8 Astonishing Reasons Why Singapore Is Better For Your Business Expansion
by Arina Smith Business Planning 19 June 2018
Business opportunities open up depending on several factors. Each business has its own story of its journey to glory, as no temple can be built in a day. Success isn’t poisonous; therefore, you should never be afraid of having a successful business. The business environment in Singapore has grown against all odds. Most business owners are contemplating how they can get a share of the market. You may never know the story before the glory. The measures put in place so that Singapore could achieve the demanding status it has right now is a story no one cares about. However, the market is very ripe for investment in Singapore. Creating brand awareness among the consumers may be your major challenge. Then again, if you have a business and want to challenge yourself out of the comfort zone, it’s always advisable to try a new market.
That doesn’t warrant you walking into the market blindly. Do your research properly, and you will be making a statement sooner than later. Assess yourself and have your analytics team give you real figures so that you get to know what you are working with. If you settle for Singapore as your next market investment, it will be beneficial to understand their registration methods and their Company’s Act. This will enlighten you on whether you qualify or not. Get to understand the tax mechanism in the region and evaluate yourself; can you handle the tax bracket your business is in? If you meet or even exceed all requirements, then you can start the procedure.
1. Ratings and reviews:
According to the world bank, in 2017, Singapore was rated as a high-income economy. This is translated to GNI(gross national income) of $52,600 per capita. It’s the best place to do your business and still enjoy government support. It’s also among the top wealthiest countries in the world according to Forbes. It still enjoys the globalized economy. Wouldn’t you want to have your business situated in such a state? It is also rated among the most stable countries in the world. Political stability will have you enjoying good governance, and still making good revenue. From its quality life to the labor force, it will intrigue you how well your business will thrive. With this rating, you can be sure that the economy of Singapore is good.
You will agree that tax determines where your business can thrive. Every country has its own tax regulations. Tax can also be the reason why you set up your business in some parts of the world and not others. Singapore Company Incorporation has a very accommodating tax plan for your business. If your business is a corporation, then you will enjoy this tax regulation. There is no tax charged on dividends. This is a plus, and a reason to venture into corporate business. Unlike in other states where you get to pay inheritance tax, Singapore is very clear on this; there is no tax.
The location is very convenient for everyone. Asia has a very high population; this makes it easier for your business to prosper because of the demand it’s going to experience. It has open doors through the sea. It owns a port that is very busy. It also has an airport that facilitates transportation for both you and your goods, and that opens you up to the rest of the world. This will always ensure your business is accessible by any means. You have land, air and water transport all available to allow easy movement. Therefore, your service will reach the Asian market over time.
The mood is always business-oriented. Wouldn’t you like to benefit from such a 24-hour economy system? The environment has the capability of enticing foreign investors and has wide room for new entrepreneurs. It takes a short time to register your business; probably less than 2 days. Other countries take longer especially if you are a foreigner. The government offers support and encouragement as you process your documents. Your company will be easily incorporated and will be up and running in no time.
With such a serene environment and lifestyle, you may be considering to move to Singapore and manage your company. You should not worry as the government offers you work Visas that will enable you to establish yourself as your business is running. The government makes sure such personal needs are met in due time. With a working and helpful government, the rules around immigration are so accommodating. This will encourage more people to become permanent residents. You will have time to apply for permanent residence, and you will also be granted more easily than in any other state.
The country has rules that help in managing intellectual property. Singapore is the place to secure all your IP assets. They have copyright laws that are very stringent, thus protecting your products. You would not like a place where there is no reproduction of your original products.
The government has made all this possible because of its transparency. It doesn’t tolerate corruption. The fact that it helps you set up and incorporate a business within 72 hours, makes it one of the best governance systems around the globe. Their constitution applies to everyone. There are no biases. The law is obeyed and adhered to. Their governance system is centralized and stable. Unity is a key factor for a country that has different people. The government encourages harmony in diversity.
8. Availability of labor:
Their workforce is just as amazing as it is very productive. In a business, an increase in productivity is an increase in revenue; the ratios are always proportional. The day you notice the ratios aren’t adding up, then it means something is wrong. Professionalism is always an addition to any organization or employer. With an educated and qualified workforce, you will be sure of success. They work smart and hard at the same time; such enthusiasm will definitely bring you higher revenue.