Since Singapore is one of the major economies in Asia, it offers a great environment for potential entrepreneurs. This is due to the large domestic market, readily available skilled labor and excellent infrastructure. Many investors are opting to invest for business in Singapore because of the conducive business environment it offers. Here are some of the reasons Singapore should be your first choice when looking for a place to invest.
As a result of its favorable location in southeast Asia, Singapore can easily be accessed through Changi International Airport, which is the country’s main airport and serves many international airlines connecting people to over 300 cities. Moreover, Singapore’s seaport, which is ranked the best in Asia, makes it possible to move products in and out of the country easily. The geographical location of Singapore makes it a convenient place for Asian and European nations to meet to do business.
Favorable Tax Framework
Signed trade agreements with many states enable potential investors to profit easily on their ventures due to the avoidance of double taxation. Lower withholding taxes for non-residents and the abolition of capital gains tax and dividends tax allows business to set up and operate without a struggle. Unlike other countries that overtax non-residents, Singapore offers the most attractive corporate tax rate of 17 percent at the highest. As we speak, the government of Singapore is looking for better taxation methods to attract foreign investors. The experts from https://www.singapore-visa.net, a website that helps foreigners to immigrate to Singapore, can confirm that the number of expats in the state is on the rise.
Safety and Sense of Belonging
Singapore offers the most secure and comfortable political environment in Southeast Asia. Investors are less likely to worry about political violence, which frequently leads to the destruction of property. Furthermore, the provision of world-class healthcare and education makes it an ideal place for one to consider moving with family. Due to its rich and diverse heritage, people from all over the world have moved to Singapore. Therefore, coexistence is encouraged. It is easier to strike a deal in any business in Singapore than in any other country in the region.
Availability of Skilled Workforce
Both locals and foreign workers are available to work in different capacities in your business. Singaporeans are very skilled since the literacy level is especially high. On the other hand, the country allows skilled workers from different parts of the world to seek employment in Singapore. The government has different work visas that apply to foreigners depending on how they qualify. People have to confirm which category they fall under before submitting an application. Better still, one is allowed to bring family members as employees.
Singapore is a developed state that enjoys fast internet. High-speed internet is widely available and facilitates business in an excellent way. Most businesses today cannot thrive without technology, and the internet is the main driver of this technology. In fact, the country offers internet at very affordable rates that are reasonable even for small-scale entrepreneurs. With these benefits in mind, it is time to think of how best to open a business in Singapore.