Over the years, Singapore has made significant strides towards placing itself as a global economic giant. This city-state dubbed the City in Garden has earned positive reviews as a business hub within the Asian continent. Most of these positive reviews have been thanks to business-friendly policies that make it simple for firms to set up and conduct business in Asia.
Many global companies find it beneficial to set up camp in Singapore. Also, entrepreneurs all across the planet view Singapore as the perfect place to develop their business. Aside from that, it also offers the ideal platform for endeavoring people in business to tap into the emerging markets in Asia.
So, what has made Singapore a darling to many global entrepreneurs?
Smooth Immigration Procedures
Singapore’s immigration guidelines are fixed towards attracting top talent from across the world. With that in place, the country offers a variety of visa plans for tourists, business people, and working professionals. Additionally, there are a host of immigration experts such as One visa, who offer professional and excellent immigration services.
Simple Business Application and Registration Processes
Recent research from global financial institutions ranks Singapore as the world’s ideal place to do business. This is thanks to its hassle-free business application and registration processes – both for locals and foreigners.
Besides that, the nation boasts an online business registration portal where you can submit your application papers without too much stress.
Political Security and a Robust Legal System
Singapore boasts a stable political environment which offers business people and investors alike comfort and security. Aside from that, it also has one of the best and most efficient legal networks across the Asian continent, which protects investors from getting ripped off or being harassed.
Extensive Transport Networks
Singapore is well located between significant shipping and trading routes, being a conduit for the majority of Asian countries to the rest of the world. As a result, traveling from Singapore to neighboring South-east Asian countries has been made much more manageable. In addition to that, Singapore is also equipped with sophisticated port infrastructure and a world-class road and rail network.
On top of that, the country is home to some of the world’s leading logistics firms.
Presence of Skilled Labor
As earlier discussed, Singapore has set itself towards attracting the best professionals globally. This has meant leveraging a strong and highly competitive workforce for investors and firms to pick from.
Singapore is also home to diverse nationalities, each with their home culture adding new multicultural and multilingual solutions to businesses that might need them.
Attractive Tax Policies
Singapore’s tax system ranks as probably the most investor-friendly globally. The highest amount of corporate tax payable stands at 17%, which is quite attractive in comparison to other nations. Besides that, all foreign income is tax exempt as long it has been taxed from the country of origin.
Additionally, individual tax returns guidelines offer friendly reliefs alongside low rates thus lowering the amount of tax payable.