Singapore is well-known as a business hub around the world. According to government data, it receives an average of 18 million visitors per year. A significant number of these visitors come here to conduct business-related errands. There are good reasons why the Lion City is used by the entire world as a business hub. Recently, the state won an accolade for being one of the coolest hubs for entrepreneurs. It is a big accomplishment to join other places in the world like Silicon Valley and Hong Kong.
Business subsidiaries and branches with mother companies abroad have been opened in Singapore, which is a sign that the country is a hot destination for all types of business. It combines numerous qualities that support almost any type of business, and this is what we are going to discuss here. So, if you have an interest in starting a business here, these points will be invaluable to you.
#1. Political Stability
Singapore has one of the best political environments in Asia. The government is already stable, and no civil war has been recorded in many years. Since obtaining independence from the British government and separating from Malaysia, Singapore has forged a journey in the right direction. All the governments that have been formed since then have created a harmonious environment for local and foreign investors.
#2. Government Support
There are many ways in which the government has made it possible to do business in Singapore without challenges. In fact, foreign investors consider Singapore to be the easiest business environment to penetrate. First, there are business-friendly laws for all types of entrepreneurial ventures. To start a business, all that a person needs is to have the minimum qualifications necessary under the appropriate category of business.
#3. Economic Stability
Every business person who comes to Singapore wants to enjoy the stable economy of the country. The fact that it is a free-market economy also gives businesses an opportunity to make a strong foundation and forge their journey to success. According to reports, the economy has been growing steadily due to openness and the least cases of corruption. There are many other factors that have facilitated the growth of the economy like a stable GDP. With a high growth rate, businesses remain optimistic that the economy will become even better in the future.
#4. Changi Airport Is the Best
For several years in a row, Changi Airport has been voted to be the best airport in the world. The immigration process is easy and backed by high-end technology to facilitate the check-in process. Therefore, business travelers will have an easy time coming to Singapore. The airport also handles hundreds of thousands of tonnes of cargo for different businesses. This includes both imports and exports. It is no wonder that business that involves perishable exports does better in Singapore than in many other places around the world.
#5. Transparent Business Permits and Passes
According to officials at One Visa, Singapore is one of the easiest places to get a business permit if you have qualified. There is no corruption in its issuance, and all a business person has to do is consult an appropriate agent. Foreigners seeking employment in the country are also given different passes depending on their level of qualification and career. There have been no complaints about the irregular issuance of business and employment permits. After all, the state appreciates foreign investment and skills because they grow the economy steadily.
#6. A Functional Seaport
The Port of Singapore is always busy handling imports and exports. Since it is strategically positioned, the port is ready to receive more cargo than many other ports. It is not surprising that it is ranked as the top maritime capital. Businesses that need to send their goods through a well-organized seaport are always looking for an opportunity to operate in Singapore.
#7. Strategic Location of Singapore
The country is found in the east of Asia. It can be accessed easily by those from Europe, Asia and the rest of the world. Goods moving from and to various parts of the world will only spend half the time they would have spent to reach many other countries. Generally, we can say that Singapore has a favorable location on the map of the world for all kinds of global movement. It also has some of the best weather for conducting almost all types of business. Singapore has a tropical climate all throughout the year, and most businesses can cope well with this.
#8. Favorable Taxation Procedures
One of the excellent reasons to invest in Singapore as a foreigner is that you will not be taxed twice. The state has worked hard to eliminate double taxation by harmonizing the taxation procedure with numerous countries around the world. The taxation laws for local and foreign businesses are not as complicated as in many other countries. If you have a local financial consultant, she or he will take you through all that you need to know about taxation in Singapore. In fact, there are many tax agents who are willing to help you in going through the taxation process thoroughly.
#9. Advanced Technology
Businesses could not thrive so well in Singapore if technology were not a pillar of the economy. The state has a well-developed internet infrastructure, which is a foundation for technology. In fact, it enjoys high-speed internet just like many other developed countries in the world. Singapore’s IT experts are very innovative and have developed various business solutions including the use of e-commerce, cashless payment systems, and many other technologies. Almost every business has a variety of digital options to use and succeed.
#10. Friendly People
There is no doubt that people in Singapore are open minded and friendly. They welcome new ideas, and they are willing to make new business partners. Most importantly, they appreciate people who keep time commitments, show respect to others and are willing to work as hard as they do. When visiting Singapore for a business trip, it is crucial that you research more about their business culture to secure the ideal opportunity.
Singapore is indeed a hot business hub, and the above are the main reasons for this. However, there are many other reasons, and you will realize them once you start your business. The workforce in the country is vibrant and willing to give it all in business. You can easily hire both local and foreign workers using the guidelines given by the government. There is no reason to doubt that this business opportunity is the best.