Singapore is one of the world’s most profitable locations for investors and business owners wishing to expand their brands globally. The city-state provides:
- A business-friendly regulatory environment.
- A highly skilled local workforce.
- The enforcement of intellectual property rights.
Singapore’s GDP growth has been among the greatest in the world, with an average of 7.7%. Thanks to these and numerous additional variables. Singapore has earned an identity as one of the “Four Little Dragons of Asia” due to its strong economic performance, appealing tax structure, and simplicity of incorporation and operation.
Here are some reasons why most entrepreneurs start their businesses in Singapore:
Strategic setting – Singapore is tucked away in the center of South-East Asia, adjacent to rising markets such as Indonesia and economic superpowers like China and Japan. Changi International Airport, located in the city-capital state’s Changi, is a hub for more than 80 international airlines and connects to more than 330 places worldwide. Travelers may easily and swiftly visit most Asia-Pacific destinations in a few hours, and the airline industry serves about 20 million people annually.
Along with 200 or more shipping lines, Singapore’s maritime infrastructure connects 600 ports in 123 other countries. The Port of Singapore, one of the biggest container ports in the world, sees 20% of global transshipment trade (or 1.15 billion gross tonnes) transit through its docks each year.
Advanced infrastructure – Anyone who has been to Singapore can attest to the city-incredible state’s infrastructure. It comprises office complexes, an internet network, an airport, a road network, a subway, and public parks. Additionally, Singapore’s technical infrastructure and business agility have seen notable improvements. The availability of finance and support for the regulation of technology development has steadily improved in this area, which serves as a regional digital hub.
Thriving economy – Trade, industry, and finance contribute to Singapore’s well-established free-market economy. The city-state of Singapore has a meager unemployment rate and low inflation because of the services sector, which makes up about 80% of its GDP. Despite the country’s small domestic market, Singapore’s economy is thought to be among the most stable in the world. Singapore has a high government revenue, no foreign debt, and a persistent positive surplus thanks mainly to exports of the manufacturing of machinery and electronics as well as financial services.
Assisting new businesses – The Singaporean government offers domestic and foreign companies grants, funding, and subsidies. It consists of programs such as Startup SG Tech, Enterprise Development Grants, and Innovation, R&D, and Capability Development, which lower labor costs and expand the range of corporate operations.
Simple and quick inclusion – As long as you have at least one shareholder, one director, one local company secretary, and a minimum share capital of $1, Singapore is one of the marketplaces with the least amount of red tape in the world. Singapore’s Accounting and Corporate Regulatory Authority, which is fully automated, typically takes less than three days to incorporate a business (subject to compliance approval) (ACRA).
We can use three steps to describe the procedure for starting a new business in Singapore:
- Selection of a business entity.
- Creating a company that includes a Company Constitution and signed Consent to Act as Director and Company Secretary.
- Opening a corporate bank account Singapore.
