Want easy business? Come to Singapore
Why Singapore stands high on ease of doing business?
Singapore is one of the most promising economies in the world. In spite of being a small country in terms of land and population, Singapore has developed well. As per the World Bank report, Singapore ranks 2nd in the world in terms of Ease of Doing Business. Singapore is the 7 the least corrupt country in the world and the most open economies.
• Factors contributing to hassle-free business setups
Low levels of Corruptions:
As per Wikipedia, Singapore is the 7th least corrupt country in the world. This allows for fair practices and faster permissions. There is not much red tape involved when dealing with government officers and institutions.
Registration of business is easy and hassle-free. The Accounting and Corporate Regulatory Authority registers the business. The cost of registration is SGD 65 which is very low and a majority of the registrations are approved within a day. All the information required is available accurately on the website.
Skilled and Unskilled Labors:
Singapore has a good mix of skilled and unskilled labor. Singapore has been welcoming to migrants as well who form most of the labor class. Having said this skilled labor is also readily available. Singaporeans are highly educated and even the migrant population has a good skill set.
Singapore has an extremely good infrastructure with an efficient public transport system. This makes it good for businesses to survive and prosper. Besides this, the country offers world-class amenities in housing, hospitality, entertainment, nightlife, and hospitals. This makes it one of the best countries having a good standard of living.
Singapore has a fairly stable government which is focused on an open economy. The government has brought out a lot of reforms and changes to ease the set up of businesses by foreign investors. The government also controls the inflation which makes setting up and managing a business hassle free.
Singapore has one of the lowest corporate taxes. This makes it a very good investment opportunity for foreign investors.
- Steps to do Business in Singapore
1) Registering a business:
The first step is to register a business. Singapore allows foreign investors to hold 100% ownership in companies. It is one of the very few companies that allow foreigners to have sole ownership. Registering is easy and hassle-free. You can register most of the details online and get permission within a day. If you want to enter into a partnership then you can look up in the business directory Singapore and search for potential companies to partner with.
2) Selecting your Office Space:
Select an office space for conducting your business. You can look into the Singapore database as well for real estate listings. Singapore government has special listed industrial and commercial spaces for offices and industry setups. You can choose from these and select the best that suits your requirements.
3) Complete legal formalities:
Complete all the legal formalities for starting your business. Singapore has an open economy with low tax rates. You can also look for Singapore companies‘ directory for legal firms that can help you with all the setting up of your company.
• Benefits of Doing Business in Singapore
Singapore is a vastly developed country with excellent infrastructural facilities. It has evolved as one of the most prosperous nations in the world. The service sector is a major industry in Singapore and provides employment opportunities to a majority of Singaporeans. The high standard of living, low level of corruption and crime rate are most of the factors that attract foreign investors to Singapore.
Singapore also is well connected via air, land, and sea as well making it a favorable country for doing business. The workforce is extremely efficient and adheres to the timings as well. Singapore boasts of a tariff rate of 0 percent. As much as 95 percent of the banks operating in Singapore are foreign owned.
Singapore has one of the lowest corporate tax rates. Singapore has a tax rate of 17% per annum as against USA’s 35 percent. Your business is eligible to pay tax only when your turnover is more than $30000 per year.
• Is it worth investing in Singapore?
Singapore is often seen as a low-risk investment country. It is extremely easy to deal with government agencies, getting required permits and even obtaining credits. The systems in place are extremely transparent which eliminates the need for a middleman. All investors can directly approach the government or scan through the Singapore company list to look for an able partner.
Singaporeans are highly educated with a diverse culture and religion staying in harmony and peace. The low level of tolerance for corruption makes it one of the best countries to have your investment in. You can easily get all information via the internet as Singapore believes in less paperwork and has a majority of the information on its websites. You can easily procure the Singapore company email list to get access to contact details of all the companies and even government organizations. There are already examples of foreign companies that have set up their base in Singapore and flourished.