The rule of law is strictly enforced, ensuring that businesses operate in a secure and predictable environment. Such stability fosters investor confidence and protects intellectual property rights, further enhancing the country's appeal.
4. Attractive Tax Regime:
In order to attract more foreign investors, Singapore’s government offers a variety of tax incentives for businesses such as Corporate Income Tax, Double Tax Deduction for Internalization and Tax Exemptions scheme.
The country surpassed the United States to claim the top spot on the Global Competitiveness Index 4.0 and the title of best business environment in Asia Pacific and the world in 2019 (The Economist Intelligence Unit).
5. Laws and Regulations
When it comes to doing business, Singapore has a reputation for being the most welcoming country. The government of Singapore has a long history of enhancing business-friendly policies.
In 2020, the Singaporean government will implement a Stabilization and Support Package worth 4 billion Singapore dollars to aid local employees and Singaporean businesses in the wake of the COVID-19 virus epidemic.
Through its Jobs Support Scheme, the Singaporean government helps businesses by offsetting 8% of the salaries of Singaporean workers, up to a maximum of $3,600 per month, for a period of three months.
In 2020, corporations will be eligible for a tax rebate of up to SGD$15,000 (about 40%) of their tax liability, at a total cost of $400 million.
The government will also improve a number of company tax breaks for a period of one year.
