The whole of business world is starting to discover how Singapore is beginning to be the world leader in finance and business. For a country that offers the best quality of living, businessmen have moved to Singapore where the most comfortable, safest and stable lifestyle can be witnessed. Aside from its distinguished lifestyle and culture, Singapore has a lot to offer to the international business community. The most salient reasons why this country is just the perfect place to setup a business consist of:
- Its convenience of doing business being rated as the number one by World Bank
- Third richest nation in the world according to Forbes
- Frontrunner in globalization
- Most politically-stable country in Asia
- Has the number one rating in terms of workforce
- Has the number one rating in the Asia in terms of quality of life
- Lesser taxes for corporate businesses; not exceeding 8.5% for profits of $300,000 and 17% exact for amounts exceeding the 300k threshold.
- No taxes for dividends paid out and for capital gains
- No estate, death or inheritance taxes
- Individual taxes ranges from 0% to 20% when exceeding $320,000
Many more expatriates comment how a small town can feel as much as a big city with the most amazing quality of living, along with the convenience of setting up businesses. If you want to know what makes Singapore a growing hub for businesses, here are those factors:
Location
Singapore is located at the center of Southeast Asia which makes it possible for the business to gain easy access to billions of people. The country’s port is also a busy place, having been classified as a leading Maritime Center. Its airport, Changi Airport, boasts its world-class competence, service and efficiency, making it the best airport in the world.
Pro-Business Environment
Singapore attracts foreign investments and entrepreneurs all-year round. It is very easy to setup a business and earn high returns for doing on. Incorporating a business in Singapore only takes 1-2 days contrary to Western nations and the government even helps along the way with its comprehensive Immigration policies.
Tax System
Taxes is one of the main consideration for any entrepreneur who likes to set up a business in any part of the world. Fortunately, doing business in Singapore comes with low corporate and personal tax rates. Singapore shifted its ways of making the economy more competitive by lessening income taxes.
Intellectual Property Protection
With its very tough and strict copyright laws, Singapore has been the center for businesses who want to effectively manage their IP assets. Copyright infringement is not tolerated by country. Registering a company’s trademark in Singapore also comes with global registration as Singapore being the signatory.
Stable Government
A supportive and stable political infrastructure is evident in the country. More particularly, the government of Singapore enacts laws that are pro-business in nature whose vision is making the nation a leader of industrialization.
Quality of Life
Along with the highly-educated and professional workforce in the country, more and more people are deciding to move in to Singapore with their family.