Singapore’s quality lifestyle fascinates the world. The country is now best known for living peacefully with cultural diversity, offering a safe living environment to its residents, tax facilities, a world class business community and a very stable lifestyle.
There is no question about the fact that the country is growing as an ideal place for setting up new business empires. If the aspiring business community is thinking of migrating here, the major driving force would be –
- Ease of doing business. The country has been very affable in terms of offering favourable business regulation policies. World Bank now ranks this place number one for this privilege.
- Forbes Magazine ranks this place as the third wealthiest nation of the world.
- As per Ernst and Young’s 2011 Globalization Index, Singapore has acquired the third position in the top 60 world’s largest globalized economy.
- One of the most favourable country in terms of political stability.
- Singapore has world’s most efficient human resource.
- This country is best known for its quality of lifestyle.
- In Singapore, nobody has to pay tax on capital gains or dividends.
- Personal tax also ranges from 0 percent to 20 percent (for income above $320K)
- Singapore has no death/inheritance/estate tax.
The section below outlines the major factors that encourage foreign investors and firms to set up their headquarter for Asia Pacific region(Tall and modern skyscrapers in business district of the city of Singapore)
1. Singapore’s Location: The Convenience of Connectivity
Singapore has excellent infrastructure and commuting facilities. The country is well connected through a busy port and internationally recognized Changi Airport. Apart from its own market consisting of 2.8 billion consumers, this place has easy access to Asia’s other major markets as well.
2. It’s a Business Encouraging Place
Singaporean Government is quick to offer business setup assistance. The country has easy business development policies in place, which can help foreign investors and entrepreneurs transform an idea quickly into a business.
3. It’s Unbelievable Tax System
Singapore has a very lenient personal and corporate tax structure. Personal tax starts from 0 percent and goes up to 20 percent, for people earning over $320K. Corporation tax applied to a private limited company is below 9 percent for profit of $300,000. Singapore has the lowest Goods and Services Tax (7 percent) compared to the global average of 16.4 percent and Asia Pacific average of 10.5%.
4. Cooperative Government
The Government of Singapore has always been highly accommodating in terms of providing a reliable and stable political system and developing encouraging pro-business regulatory policies.
5. Easy Migration Policies
The relaxed migration policies make it easy for the immigrants to put up a whole new business set up in this country. The Government has made a friendly work visa provision for the entrepreneurs who want to relocate to this country and intend to hire foreign professionals.
6. Have Skilled Human Resource
For entrepreneurs seeking skilled human resource, it will be easier to find compatible human power. Singapore has internationally recognized high level education and technical institutions to help aspirants get professionally equipped. The country has a good number of educated and technically proficient populations.
7. Convenience and Luxury of Lifestyle
Apart from this, Singapore has a cutting edge transportation and housing facility, health care system, schools, healthy environment and additional support systems for the local residents as well as foreigners relocating from other parts of the world.
8. Assurance of Property Protection
Business enterprises seeking assistance with intellectual property information protection will get the best arrangements in this country. Because of the country’s incomparable sincerity toward world class IP protection facility arrangements, the Political Economic Risk Consultancy, Institute for Management Development and World Economic Forum have ranked it top in the whole Asia. This place has also a very strict copyright protection law in place. In all, it can be said that the country has all good reasons to emerge as a business and finance superpower.
A lot more information about Singapore’s economy and the pace of development can be found on the Singapore Economy page. Similarly, information pertaining to taxation system can be availed on the Singapore Taxation page. The Singapore Political page gives a detailed insight of the country’s favourable political system.