Why Singapore is the best place to start a business
Why Singapore is the best place to start a business - Singapore is one of the top financial capitals in the world. It ranks third in The Heritage Foundation's Index of Economic Freedom, behind Hong Kong and Australia.
As a British colony until 1959, Singapore has an experienced workforce that is fluent in English and well-versed in the language of business. It is this population that makes it easier for entrepreneurs to start their businesses in Singapore than anywhere else.
The population under the leadership of the late Prime Minister Lee Kuan Yew, experienced huge growth in wealth. Now, Singaporeans have a high per capita income and are considered very affluent by global standards.
This population makes it easy for entrepreneurs to start their businesses in Singapore. The country has an experienced workforce that is fluent in English, making communication easier between the employees who are hired and the employer. With this comes increased efficiency. It also helps that Singapore is safe and clean.
The well-educated workforce is also complimented by a very efficient government that runs a very efficient public service sector. This makes it easy for entrepreneurs to set up their businesses as administrative hassles are kept to a minimum.
The Singapore government is very supportive of entrepreneurship and continues to develop policies that benefit entrepreneurs within the country. The government provides grants, loans and support to those who want to start their own businesses. There are also incentives such as tax cuts for new entrepreneurs who just started their Singapore Businesses.
Incorporating a company in Singapore is also hassle-free, usually taking less than a day. Opening a bank account can also be an item that takes a few days unlike many countries that may take up to weeks to get this processed.
Singapore is all about efficiency, so the government has no issue if you want to start your own company or business.
The first step should be to have a well-thought out business plan. This will determine what type of business venture you are going to pursue, its potential profitability and growth plans should be outlined in detail.
Doing market research is also important before venturing, Singapore has many great market research companies to assist you with all this work.
Singapore is also very business-friendly. The country has reduced unnecessary regulations that would otherwise hinder the running of a business. This was after Singapore ranked number five on the 2009 World Bank's Doing Business report.
Singapore has one of the lowest corporate tax rates in the world.
The country is also very business-oriented. The government understands that it needs to be competitive in terms of taxation schemes prevalent in the region to continue attracting foreign investments.
As the world get interested in Cryptocurrency, Singapore is also working towards enabling businesses related in Crypto to get involved in Singapore.
All these factors make Singapore the best place for entrepreneurs who are looking to start their own businesses.
Speak to us to find out how to register your Singapore company today.