March 3, 2024

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Business The Solution

The Journey of Singapore To Become The Most Sought After City To Incorporate a Business

Why Singapore is a Great place to incorporate a company?

-> Singapore offers unmatched penetrating options to earn recognition and reputation in international markets with its strong economic fundamentals and pro-business foundation.

-> Singapore is said to have the lowest corporate income tax rates (17%) compared to other business-friendly cities.

-> Along with it, Singapore also offers unbeatable tax rebates, benefits, and business incentives, thereby ensuring Singapore-based foreign businesses have to spend less on taxes and invest more in businesses to do better.

-> Singapore is a small island nation, reaching out to almost all Asian markets is easier and cheaper. Located at the center of ASEAN (Association of South-East Asian Nations) and developed network and connectivity via road, sea and air, it takes not more than seven hours to reach out to the huge ASEAN population from any port in Singapore. According to Leading Maritime Center, Singapore has one of the busiest ports in worlds.

-> Singapore, apart from having its own culture has accepted and nurtured cultures of different nations and races. Singapore for sure is a destination where East meets West in a true as well as in a luxurious manner.

-> Singapore apart from offering a favorable business environment also provides flexible immigration policies, skilled and hardworking workforce, high-tech & State of the art infrastructure, Subtle but high quality of living, an efficient legal system and finally Singapore have a stable and supportive government.

Summary: Over the years, Singapore has been successful in the development of business-focused environment. In addition, Singapore aims to offer equal and easy opportunities to every business minded person for transforming their ideas into profit making venture with a relative ease. It needs almost 1-2 days to incorporate a company in Singapore. Incorporation firms like SBS consulting and various governing bodies are always helpful and supportive in every aspect of Singapore Company Incorporation.

Awards and Rewards Earned by Singapore Praising Its Pro-Business Environment

-> According to the World Economic Forum’s Global Competitiveness Report 2014-2015, for the fourth consecutive year Singapore maintains its overall 2nd Rank. Out of 12 pillars based on which this ranking is offered, Singapore is the only country that has appeared in top 3 positions in almost seven pillars. Topping goods market efficiency pillar and places, and claiming 2nd position in labor market efficiency and financial market development pillars, Singapore is ranked after Honk Kong SAR in delivering world-class infrastructure having excellent roads, ports and air transport facilities.

-> According to the Political and Economical Risk Consultancy’s Asian Risk Report 2010, Singapore is ranked 2nd for having the most stable government and well developed national institutions staffed by professionals to operate legally and without any kind of political interference.

-> According to Human Resources and Relocation Consultancy ECA International’s latest MyExpatriate Market Pay Survey, Singapore is the sixth most expensive city in Asia for employing expats. On an average, the overall package for the middle management costs around US$257,000 per annum. Remember the expat package is all inclusive of cash salary, taxes, and benefits. The taxes and benefits typically consist of accommodation, international schools, utilities like cars, etc.

-> According to the Mercer Human Resource Consulting Survey conducted in 2014, Singapore is ranked as the second most expensive city in the Asia Pacific region after Hong Kong. Additionally, Mercer survey 2014 also claims that it is also the city offering highest quality of living in the Asia Pacific region.

-> The IMD World Competitiveness Yearbook 2014 ranked Singapore 3rd for its overall competitiveness. Remember a country cannot climb a competitiveness index based on some magic recipe; in fact, much is dependent on its local context. Exports, business efficiency, innovation and strong government policies to motivate the economy and business environment has helped Singapore in improving its international image and subsequently bagging third position amongst 60 powerful economies of the world.

-> According to the Heritage Foundation’s Index of Economic Freedom, Singapore’s economic score for the year 2014 is 89.4 (same as it was in 2013) makes it the country with a 2nd freest economy indexed for year 2015. Management in the government spending has increased, monetary freedom and labor freedom is unchanged, whereas freedom from corruption is slightly declining. The topper Hong Kong is ahead by only 0.2 points, however, claiming a second position amongst 42 countries in Asia Pacific economies is sure, news to celebrate.