For many years, Singapore has won numerous awards and accolades for being the best place to do business in the world. Recently, the state has been voted as the best environment for entrepreneurs, coming ahead of Hong Kong and Silicon Valley.
Generally, there are many reasons why any entrepreneur around the world would have an interest in starting a business in Singapore today. So, if you are thinking of launching a startup or opening a subsidiary branch in Asia, we have some compelling reasons why Singapore is ideal. Read on to learn more.
Singapore’s Location Is Ideal
Singapore is located in Southeast Asia and has excellent ports where ships from the east, west and other parts of the world can dock. Therefore, goods coming to and from Singapore can move with ease. Singapore’s location makes it a place where different cultures blend very well. Also, entering the country through Changi Airport, which is one of the best in the world, is very easy.
Skilled Workforce
Singapore has a mix of professionals from within and without. The government has offered guidelines on how to hire the workforce through the issuance of work permits. Companies are also guided on how to hire locals and foreigners. The good thing is that the recruiting process is easy when you use the services of experts.
Favorable Immigration Policies
According to business experts, Singapore is preferred by global entrepreneurs because its immigration policies are easy and straightforward. The Visa Express website has been processing work permits and passes for foreigners who want to establish businesses in the country. Doing so has been an easy task for them as long as a person has qualified for one of these.
Simple and Straightforward Taxation Policies
If you are contemplating opening a subsidiary branch of your business in Singapore, there is a lot that you need to know about taxation procedures. Taxes in Singapore are straightforward and reasonable whether you are a local or foreign investor. Many foreign investors do enjoy various benefits like exemptions from double taxation and other things depending on the bilateral trade agreements and MoUs that they have signed.
Supportive Economy
The government has played a significant role in stabilizing the economy in Singapore. Today, it enjoys a high GDP with an equally high growth rate per year. Singapore’s overall economy is recognized by the entire world. And this is a major reason why foreign investors have been coming to the country to seek business opportunities.
Friendly People
It is hard to establish a business in a foreign country without the help of the local people. Striking a business deal with entrepreneurs in Singapore is especially easy. The locals and expats in the country are friendly and always willing to help as long as you treat them with the respect and seriousness they deserve.
Now, you have many reasons to choose Singapore as your preferred business destination. Whether it is a startup or a business expansion, you have a higher chance of succeeding.
Disclaimer: This content does not necessarily represent the views of IWB.