Why Singapore Is A Great Place to Start Your Business (2017 Update)

Great Place to Start Your Business
Great Place to Start Your Business

In the World Bank’s Business 2016 report, out of the 189 countries they looked at in their yearly study, Singapore is thought of as the world’s best business community.



Simplicity of Starting Up & Access to Capital


Comparing to other cities which are thought of as business hubs, it is far less demanding and faster to start a company here. As the entire procedure takes only one day to finish given that all the necessities are taken care of and the application is properly submitted. A simple online portal guides you through the process and makes it even more simple and convenient.


It has often been bragged that it takes less takes less than 2.5 days on average to start a business, and various government bodies such as the international Enterprise work grow overseas trade.


Access to capital is also brilliant, as there are over 120 commercial banks operating here, each with their own financing options and most of which also operate in the key trading partners, such as USA, China, Malaysia, and Thailand.


For entrepreneurs looking to jump start their businesses through Debt financing such as loans,  short term loans, or overdrafts are easily available to entrepreneurs.


Excellent Legal System and Personal Security


Singapore stands out in Asia with its stable political system, which gives business, entrepreneurs, and investors a peace of mind. Its legal framework is one of the best and most effective in Asia. It has very strong copyright laws, and in addition, businesses can file for a Global Trademark Registration as Singapore is a signatory to major IP conventions and treaties.


Business Friendly Environment


Singapore’s business condition has been perceived by an extensive rundown of awards and worldwide rankings. For example, World Bank’s Doing Business Report, the World Economic Forum’s Global Competitiveness Report and Global Information Technology Report and Economist Intelligence Unit’s Country Forecasts Report.

Singapore’s business environment has been recognized by a wide number of awards and worldwide rankings which are too numerous to even list down. Many multinational companies have located their Asia Pacific headquarters here.


Location & Network of Trade Agreements


Singapore is home to some of the world’s top players in many different industries. To a large degree because of its location in the heart of Southeast Asia and access to developing markets. Through Singapore you can easily access other countries all across Asia.


Since the signing of the FTA (Free Trade Agreement) under the ASEAN Free Trade Area (AFTA) in 1993, Singapore’s of FTAs now includes 21 multinational and provincial FTAs and 41 investment Guarantee Agreements, and more FTAs are in the process of being pushed out


These agreements make it easier and less expensive for Singaporean firms to expand their operations to other countries.


Extensive Air Connectivity


Singapore encourages trade and commerce through its vast air travel system and coordination framework


The Singapore Changi International Airport holds more than 100 aircrafts traveling to nearly 320 cities in around 80 nations and regions around the world. Every week, around 6,800 flights take off and land in Changi, with more than 55.4 million travellers going through the air terminal a year. It is also home to many transport and logistics firms, such as UPS and FedEx.


Extensive Intellectual Property Protection

Intellectual property is taken extremely seriously in Singapore, and it is actually illegal to infringe copyrighted assets wilfully. Because of this, it has become one of the major hub for businesses. Especially for those which are trying to manage their IP assets.


In addition to registering your trademark in Singapore, you can also file for a global trademark registration. The country sign  major IP treaties and conventions, such as the Berne convention and the Patent Cooperation Treaty,


As per the World Economic Forum’s Global Competitiveness Report 2015 – 2016, Singapore offers the best IP insurance, models and incentives in Asia. Plus it comes in at a close second globally, behind Finland and Luxembourg, which are tied for the lead position.


Tax System


Whether you’re opening or already running a flourishing business, taxes are probably at the top of your key concerns when regularly operating the business, and Singapore has some of the lowest personal and corporate taxes of any country on Earth as one of its advantages.


The personal taxes are a single-tier system which goes from 0% to 20% for incomes above $320,000. While the effective corporate tax for private companies below 300,000 is 9%. Anything above this figure is tax at a flat rate of 17%.


Furthermore, if you do choose to incorporate your company in Singapore, then you will get your first $200,000 tax free. This is subject to certain conditions at which point it is a “zero tax jurisdiction.”


All income that is tax at the corporate levels can have its dividends distributed to shareholders completely tax free. In addition, capital gains are not tax.


Finally, if all the above wasn’t already enticing enough, the Singaporean government adopted a broad based consumption tax known as the Goods and Service Tax (GST). Which is the lowest in the world at only 7%, ranking half of the global average. In addition, it is also 3.5% lower than that of the Asia Pacific region.


Quality of Life


If you open your business in Singapore, then you will be spending a long time here. And if you’re doing that, then you will want to bring your family along with you. You’ll be glad to find out that Singapore has one of the highest standards of living on Earth.


Singapore is an extremely clean city, with a clean safety record and a great justice system. You will have access to quality healthcare, an amazing transportation system, whether you’re traversing through the cities or flying to other nations.

Your children’s will learn in one of the best education systems. The education system is design from the ground up to create a strong and professional workforce. It is so good that many different countries have used it as a basis for their own systems.

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