There are plenty of positive reasons why you should consider incorporating a company in Singapore. A flexible tax system, a unique infrastructure, and minimal bureaucracy, all make this beautiful and prestigious nation a pleasant place to establish a business. Sir Raffles Stamford’s founding of Singapore coupled with the subsequent transfer of power to the East India Company in the nineteenth century made Singapore the center of entrepot trade. The deep, natural harbor and strategic location allowed business to thrive between the west and the east. Currently, in this era of technological advancements that have turned the entire globe into a smaller place, Singapore’s importance to the business world is only projected to remain stable.
While the country is still a vital point of transhipment in global sea lanes, aided vastly by its high-end container terminals and the emerging Tuas Megaport, Singapore currently boasts of lots of achievements which make it the preferred location among global entrepreneurs. Singapore’s highly-advanced transport network makes it easy and ideal for freight movement. This is a huge advantage to the importers of goods, and also has spin-off effects among the other downstream players, leading to benefits for various companies in processing, distribution, reprocessing, retail, resale as well as service providers that serve these companies. It is crucial to note that an efficient transport network creates an ample value chain which enables businesses to expand as a whole.
The government of Singapore’s emphasis on quality education is well-known around the globe. Having realized earlier enough that the nation lacked adequate natural resources, the country’s leaders made a wise decision to make education a priority, while expanding the manufacturing industry sector. Currently, the industries that produce goods of little value have paved the way for high-tech industries, while a knowledge-based economy has replaced trades that are labor-intensive. Moreover, the highly-skilled workforce continues to add immense value to the Singapore’s economy. Highly-educated professionals have transformed Singapore into a center of world-class pharmaceutical and biotechnological research. This is evident in the many Research and Development facilities that are available in the country. High-quality institutions across various domains have been built, a testament to the relevance that the government has placed on the high-value industries. Most professionals have contributed their experience and expertise towards transforming Singapore into a global center for finance, not far behind New York and London. Singapore’s position in the world financial market is upheld by the robust monetary and the government’s fiscal policies.
It is not by chance that most global companies opt to make Singapore their Pacific/Asia headquarters. Even though the country has a relatively small population, its proximity to the ASEAN coupled with its pro-business environment makes it an enticing base from which to springboard into the area. Setting up a company in Singapore is easy and straightforward, and often does not take more than a few days. Additionally, smaller firms can take advantage of the numerous grants provided by the government, and give themselves a perfect start. The tax incentives plus the low corporate tax rates make the deal even more appealing, and this makes Singapore welcoming to foreign investors. It is crucial to note that the Economic Development Board has been helpful in particular, aiding foreign firms to settle and grow in Singapore.
The large developing economies of Indochina and the other nations in the region offer a wealth of potential for businesses which are seeking for low-cost material and labor, as well as the untapped market for their services and products. The geographic location of Singapore at the crossroads of Asia makes it the ultimate base from which companies can direct their regional operations. The stable Singapore dollar, the excellent connectivity with regional capitals together with Singapore’s healthy relations with the neighboring nations, function holistically to enhance the confidence of companies in conducting business in the country. A banking system which is transparent is a great attraction for business owners, who feel secure and assured that their money is safe.
Typically, a political system that is stable often results in a stable economy, which consequently attracts companies. The last thing which businesses want to see is an ever changing government policies which might potentially affect both foreign and direct investment, which may fend off foreign companies, as well as local firms which can find it hard to work and grow with the foreign companies. A stable government additionally offers its citizens and businesses located within its jurisdiction with physical security. In fact, this is very critical now than ever, bearing in mind that there is serious security related problems in other parts of the globe. A safe place to conduct business is undoubtedly a boon for firms aiming to bring their investment overseas.
In the last few years, Singapore has made tremendous efforts so as to become the best and attractive place to conduct business in. A healthy business environment results in an efficient and a conducive ecosystem which adds incredible value to businesses, enabling them to develop, establish and prosper in the end.