Singapore is a great destination for entrepreneurs and startups looking to start or expand their business. Its supportive business environment, favourable tax policies, skilled workforce and strategic location makes it an attractive location. According to the World Bank’s Ease of Doing Business Report for 2020, Singapore ranks second globally.
Here are 5 reasons to do business in Singapore
1. Strong Economy
Singapore boasts a stable and prosperous economy. It has a business-friendly environment with excellent infrastructure and a highly educated workforce. The government has consistently implemented policies to promote entrepreneurship and the country is known for its ease of doing business.
2. Strategic location
Singapore is located in an ideal location for businesses that want to expand their reach in Asia. Singapore Changi Airport is consistently ranked as one of the top airports in the world. It is easy for businesses to access markets in neighbouring countries e.g. India, China and Malaysia.
3. Favourable tax system
Singapore has a simple and rational tax system. The tax system is one of the most friendly in Asia. It imposes no tax on dividends or on capital gains on business. The standard corporate tax rate in Singapore is 17%.
4. Skilled talent pool
Singapore’s literacy rate is very high. The workforce has a high proportion of highly educated and skilled graduates. Singaporeans also have a reputation for being hardworking and nearly every young Singaporean speaks English.
5. Supportive startup community
Singapore has a strong startup community with active networks of entrepreneurs, investors, and mentors. The government implements pro-growth and innovation friendly policies. The startup community is provided with access to grants, tax incentives and schemes to help them succeed.
Thinking of doing business in Singapore?
If you are thinking about expanding and taking your business to the next level, opening a global bank account is a good start. It offers flexibility, functionality, transparency, accessibility, and cost-effectiveness. TranSwap’s multi-currency global account is free to register and it only takes a few minutes to set up. Get started today!