It’s not news any longer that Singapore is one of the best places in the world to start a business, thanks to the diversity, technological improvements, infrastructure, government grants, and ease of acquiring SME business loans.
In this article, we’ll check out some of the many reasons why entrepreneurs should choose Singapore.
Stable connectivity and strategic location. As the home of the world’s top companies across diverse industries, partly because of its location in the heart of South-East Asia and nearness to emerging markets of China and India. Changi International Airport is serving over 80 international airlines connected to 330 cities.
Moreover, Singapore’s seaport infrastructure was ranked as the best in Asia for the past couple of decades. The container ports are some of the busiest in the world that offers 200 shipping lines with links to around 600 ports in more than 120 countries.
Startup-business friendly. Singapore has a consistent stint in the World Bank’s Ease of Doing Business report, thanks to its hassle-free business setup processes. More than 126 commercial banks are hosted in the country, with many headquartered here.
Singapore’s government has played its part in pushing the nation towards a thriving startup ecosystem. One of its initiatives is Startup SG, a kick-starter for entrepreneurs by providing them with a platform to access business initiatives and connect to the global entrepreneurial network.
The platform of Startup SG has six different pillars. Start SG Founder – focused on providing valuable mentoring to first-time entrepreneurs; Start SG Tech – focused on early-stage funding for commercializing a tech idea; Startup SG Equity – focused on catalyzes equity investment for startups; Startup SG Accelerator – focused on enhancing capabilities of accelerators or incubators; Startup SG Talent – focused on guiding entrepreneurs on how to attract and retain promising global talent as part of their team, and Startup SG Loan focused on connecting startups to much-needed financing.
Attractive tax frameworks and trade agreements. Singapore signed over 21 free trade agreements with 27 economies and 76 avoidance of double tax agreements. These agreements facilitate trading and business across borders and are focused on minimizing tax barriers to the investment,flows of trade, technical know-how, and expertise. Combined with the absence of capital gains and dividends tax, and lower withholding taxes, make Singapore an attractive destination to incorporate a company.
Highlyskilled local talent. Singapore enjoys a high rank for labor force for productivity and general overall attitude. The workforce is highly motivated thanks to effective company policies, a conducive working environment, and good living conditions.
The skilled labor pools in the region aredue toworld-renowned education policies, training programs, and efficient immigration policies.
Singapore enjoys better working conditions and higher productivity ratesin terms of employer-employee relations, thanks to open communication channels and camaraderie between employee and employer.
End Note
The discussions above are just a glimpse of the quality of life, trade economics, commerce, and investment scenarios in Singapore. If you have a startup, it will be wise to invest in Singapore. No company is ever too small to get a sme business loan. If you already operate a business, getting a loan for upgrade or expansion can improve your offers or provide the boost your business needs. Having extra funds can go a long wayto make your business adapt and expand.