WHY DO BUSINESS IN SINGAPORE?
WHY DO BUSINESS IN SINGAPORE? Singapore is a top world class city to Work, Live, Study and Play. This globally connected, multi-cultural and cosmopolitan citystate offers a conducive environment to numerous industries, including creative and knowledge-driven industries. Singapore is no stranger to success. Part of the reason for this is the ethic of hard work we Singaporeans share and of course the influx of talented professionals from around the world . The conditions that make the country a great place to start a family and settle down have attracted plenty of notice among everyone from around the world. You can find out more about Singapore from www.mysingapore.com Abundant Opportunities Global businesses find it advantageous to site their headquarters in Singapore. Strong trade and investment makes Singapore the most competitive Asian country (Global Competitiveness Report 2008). The World Bank also ranks the Republic as the world’s easiest place to do business (Doing Business 2009 report). By situating their international HQs here, some 6,000 multinational companies benefit from Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements. They also gain from Singapore’s many free trade agreements and the 35 Investment Guarantee Agreements. These FTAs have enable Singapore to establish a network to countries that contribute at least 60% of global GDP. Companies can always rely on protection of their ideas and innovations through Singapore’s rigorous enforcement of its strong intellectual property laws. Singapore is a leading provider of services such as international banking, trade finance, maritime finance, insurance, treasury operations, and asset and wealth management within the region. Singapore is the fourth largest foreign exchange trading centre in the world. Companies based in Singapore can tap the diverse capital markets and cutting-edge financial services from more than 500 local and foreign financial institutions here. In addition, there are over 4,500 companies offering professional services, including audit, accounting and management consulting; market research, advertising and public relations; human capital services; and legal services. Singapore is also fast emerging as an optimal destination for the centralisation of services or “shared services”. Centralising activities such as IT, finance, and logistics, offers benefits such as lower operating costs, consistent service levels and enhanced productivity. ©2013 Enterprise Development Hub, Singapore All Rights Reserved www.edhsingapore.org Here are some reasons why Singapore continues to be the preferred location for businesses to thrive in: Business Legislation and Efficiency: Competitiveness & Business Labour: Environment: Singapore is ranked No. 1 for having the most open economy for international trade and investment. Singapore is the world's easiest place to do business. Singapore has the best business environment in Asia Pacific and worldwide. Singapore is ranked the most competitive country in the world. Singapore is ranked No. 1 for having the most open economy for international trade and investment. Singapore is Asia's most "network ready" country. Singapore is first in the world for having the best protection of intellectual property. Singapore is the least bureaucratic place for doing business in Asia. Singapore is the world's easiest place to do business. Singapore has the best business environment in Asia Pacific and worldwide. Singapore is Asia's most "network ready" country. Singapore maintains top position in BERI's Labour Force Evaluation Measure. Singapore is ranked 7th in the world and 2nd in Asia for having the most motivated workforce. Singapore offers the best skilled labour in Asia Pacific. Singapore's labour regulations are the most business conducive in Asia. Singapore has the best labour/employer relations in Asia. Government: Economic Performance: Expatriate Living: Singapore is ranked 4th in the world and 1st in Asia for having the least corruption in its economy. Singapore is ranked No. 2 worldwide as the city with the best investment potential for 15 consecutive years. Foreign talent rank Singapore as Asia's best country to work in. Singapore is ranked the most transparent country in the world and Asia Singapore is the world leader in foreign trade and investment. Singapore is the first choice for Asian expatriates. Singapore is the best place in Asia to live, work and play. Singapore immigration laws for foreign talent are the least restrictive in Asia. Singapore Best City in the World to live in for Asia Expatriates - ECA International 2007 Asian expatriates have voted Singapore as their preferred destination, according to a location ranking survey of 254 cities, conducted by ECA International. The report said Singapore won the award because of its excellent infrastructure and facilities, coupled with its cosmopolitan makeup, low crime, socio-political stability and favourable climate ©2013 Enterprise Development Hub, Singapore All Rights Reserved www.edhsingapore.org One of the most attractive features of doing business in Singapore. OUTSTANDING TAX SYSTEM Taxes are the top in priority for business owners & a key consideration when setting up your business anywhere in the world. Singapore wets the appetite of entrepreneurs with our low effective personal and corporate tax rates. Personal income tax has a tier system that starts from just 0% and goes up to 20% for income above S$320,000. Similarly, effective corporate tax rate for Singapore private limited companies for profits up to $S300,000 is below 9% and capped at a flat rate of 17% for profits above $S300,000. There are no capital gains taxes in Singapore, which follows a single-tier tax policy; for income that has been taxed at the corporate level, dividends can be distributed to its shareholders tax-free. In an effort to move away from a dependency on income taxes and to make the economy even more competitive, the government has adopted a more broad-based consumption tax called Goods and Services Tax (GST). Singapore maintains one of the world’s lowest GST rates (currently 7%), ranking below the global average VAT/GST rate of 16.4%, and the Asia-Pacific average of 10.5%. Most importantly, they have also included many tax incentives for entrepreneurs to enjoy when doing business in Singapore. For more information about taxes in Singapore, refer to www.iras.gov.sg Other incentives for setting up business in Singapore available at http://www.edb.gov.sg/content/edb/en/why-singapore/ready-to-invest/incentives-for-businesses.html Resource: Nanyang Technical University, Business School Economic Development Board, Singapore Contact [email protected] for more information on how to benefit from EDH Services, doing business from Singapore Hp 8344 2646 / 90149952 ©2013 Enterprise Development Hub, Singapore All Rights Reserved www.edhsingapore.org
© Copyright 2024