Singapore has been listed as the best country in the world for doing business. Forbes ranks Singapore as the third wealthiest country in the world based on its per capita GDP. It has developed a successful free market economy which in return creates high foreign investments. Other factors that contribute to starting your business in Singapore include: an attractive tax system, ease of incorporation and operation, support for startups, and its geographic location.
Truly, Singapore is entrepreneur friendly with great companies to accommodate your business. From my understanding, many entrepreneurs hesitate to start their business in Asian countries due to corruption, safety, and reliability. Singapore is very cautious on this matter, and the government does punish wrong doers for any unethical business practices. One can be rest assured that their business is protected by the government. Within the first three years of tax income, non-resident organizations are free from taxes. The inflation is also relatively low.
In terms of when to start your business in Singapore, it depends on a few factors. One, what your business is and your reason for expanding it to the Singapore market. Two, the research you put for achieving a certain percent of the market share. Wheatear your business calls for demand in the region. Three, where does your company lie in terms of competition. Does your company have a competitive advantage in the market.
Notice that these are just the basic questions to ask yourself before incorporating to Singapore. Many other factors contribute as well. The important part is how you will incorporate your business into a disruptive organization in the market. The Singapore market is always looking for something new, and innovate.
Singapore sits great given its geographic location. Its located at the southern part of the Malay Peninsula. The business aspect itself attracts many foreigners. Likewise, with a tropical climate and multicultural population, it really makes a perfect getaway when on a business trip. Singapore is an evergreen city with great infrastructure. The city really promotes going green and practices ethical technologies. Singapore is the cleanest and richest Asian country.
The city has excellent transportation, and hospitality services with high ratings on hotels and restaurants. The MRT stations makes it easy to travel around with less time wasted in traffic. Healthcare is a major concern for many expiates. The good news is that healthcare is relatively inexpensive. Also, the healthcare facilities are of great quality.
Singapore has the world’s busiest ports. With the Changi Airport ranking top for a number of consecutive years. This means more people traveling to and from the city which results, more market growth. The city relies on international trade to boost its economy. Its depends on IT, pharmaceuticals and electronics to leverage the market.
Working in Singapore is hassle free with flexible hours. A strong workforce makes an organization successful. Luckily, the city has many talented and skilled employees. Therefore, unemployment rates are relatively low compared to other emerging countries. Singapore is a very successful country behind Switzerland and Sweden. From all this, is the Singapore market on your list? If yes, then why waste any more time. Be prepared and incorporate your business today.
