Singapore became an economic success. Why?

This tiny state has been transformed lately into a powerhouse when it comes to business. An honest government, an amazing location and an important foreign trade point are only some of the reasons for which this is amazingly popular when it comes to economy. Unlike the country’s prospects when it separated back in 1965, the future looks incredibly bright right now. It was a state with no natural resources, no economy and a population mainly formed of immigrants. Now, one of the world’s most dynamic economies, the country is popular amongst business owners all over the world that relocate their businesses here due to the favourable economic climate.

A set of favourable politics

The first time when Singapore knew an expansion was during Mr. Lee’s Prime Minister mandate. A set of politics that welcomed foreign trade and economic establishments was adopted, while the government was formed out of honest, highly trained politicians that were able to promote the sate’s development and advancement. This situation was not present in Singapore’s neighbours, which made it an appealing location for investors all over the world.

An outstanding tax system

One of the main reasons for which entrepreneurs all over the world are choosing Singapore as their main location is the outstanding tax system present here. And as you may know very well, taxes or the lack of those is a strong motivator for entrepreneurs. Personal and corporate taxes are incredibly low in Singapore. Personal income taxes may vary between 0% and 20% for those that make more than S$320,000. In terms of corporate taxes, private limited companies that make below $S300,00 yearly, pay under 9% in taxes. Those that make profits above $S300,00 have the taxes fixed at 17%. Also, in an attempt to make the economy furthermore competitive, the Government has adopted the GST tax, which is one of the lowest in the world, 7%, much lower than the VATs practiced in general (16,4%).

A facile company registration process

While the company registration process itself may not be that easy, there are companies that offer services meeting the needs of entrepreneurs all over the world. As it can easily be observed at, these companies offer a wide range of services, starting form company name check, to legal advice when it comes to choosing the legal form of the company and so on. With services so expansive, and a process explained in detail to all investors, more and more entrepreneurs find it easier to start businesses in Singapore than in their home countries.

Flexible immigration policies

Singapore has an open immigration policy which facilitates foreigner’s relocation, especially when it comes to foreigners that want to set up businesses in Singapore. Also, Singapore work visa is easy to obtain and the process in incredibly flexible and facile at the same time. Also, permanent settlement for immigrants has also been facilitated.

Strict Intellectual Property policies

Singapore takes seriously all Intellectual Property claims, thing that has made all companies that are attempting to protect their IP assets to relocate here. Across Asia, Singapore has been ranked the highest by the Political Economic Risk Consultancy, The World Economic Forum (WEF), and the Institute for Management Development. With strict copyright laws, Singapore has catalogued willful copyright infringement as criminal offense. Singapore offers global trademark protection to all companies that register their IP on country’s territory. Besides easy registration, the experts at Singapore Company Incorporation Consultants Pte Ltd claim that protecting your intellectual property is incredibly easy and secure here due to the fact that the state has signed and adhered to a series of international treaties and convention that have as a goal IP protection.

Companies find here the world’s best-prepared workforce

Maybe the most skillful and knowledgeable employees are found in Singapore. Many businesses choose to relocate their headquarters here specifically for this reason. This type of workforce is incredibly attractive for entrepreneurs, even if they have to pay higher wages. This comes with the advantages of higher profits, due to the higher quality work offered by the workforce here. Since the country is a knowledge-based economy, the investments in this area are enormous. This way, Singapore has come to have one of the highest educated and professionally prepared workforces all over the globe. The work-smart oriented culture, the technical proficiency of the employees here, the high productivity and the spotless education they receive here starting at a very young age, these all contribute to the high results delivered by the Singapore employee.

High living standard

Entrepreneurs that come to Singapore to open their businesses, they bring their families as well. This usually happens due to the high living standard offered by the state, starting from top-notch health care services, incredible public and private transportation system, a safe and healthy living environment, incredible schools and kindergartens, and an endless selection of cultural and entertainment means. The lifestyle of those living in Singapore is a “work hard, play hard” type of attitude and this can be easily observed in the lively nightlife here, in the beaches that offer plenty of relaxation and entertainment opportunities and the people’s attitude towards their work life and private life. These are both taken seriously, and regardless of their preferences, there is something here that fits everybody preferences.

Singapore, although a fresh and small state, it has so much to offer to all those that choose to relocate here for business purposes. From an incredible workforce, to pro-economy legislative measures, to the simple and facile company registration process, Singapore has won the hearts of entrepreneurs all over the world, rightfully. Those who what to make out of this small state a permanent residence, are also in luck, as the immigration policies are incredibly flexible and favourable for immigration. When it comes to selecting your collaborators, you will find an easy time finding the best ones out there, simply because the vast majority of the companies here excel at their jobs. Singapore is truly one of those states that comes with plenty of advantages for foreign entrepreneurs.