Singapore has always been a nation of immigrants, going as far back as the British colonial period that started in 1819. The founding of colonial Singapore by Sir Stamford Raffles as a free port led to a rapid influx of people around the region and beyond. Seeing Singapore’s possibilities, Arabs, Indians, Chinese, and even Javanese, Bugis, and Japanese came to Singapore to work and trade.
Fast forward today, Singapore is still an attractive and strategic cross road for work and business. People from all over the world are now coming to Singapore, making the country more diverse than ever. Its sea port is still one of the busiest ports in the world, connecting businesses to world markets. In addition, Singapore’s airport connects international air routes to the tiny nation and has been ranked as one of the top airports in the world consistently for many years.
Below is a list of reasons why Singapore is the best place for doing business.
Why should foreign business owners, entrepreneurs, and investors set up businesses and invest in Singapore?
Strategic location: Sitting in the middle of large emerging markets of China, Cambodia, Indonesia, the Philippines, India, Thailand, Vietnam and Malaysia, Singapore is a gateway to Asia as well as the Oceanic nations.
Strong Governance: The government of Singapore has been a stable presence in the country and has been successful in implementing economic reforms since its independence in 1965, constructing fiscal and immigration laws and policies, and executing social and workforce transformations to support its goals. SIngapore has zero tolerance for corruption, thus setting an ideal environment for the economy to prosper.
Established Infrastructure: Singapore’s airport, sea port, technological advancement, availability of complex financial services, and other supporting infrastructure is not only modern and of high quality but it also creates an ecosystem that works.
Robust economy: Singapore has a diverse, free economy; ranging from manufacturing to aviation to technology to services and more.
Extensive trade agreements: A vast majority of imports enter Singapore tariff-free due to Singapore’s open, free economy and Free Trade Agreements (FTAs). Scope of the FTAs are for trading of goods and services and to protect and promote investments. To cope with modernisation, several of such agreements now include Digital Trade Agreements focuses on Innovation and Digitisation.
Favourable tax system: Corporate tax is fixed at 17%, there is no capital gains tax, and no inheritance tax; making it attractive for business owners, entrepreneurs, investors and high net worth individuals with these tax savings.
Talented & Ready Pool of Workforce: The government has been tackling Singapore’s dwindling local workforce due to a combination of ageing population and low birth rate via periodical immigration policy that adapts to current situations. Currently looking to attract top talent globally, especially in focus sectors such as banking and finance, healthcare, and technology, Singapore has a mix of local and international workforce, Singapore has a highly talented and diverse workforce to tap into.
Support for startups: Startups need a lot of support from funding, talented workforce, and mentorship. Singapore is known not just for having a vibrant ecosystem for sourcing capital for startups, but there are various government agencies that help in different ways that come together.
Easy to conduct business: Setting up a company is easy and fast and can be done online, hiring employees is simple, financial help such as capital funding, grants, tax rebates are easily accessible.
Comprehensive Intellectual Property Protection: With the advancement of technology and increase in information, protecting a company’s intellectual property is becoming a priority due to its easy access. Singapore makes sure that businesses are safe and secure in all parts of their operations, thus further enhancing its stand as a business centre.
Financial Hub: Singapore robust financial infrastructure with strict compliance is not only attractive to business owners, entrepreneurs, and investors but it is an ecosystem that involves industries, the government, and the people of Singapore.
Higher Quality of Life: Locals and expats of Singapore report having higher disposable income than regional counterparts. While Singapore has high costs for certain essentials such as real estate and car ownership, daily living costs such as dining, activities, and travel are much lower than most top cities in the USA and Europe. The quality and costs of education, healthcare, and lifestyle has higher value than other top cities globally.
How to set up a company in Singapore for foreigners?
Setting up a company in Singapore from outside the country may get complicated. Immigration@SG (IASG) can help business owners, entrepreneurs, and investors set up their businesses in Singapore with ease, including bank accounts set up and getting a local nominee director on clients’ behalf.
IASG can also advise on immigration needs for clients and their family members to be able to migrate to Singapore upon incorporation of the business via various Work Passes available. With a full end-to-end service and advisory, IASG ensures clients’ satisfaction and ease.