Doing Business in Singapore
Singapore, a place where investors have more than enough reason to want to establish a business base in a country with so much potential and more. Ranked as the world’s easiest place to do business in by the World Bank in it’s Doing Business 2016 report, Singapore makes opening a business venture for investors a venture as smooth as it can be.
Many reasons make Singapore a hot hub that’s in demand in the business world, among them its excellent infrastructure, open and transparent law system and the convenience of online portals that make setting up a business in this island nation easier than ever before.
The Ease of Registering a Business
The business registration process in Singapore begins online at the website known as BizFile, established by the Accounting and Corporate Regulatory Authority, better known as ACRA. Setting up of business, which include foreign branch offices, can quickly and efficiently be done through this portal.
Representative offices on the other hand, can easily be registered with the International Enterprise Singapore. Representative offices that have insurance can get started with the Monetary Authority of Singapore. See how easy that is? No fuss, no hassle. No wonder Singapore is a hot commodity among thriving business investors. Starting a business in Singapore worldwide takes as little as 2.5 days, compared to the average 21 days worldwide based on the World’s Bank’s latest Doing Business report. A mere 2.5 days to start a business is music to any investor’s ears, especially those who wish to hit the ground running and not waste precious time going through many of the bureaucratic steps and red tape that they would need to go through if they were establishing a business anywhere else in the world.
Singapore may appear like a small island nation, but when it comes to options for premises to establish a business, rest assured investors will be spoilt for choice. Choose from a center that is located right at the heart of the civic district or somewhere in a suburban estate, or even a business premise based in the uber-modern luxury or flatted factory, it is entirely up to the investor’s preference. And investors will be running their business with peace of mind knowing that these premium facilities and high-class infrastructure areas are here to service their needs.
Singapore is also ranked at the top together with New Zealand, when it comes to protecting its minority investors, so it’s not just the big guns that reap the benefits of all that Singapore’s business environment has to offer. In Singapore, every business, big or small, is well taken care of.
Manpower is Never a Problem
With a strong pool of local talent combined with a capable international workforce, Singapore is a force to be reckoned with and investors will never be short of manpower options when establishing a business base here. With a competitive economy, pro-business labour relations, a strong and educated workforce, everything about Singapore’s business environment works in sync to support its thriving economy.