The State of Singapore’s Current Economy and Reasons Why Singapore is the Current Global Business Magnet

Three millenniums ago, business people moved to London to invest. A couple of millenniums ago, smart people moved to New York City due to the business friendliness of the place at that particular time. In the year 2007, Asia took over a millennium down the line. Today, Singapore is the place where the wisest business people are heading to, for incorporation of a private limited company. Singapore has not waited for a millennium to take over the world’s business. A century ago, Singapore was actually a swamp inhabited by half a million individuals. Today, this is the country with the greatest reservation of foreign currency per capita of any country around the globe.

Singapore has got the best health care in the world, and the best education around the globe. In the coming year, Singapore will celebrate 10 decades of modern existence. It has had 50 years of political stability and this has led to numerous economic milestones. This is alongside economic fundamentals like infrastructure, labor policies and legislations, and city-state’s business environment, achieving many accolades within the years. The most notable one is the recognition by World’s Bank as the best country around the globe to do business. This honor has been given to Singapore for seven years now in a row.

Singapore is popular for being one of the busiest ports around the globe. It is a leading oil distribution and refining center, a vibrant financial hub and a manufacturing hub for electronic components in Asia. The world is making entry into a new era and Singapore has not been left behind. This nation is upgrading investments in growth industries that are new including digital and interactive media, green and clean technology and biomedical sciences. Multilateral organizations among them World Bank has ranked Singapore as one of the best and easiest places to invest in, time and again.

The nation’s current entrepreneurial landscape strengths include a vibrant venture capitalist market, ease of starting a business and a pro-business government. There are factors that have made Singapore attractive in business operation for both foreign and local entrepreneurs. This is the reason why you should not be left behind. If you are looking for a place where you can register or extend your services to the world, Singapore is the current global business magnet. Below are some of the compelling reasons to invest and incorporate your company in Singapore.

Attractive Tax System

The tax system of this nation is most rational and the simplest. When it comes to capital gains and dividends from a business, there are no taxes levied. By so doing, this country becomes attractive to entrepreneurs to incorporate or start a business. Double taxation is something that is avoided at all costs in Singapore.

No Currency Controls and 100% Foreign Ownership

In this country, foreigners are allowed to own their entire stock without the need to partner with local shareholders. This ensures that you operate your business with the capital structure type of your desire. You can also distribute the company’s ownership as per your investment needs.

Flexible Immigration Policies

Singapore features an open immigration policy which facilitates the foreign nationals relocation. Therefore, if you need to relocate to Singapore as an entrepreneur or you need to hire foreign professionals, your needs are anticipated by the government. There is also Singapore work visas provision to enhance the entry of foreigners to the country for working purposes.

Productive Workforce

One thing that is obvious about Singapore is its excellent education system. Students from Singapore receive high scores on global comparative standards and they end up working in the country. Similar excellence is, therefore, reflected in the workplaces. This great country has a reputation of having hardworking, productive, highly educated and rule-following citizens.

Geographic Location

Singapore is located in central part of Southeast Asia. This makes it a metaphorical and physical gateway to the 3 billion people on the continent. Considering the most important economies around the globe like Malaysia, Australia, China, and India, you will only take a short plane ride to get there.

Other Important Factors that make Singapore Business Friendly Include;

  • Improved infrastructure
  • No corruption
  • Professional image
  • English speaking workforce
  • Rule of law
  • Ease of incorporation and operation
  • Robust economy
  • Wage policies
  • Grants for Singapore companies

The above are some of the many reasons that show why you should consider having your business incorporated in Singapore. Incorporation of a private limited company in Singapore is easy for foreigners. There are many factors that encourage foreign investments in this country and some of them are those that are discussed above.