More Prominent Technology Companies Are Choosing Singapore for the Asian Region Base
When someone mentions the name Singapore, what is the first thing that comes to mind? The island country, tropical weather, state-of-the-art business facilities and many more. Businesses across the globe have had the opportunity to establish their regional operations in Singapore. Since then, technology companies are now frequently looking at Singapore as their top choice. Historically, Singapore transformed from a fishing village to a global hub for Southeast Asia. In that sense alone, Singapore shows no sign of slowing down. The island nation has a definitive yet forward-thinking framework and policies. Thus, it comes as no surprise when technology companies investing in Singapore to base their regional office.
Big League Choice
Based on a recent report by the Economic Development Board of Singapore, up to eighty per cent of the giant technology companies in the world, has a regional headquarter in Singapore. It includes big leagues such as Google, Facebook and Amazon. With the likes of these companies deciding to invest in Singapore, there have to be undisputed reasons. Known worldwide, these giant technology companies would not have risked it to set up a regional base if not for significant reasons. Among the common reasons would be stable politics, robust economy and pro-business environment.
Pro Business Environment
The Singapore government practices a transparent public system, and it encourages businesses of all kinds. Hence, businesses of any size are generally attracted to Singapore. Singapore sits high on the list of ease of doing business. With a low corporate tax rate, it is easy to understand why Singapore is an entrepreneur’s magnet to set-up office and invest. Not to mention, the Singapore government also has signed 23 bilateral and regional free trade agreements (FTA) worldwide. The FTAs helps companies and investors based in Singapore gain advantageous access to critical sectors as well as enable quicker entry to emerging markets. Besides, under the FTAs, Singapore based companies and investors get to enjoy tariff concessions. Hence, the pro-business environment is another attraction for technology companies investing in Singapore.
Global Intellectual Property Protection
Technology companies are always facing intellectual property breaches when moving overseas. But when investing in Singapore, the local government ensures technology firms with research and development purposes can have a piece of mind, its enhanced intellectual property protection. This noticeable feature is becoming a more appealing incentive for technology companies when investing in Singapore.
International Skilled Workforce
The skilled workforce of Singapore stems from the many international companies established on the island. Besides its high literacy rate, even Singapore’s fresh graduates have a high employability rate. What more of the more experienced workforce. Other than the local force, Singapore also has a massive pool of talent from across the globe. Technology companies investing in Singapore can have access to the multi-national workforce, without having to leave the great tropical weather, food and hospitality.
Capital and Funding
Technology companies investing in Singapore could let out a sigh of relief, knowing the possibility of funding to expand their operations. The Singapore government is forthright on specific segments of the economy that needs help. Thus, it is offering to finance to technology companies wishing to expand into neighbouring countries and need support for market research, trade fairs and feasibility studies.