Singapore is indeed a beautiful country with people and the environment being a mix of new and old cultures, making it one of the perfect Reasons to Visit Singapore. As it is positioned in a special geographic place with prominence in Southeast Asia, it has a significant role to play in international trade. According to a report by the World Bank; Singapore is ranked as the best city in the world for business start ups. Are you one of those enthusiastic individuals who is looking towards starting a business in Singapore? If yes, then read further to gain more knowledge and information on the same.
Reasons for Singapore being a Good Place to Start a Business
Other than the varied Reasons to Visit Singapore, one major reason is the aspect of being an inviting country for new business start ups. A nation has to have an ideal economic climate along with favorable government policies that regulate businesses. Singapore offers this kind of an ideal business climate. In fact, it takes less than just 10 minutes to register your business start up online. Thus, Singapore in terms of setting up a business is an easy country. ‘Ease of doing business index’ (EDBI) is the ranking system used to measure the viability of any country for business start ups. Undeniably Singapore has the highest EDBI.
The strategic location of Singapore is yet another reason to visit Singapore. As it is situated in a convenient location in Southeast Asia; it makes your business to access a market of 2.8 billion people. Great scope of business expansion is possible if you start a business in Singapore.
Pro Business Government
The Singapore government is known to set up business regulations with a rational approach. Thus upright government and a strong economical background make Singapore an ideal place to set up your business. The fact that it is a stable country ensures the growth of your business.
Reasons to Start up Business in Singapore
Singapore is ranked as the number one country in the world by the World Bank in terms of doing business. It is believed to be the third wealthiest nations in the world. It is also ranked third in terms of the globalized economy as well. It is the most stable country in terms of its government. It has the best labor force in the world. The absence of dividend or capital gain taxes in Singapore makes it an ideal place for a business venture. Lack of inheritance tax, death tax and estate tax in Singapore is also a reason that makes Singapore a good place to set up your business.
Singapore’s airport is believed to be very modern and efficient that in fact serves over 20 million passengers approximately in a year. This aspect has gained its airport the rank of “Best Airport in the World” for unbeatable 20 years.
The country has the best tax rate, which is lowest in the world. The tax rate reaches a maximum of 20% for income over $320K. For profits over $300,000 corporate tax rate is just 17%. The VAT rate of Singapore is the lowest in the world which is 7%.
Singapore has a very flexible and open Immigration policy that makes relocation of other nationals wishing to start up business in Singapore very easy.
The presence of a very strong trademark, copyright and patent laws in Singapore has made it a much sort after center for business that wishes to have its Intellectual Property (IP) protected.
With these important aspects to one’s advantage, Singapore is certainly touted to be one of the best locales for business start ups. Now you have several Reasons to Visit Singapore – isn’t it?