Fair and Just Process
Singapore is one of the safest places to do business. Corruption remains consistently low and the country’s foreign relations with other countries in terms of business and taxation is almost unmatched. Everything from startups to major headquarters thrive in this business atmosphere and feel secure in their investments and that they are treated equally.
In this amazing city-state, it does not matter whether you are public or private sector. Every individual is held accountable to the same standards of doing business. This also applies to wealth and citizen status. The Singaporean government remains fair in the way they treat individuals from accepting cases to convictions. Here, businesses know that if they report a problem, the government will review the case and handle it accordingly. In 2016, the conviction rate for bribes and other unethical business activity was 100% in Singapore, and it continues to have a successful and consistent conviction rate of 97% and above. This clean and ethical way of doing business has been a critical point for Singapore throughout their history. This has done wonders for their economy as it makes entrepreneurs and major investors feel free to start businesses and trust that it will be a fair and equal process.
Robust Foreign Policy
Singapore has over 50 agreements with other countries to ensure no double taxation. International double taxation is being taxed by two or more jurisdictions on the same income. This is another reason many entrepreneurs see it as the perfect place to do business. The country has a huge trade-dependent economy due to lack of resources. This means it heavily relies on its foreign relations. Singapore has managed to remain a neutral country on the International stage that it is one of the few countries in the world that has free trade agreements with both the United States of America and China simultaneously.
The country also has very liberal immigration laws. Almost half of the companies formed in Singapore are 100% held by foreign investors. The Ministry of Manpower, in charge of work visas and workforce regulations, has done an excellent job of integrating foreign workers. It is relatively easy to obtain foreign visas and even to incorporate a business under one. Singapore has many programs, services, and companies that specifically help foreigners through the incorporation process. The country is known as having one of the most pro-business governments in the world.
Corruption and foreign policy are essential factors for startups along with immigration policies. With Singapore always being in at least the top five globally for an incorruptible government, companies feel safe in their business ventures. No one would want to start a business in countries whereby individuals could easily bribe or overrule standings or contracts. Singapore foreign policy, as far as international double taxation is concerned, is also incredible for businesses and trade worldwide. It is reassuring for businesses to know that other countries recognize the power of trade and income that flows through Singapore and why it is important to provide incentives to encourage growth rather than penalizing through taxes. The liberal stance on immigration for work is also a huge benefit to startups and future business, although there has been some recent slight curtailment to the immigration policy. This liberal mindset has allowed many foreigners to succeed and thrive in the economy and add great value and prosperity to Singapore.
