To do business in Singapore is a no-brainer. This year, this wealthy city-state nation has, for the 10th times, topped a ranking of the world’s best places to do business according to World Bank’s annual “Doing Business” report. The report measures the ease of doing business in 189 economies based on 10 areas of business regulation including the ease of opening or closing a firm, getting credit or loans, and trading across borders. In the top position, Singapore has got a score of 87.34 slightly winning over New Zealand at a score of 86.79. As for comparison, entrepreneurs need an average of 2.5 days to establish or incorporate a company while it takes 20 days to do the same globally. Being the world’s best place to do business, Singapore has good rules that allow businesses and markets to function efficiently and transparently as well as protecting the public interest. According to the annual Global Competitiveness Report released by the World Bank, Singapore still becomes the world’s second most competitive economy of the year.
Singapore position in the annual “Doing Business” report by the World Bank:
(2) New Zealand
(3) Hong Kong
Out of its accomplishment in creating the best environment for business according to The World Bank, Singapore is also considered as the world’s best place to do business in terms of its efficient and open economy according to The Economist Intelligence Unit (EIU). In fact, the Asian island nation has taken the same ranking for seven consecutive years. The survey is done by measuring the attractiveness of a country’s business environment seen on its openness to foreign investment, taxes, labour market, infrastructure, and political climate. This makes tons of entrepreneurs opt to relocate and do business in Singapore.
Singapore position in the annual ranking on the world’s best places to do business by EIU:
(4) Hong Kong
Reasons You Should Do Business in Singapore
In general, here are reasons why many entrepreneurs do business in Singapore:
#1. Strategic Location
Singapore is located in the heart of Southeast Asia, which means your business can access a market of 2.8 billion people within several-hour flights. The nation also has the world’s best airport and the world’s busiest port.
#2. Means Business
The government offers great assistance to incorporate and run a company in the nation.
#3. Outstanding Tax System
The Asian island nation has the world’s lowest GST rate at 7%, which is far below the global rate of 16.4%.
#4. Supportive Immigration Policies
The government makes transparent immigration policy and work visa provisions that facilitate the relocation of foreign entrepreneurs.
#5. Strong Intellectual Property (IP) Protection
The nation takes IP Protection seriously and has strict copyright laws.
#6. A Transparent Government
The government is stable and orderly, and creates a supportive political climate for business.
#7. The World’s Best Labour Market
The labour force of Singapore is in high levels of education, technical proficiency, high productivity, work culture.
#8. A High Quality of Life
Singapore has excellent public transportation system, good healthcare, a healthy and safe living environment, excellent schools, access to many nations, and a supportive nature for businesses.
In conclusion, Singapore is an attractive place to establish or incorporate a company. If you do business in Singapore, you will be given a great deal of business opportunities along with educational, social, and cultural opportunities. More and more entrepreneurs now want to do business in Singapore.