Even despite the challenging international environment, Singapore has been and remains one of the best countries for international business. There are currently no bans on Russian business registration and operation in Singapore, except for financing and financial operations of companies/activities subject to Singapore sanctions against Russia.
Today we will tell about 15 reasons why Singapore is the best country in the world to do business. For those who don't want to read, we recommend watching our video Singapore is the best country to do business I Pros for starting a business in Singapore
The Pros of Singapore for Business
Ease of doing business
Singapore's system of government is considered one of the most advanced and efficient systems in the world. Singapore is a country of rules; everything here is regulated and follows a clear order. To work successfully in Singapore it is enough to know the rules of the game (read laws) and comply with them;
Political stability
Despite being a republic with a multi-party system, since its inception, Singapore has been ruled by the People's Action Party (PAP), led by Singapore's founding father, Lee Kuan Yew. The PAP has firmly held sway in the country and has maintained its ruling status throughout the existence of the independent Republic of Singapore. The renewal of the country's leadership is carefully planned and executed by transferring power in the party to a specially selected and trained leader. The government believes that this is the only way for a tiny, multi-ethnic state to survive in today's world and be highly competitive.
As a result, all important decisions in Singapore are consistent and easily predictable policies, designed for decades to come, rather than a chaotic set of actions depending on the interests of the ruling elite. Business benefits from consistent economic policy, and investors do not have to worry about political risks;
Economic stability
Amid global economic turmoil, Singapore remains one of the world's strongest economies. Backed by political stability, prudent monetary and fiscal policies, low corruption and transparent government institutions, Singapore is a safe place to do business.
Low Taxes
Singapore is famous for some of the lowest corporate taxes in Asia and some of the lowest personal taxes in the world. It is one of the few countries in the world that continues to reduce corporate tax rates and constantly introduces various tax incentives and reliefs to attract and retain global investment. Singapore has a one-tier territorial flat-rate corporate income tax system;
Singapore's low tax rates and general "business friendliness" are two important factors that attract thousands of international companies to Singapore.
If you are interested in learning more about taxation in Singapore, we have 2 videos on this topic: Corporate Income Taxes and Personal Taxes in Singapore from A to Z.
Business Legal Protection.
Singapore's legal system is based on English case law and is recognized by the World Economic Forum as the most efficient in the world. Singapore's legal system is recognized worldwide for its efficiency and is considered to be the least bureaucratic in the entire Asian region. The government views the impartiality of the law as a fundamental value, which has established the country's reputation not only as a leading business center, but also as a leading legal center in Asia. Singapore's commercial legal system is renowned for its fairness and impartiality, making it the natural choice for dispute resolution, especially mediation and arbitration, and litigation in Southeast Asia. Moreover, Singapore is the world's third-largest country in terms of intellectual property protection;
Government support for business
A huge advantage of starting a business in Singapore is the large number of government programs and business support schemes. Currently, Singapore has more than 100 government programs to help and support your business, including government programs, tax breaks, grants, business loans for all industries, and specialized industry support measures. Over the past 3 years, the government has allocated S$8.3 billion to stimulate economic transformation and business growth and S$300 million to fund start-ups in deep technology;
The Singapore government annually develops special programs to support businesses, thereby creating the most favorable jurisdiction for local growth and the influx of foreign businesses;
Remote business management capability
High-tech pervades all areas of business in Singapore, including the conduct of business. All major business processes in Singapore, like registering and closing a business entity, doing bookkeeping, filing and paying taxes, getting business licenses and work visas have been completely migrated online. If you add to this the possibilities of online banking and payment systems, as well as gaining huge popularity methods of remote communication (WhatsApp, Zoom, Google Meet, etc.) if you have reliable partners here (for example, us) you can easily do business in Singapore even without personal presence in the country.
Opportunity to enter Asian and international markets
Asia is currently home to over 4,500,000 billion people and is the fastest growing region on the planet in terms of both population growth and purchasing power. By 2030, the middle class in Asia is expected to grow from 1.38 billion people in 2015 to 3.49 billion in 2030. By comparison, only 733 million of Europe's population (including Russia) will belong to the middle class. What does Singapore have to do with it? In terms of geographical position, reputation as a leading international hub and ease of doing business, Singapore is far ahead of all other Asian countries and is an ideal entry point to promising Asian markets.
If you want to learn more, I highly recommend watching the video How to Get 3.5 Billion Customers or Why You Need to Enter Asia Now.
Highly skilled workforce.
Singapore has consistently ranked among the most competitive countries in the world in terms of education and workforce skills. The country's literacy rate is 97.5 percent of the population. More than 30 percent of workers have a college degree, and another 15 percent have a diploma or professional qualification. Almost the entire local population is multilingual, with many speaking three languages (two major and one spoken). Considering the national characteristics of Chinese culture (78% of the population is ethnic Chinese), as well as the local education system, the local population is mostly very hard-working and extremely responsible approach to work;
In addition, Singapore attracts a lot of international talent from different countries. So when recruiting, you have a pool of local and international talent at your service.
High Buying Power
Singapore is a small country with the highest standard of living. It is also called the Asian Monaco for the number of millionaires per square meter. Singapore has an extremely high GDP per capita. The average monthly income from work in Singapore in 2021 reached 4,680 SGD (~3,400 USD), with salaries of foreign professionals generally starting from 10,000 SGD and above.
Singaporeans love shopping and malls. Therefore, they have not only the desire, but also the opportunity to buy your products and services.
Well-developed infrastructure
Singapore is a prime example of a country with world-class infrastructure. It is famous for its airports, ports, road network, housing, sanitation and infocommunications infrastructure. Singapore is ranked first in the world for transport infrastructure and technological readiness, and first in Asia for digital infrastructure. Singapore also boasts the fastest broadband Internet access in the world. Singapore is actively rolling out 5G networks, and by the end of 2022, 5G coverage is expected to reach at least half of Singapore.
Singapore is a global aviation hub and is strategically located along major global air routes.
Changi Airport, which is regularly recognized as the world's best airport, serves more than 100 airlines with flights to approximately 100 countries and territories worldwide. More than 62 million passengers a year pass through the airport.
Singapore has one of the most reliable power systems in the world.
The average duration of outages on our power grid is less than one minute per customer per year, and it surpasses most cities in the world, such as Tokyo, London and New York, in terms of reliability.
As a global hub for innovation, Singapore has created a vibrant ecosystem that includes global R&D labs for leading Fortune 500 companies, as well as more than 150 venture capital funds, incubators and gas pedals.
Immigration Opportunities
Moving to Singapore through starting a business is one of the easiest and most common ways to move to Singapore. Why it's a good idea. Singapore is a small country with the highest standard of living. The excellent climate, the highest level of security, well thought-out layout of the city, every district and all residential complexes;
For example, each condominium has a swimming pool, gym, security, tennis courts, playgrounds, and you do not have to go anywhere. The city is very compact, which means that at its worst, it will take you an hour to get from one end to the other. In addition, the health and education system in Singapore is recognized as one of the best in the world;
For those who are thinking about moving to Singapore, I have a great How to Move to Singapore video in which we go into detail about all the options available for immigration.
Safety
As we said, Singapore is one of the safest countries in the world. The same applies to business. There are no racketeering, gangsterism, kidnapping, and the local population is one of the most law-abiding in the world. Life and business without fear, in my opinion, is wonderful.
English as a primary language
English is the primary language in Singapore - all education in the country, as well as all government and non-government institutions operate in English. The entire local population speaks English. This makes it much easier not only to understand in daily life, but also all business matters (compared to countries where the local language or dialect dominates).
Conclusions:
Today we tried to tell you briefly about the pros of Singapore for doing business. Singapore is really great for doing business. Are there any downsides? There are minuses everywhere and always, but we will talk about them in a future article.
Today we will tell about 15 reasons why Singapore is the best country in the world to do business. For those who don't want to read, we recommend watching our video Singapore is the best country to do business I Pros for starting a business in Singapore
The Pros of Singapore for Business
- Easy to do business
- Political stability
- Economic stability
- Low Taxes
- Legal protection for business
- State support for business;
- Remote management of your business Opportunity to operate your business remotely;
- Opportunity to enter Asian and international markets
- Highly qualified staff
- High buying power
- Well developed infrastructure
- Great country to live in
- Immigration options
- Safety
- English as a second language
Ease of doing business
Singapore's system of government is considered one of the most advanced and efficient systems in the world. Singapore is a country of rules; everything here is regulated and follows a clear order. To work successfully in Singapore it is enough to know the rules of the game (read laws) and comply with them;
Political stability
Despite being a republic with a multi-party system, since its inception, Singapore has been ruled by the People's Action Party (PAP), led by Singapore's founding father, Lee Kuan Yew. The PAP has firmly held sway in the country and has maintained its ruling status throughout the existence of the independent Republic of Singapore. The renewal of the country's leadership is carefully planned and executed by transferring power in the party to a specially selected and trained leader. The government believes that this is the only way for a tiny, multi-ethnic state to survive in today's world and be highly competitive.
As a result, all important decisions in Singapore are consistent and easily predictable policies, designed for decades to come, rather than a chaotic set of actions depending on the interests of the ruling elite. Business benefits from consistent economic policy, and investors do not have to worry about political risks;
Economic stability
Amid global economic turmoil, Singapore remains one of the world's strongest economies. Backed by political stability, prudent monetary and fiscal policies, low corruption and transparent government institutions, Singapore is a safe place to do business.
Low Taxes
Singapore is famous for some of the lowest corporate taxes in Asia and some of the lowest personal taxes in the world. It is one of the few countries in the world that continues to reduce corporate tax rates and constantly introduces various tax incentives and reliefs to attract and retain global investment. Singapore has a one-tier territorial flat-rate corporate income tax system;
Singapore's low tax rates and general "business friendliness" are two important factors that attract thousands of international companies to Singapore.
If you are interested in learning more about taxation in Singapore, we have 2 videos on this topic: Corporate Income Taxes and Personal Taxes in Singapore from A to Z.
Business Legal Protection.
Singapore's legal system is based on English case law and is recognized by the World Economic Forum as the most efficient in the world. Singapore's legal system is recognized worldwide for its efficiency and is considered to be the least bureaucratic in the entire Asian region. The government views the impartiality of the law as a fundamental value, which has established the country's reputation not only as a leading business center, but also as a leading legal center in Asia. Singapore's commercial legal system is renowned for its fairness and impartiality, making it the natural choice for dispute resolution, especially mediation and arbitration, and litigation in Southeast Asia. Moreover, Singapore is the world's third-largest country in terms of intellectual property protection;
Government support for business
A huge advantage of starting a business in Singapore is the large number of government programs and business support schemes. Currently, Singapore has more than 100 government programs to help and support your business, including government programs, tax breaks, grants, business loans for all industries, and specialized industry support measures. Over the past 3 years, the government has allocated S$8.3 billion to stimulate economic transformation and business growth and S$300 million to fund start-ups in deep technology;
The Singapore government annually develops special programs to support businesses, thereby creating the most favorable jurisdiction for local growth and the influx of foreign businesses;
Remote business management capability
High-tech pervades all areas of business in Singapore, including the conduct of business. All major business processes in Singapore, like registering and closing a business entity, doing bookkeeping, filing and paying taxes, getting business licenses and work visas have been completely migrated online. If you add to this the possibilities of online banking and payment systems, as well as gaining huge popularity methods of remote communication (WhatsApp, Zoom, Google Meet, etc.) if you have reliable partners here (for example, us) you can easily do business in Singapore even without personal presence in the country.
Opportunity to enter Asian and international markets
Asia is currently home to over 4,500,000 billion people and is the fastest growing region on the planet in terms of both population growth and purchasing power. By 2030, the middle class in Asia is expected to grow from 1.38 billion people in 2015 to 3.49 billion in 2030. By comparison, only 733 million of Europe's population (including Russia) will belong to the middle class. What does Singapore have to do with it? In terms of geographical position, reputation as a leading international hub and ease of doing business, Singapore is far ahead of all other Asian countries and is an ideal entry point to promising Asian markets.
If you want to learn more, I highly recommend watching the video How to Get 3.5 Billion Customers or Why You Need to Enter Asia Now.
Highly skilled workforce.
Singapore has consistently ranked among the most competitive countries in the world in terms of education and workforce skills. The country's literacy rate is 97.5 percent of the population. More than 30 percent of workers have a college degree, and another 15 percent have a diploma or professional qualification. Almost the entire local population is multilingual, with many speaking three languages (two major and one spoken). Considering the national characteristics of Chinese culture (78% of the population is ethnic Chinese), as well as the local education system, the local population is mostly very hard-working and extremely responsible approach to work;
In addition, Singapore attracts a lot of international talent from different countries. So when recruiting, you have a pool of local and international talent at your service.
High Buying Power
Singapore is a small country with the highest standard of living. It is also called the Asian Monaco for the number of millionaires per square meter. Singapore has an extremely high GDP per capita. The average monthly income from work in Singapore in 2021 reached 4,680 SGD (~3,400 USD), with salaries of foreign professionals generally starting from 10,000 SGD and above.
Singaporeans love shopping and malls. Therefore, they have not only the desire, but also the opportunity to buy your products and services.
Well-developed infrastructure
Singapore is a prime example of a country with world-class infrastructure. It is famous for its airports, ports, road network, housing, sanitation and infocommunications infrastructure. Singapore is ranked first in the world for transport infrastructure and technological readiness, and first in Asia for digital infrastructure. Singapore also boasts the fastest broadband Internet access in the world. Singapore is actively rolling out 5G networks, and by the end of 2022, 5G coverage is expected to reach at least half of Singapore.
Singapore is a global aviation hub and is strategically located along major global air routes.
Changi Airport, which is regularly recognized as the world's best airport, serves more than 100 airlines with flights to approximately 100 countries and territories worldwide. More than 62 million passengers a year pass through the airport.
Singapore has one of the most reliable power systems in the world.
The average duration of outages on our power grid is less than one minute per customer per year, and it surpasses most cities in the world, such as Tokyo, London and New York, in terms of reliability.
As a global hub for innovation, Singapore has created a vibrant ecosystem that includes global R&D labs for leading Fortune 500 companies, as well as more than 150 venture capital funds, incubators and gas pedals.
Immigration Opportunities
Moving to Singapore through starting a business is one of the easiest and most common ways to move to Singapore. Why it's a good idea. Singapore is a small country with the highest standard of living. The excellent climate, the highest level of security, well thought-out layout of the city, every district and all residential complexes;
For example, each condominium has a swimming pool, gym, security, tennis courts, playgrounds, and you do not have to go anywhere. The city is very compact, which means that at its worst, it will take you an hour to get from one end to the other. In addition, the health and education system in Singapore is recognized as one of the best in the world;
For those who are thinking about moving to Singapore, I have a great How to Move to Singapore video in which we go into detail about all the options available for immigration.
Safety
As we said, Singapore is one of the safest countries in the world. The same applies to business. There are no racketeering, gangsterism, kidnapping, and the local population is one of the most law-abiding in the world. Life and business without fear, in my opinion, is wonderful.
English as a primary language
English is the primary language in Singapore - all education in the country, as well as all government and non-government institutions operate in English. The entire local population speaks English. This makes it much easier not only to understand in daily life, but also all business matters (compared to countries where the local language or dialect dominates).
Conclusions:
Today we tried to tell you briefly about the pros of Singapore for doing business. Singapore is really great for doing business. Are there any downsides? There are minuses everywhere and always, but we will talk about them in a future article.