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Both Australia and Singapore Are Best Places in the World to Do Business
When it comes to doing business in Singapore vs Australia, which country comes out on top?
Both countries are well renowned as being among the best places in the world to do business. Singapore and Australia have a strong, working bilateral relationship. Both countries have friendly economic policies, reliable and stable political environment and defence systems.
The Key Factors of Doing Business in Singapore vs Australia
Australia is an economy that depends primarily on exports. It exports products produced domestically, which includes dairy, coal, beef, iron ore, wine, and grains. Other services that contribute to the country’s trade include education, shipping, personal travel, and logistics.
Singapore, on the other hand, relies on its innovation and human capital to surge the nation forward. It is due to the lack of natural resources in the country. As such, it relies on high-end engineering and manufacturing, professional and financial services and biotechnology.
Doing business in Singapore vs Australia offers a lot of opportunities for the savvy business investor. Here are some of the key strong points to consider:
|Business Environment||Easiest place to do business in the world (World Bank)||#15 easiest place in the world to do business (World Bank)|
|Local Workforce||47% diploma and degree holders.
|40% average tertiary qualification|
|Work Hours||Employees not allowed to work more than 12 hours a day.||Employees not allowed to work more than 38 hours a week.|
|Business Language||English, Malay, Mandarin and Tamil||English|
|Filing Requirements||Financial reports prepared annually.||Pay-As-You-Go (PAYG) tax collection system. Payments are made quarterly.
|Immigration||Employment Pass and Entrepass||Skilled visa, subclass 475 visa (stay for up to 4 months).|
|Withholding Tax||10 to 17%||10 to 30%|
|Capital Gains Tax||None||30%|
|Double Taxation Relief||Yes||Yes|
Ready to Incorporate a Company?
The country that is best for you will be based on what your business needs are. Singapore and Australia both have their advantages to offer. 3E Accounting provides incorporation services to help you start your business off on the right foot. For more information, contact our team today.