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Singapore is not only an attractive destination for tourism but it is also a top-notch choice for entrepreneurs and multinational corporations who want to set up their business extensions in Asia.
It is indeed quite marvellous to know that even though Singapore’s territory is not as big as its neighbouring country, Singapore plays a crucial role in the economic hub in Asia and even has consistently been recognized as a major centre for international business.
Here are 7 reasons why Singapore is becoming the primary destination for corporations and investors around the world.
The easy setup process for the business
Setting up a new company in Singapore is very simple and straightforward. The country welcomes investors, entrepreneurs, and business professionals with open arms. The government believes that doing this can also help to advance the economy in Singapore.
Have friendly business regulations
Having business-friendly regulations is one of the reasons why many entrepreneurs are interested in doing business in Singapore. Singapore is very accommodating of foreign companies that want to penetrate the market in this region. This is why Singapore has implemented friendly regulations and a conducive business climate for all business people.
Not only has a proper investment climate, but Singapore also has an open tax, the possibility of having tax exemptions, and getting financial incentives. This will sound like a haven for business-minded people.
Easy access to get funding
Singapore is home to more than 120 banks (both local and foreign banks). As a major hub for wealth management and investment across Asia, it is easy for entrepreneurs and corporations to have access to private and commercial banking services.
This easy access to the trusted banking system, makes it easy for businesses to finance their expansion at low-interest rates. Various tax incentives, financing schemes, and cash grants also encourage businesses, even more, to set up their entities in the country.
An efficient and open tax system
Singapore is one of the most open and honest tax policies in South Asia. Under its government policy, dividends and corporate capital gains are not taxed. Tax exemptions and financial incentives make Singapore the most sought-after destination in the Asia Pacific region for companies seeking to enter the Asian market.
Together with the single-enterprise-level income tax system, the government has signed more than 21 free trade agreements and 76 comprehensive avoidance of multiple tax treaties that facilitate smooth cross-border business. Additionally, for the first three years of business operations, these new start-ups receive considerable tax advantages that could help to reduce their tax liabilities. As a result, any business that wants to register a company in Singapore will easily acquire capital or finance with low-interest rates.
Stable government and economy
The government of Singapore put forward a stable, transparent, and orderly government. A vision to take the nation on a progressive path has led Singapore to become a business and innovative center. Their political system is also efficient, where every law, policy, and regulation is framed with a rational and pro-business approach.
It is safe to say that Singapore is the safest political environment in all of Asia. Starting an offshore company in Singapore gives investors and entrepreneurs a great deal of protection and a sense of security. Its judicial system lets entrepreneurs and investors be free to perform their commercial activities without worrying about administrative delays. On top of that Singapore has low crime rates due to its reliance on effective law enforcement. Therefore their people are given a strong sense of personal safety.
Adequate Infrastructure with high-end technology
The government of Singapore always pays attention to its infrastructure and transportation system. This way the government has developed world-class infrastructure with excellent road transport systems and communication facilities. They have made significant investments in order to achieve a world-class infrastructure system within their country. This establishment makes Singapore very easy to travel too. The people who live or stay in Singapore can easily get around without trouble.
This is also one of the reasons why Singapore is becoming an ideal country to establish a business. Because it helps the company, the staff, and everything related to the business run more comfortably and efficiently.
Access to high skill levels of human resource
Last but not least is regarding its human resources. Singapore is also known for its excellent education system. It is also the reason why so many students from neighbouring countries choose Singapore to continue their studies.
This made Singapore home to lots of skilled human resources. It definitely helps make it easy for the company to hire reliable employees to help run their business.
With its friendly business environment, world-class infrastructure, and one of the best tax frameworks in the world, Singapore is the best place for any investor to increase their business and their presence in Asia.