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Doing Business in Singapore VS Denmark
Preferred Destinations For Foreign Investment
Denmark is a Scandinavian Country which became a member state of the European Union in the year 1973. It has one of the most competitive economies not only in the EU but in the entire world. It is a huge supporter of free trade and is hence considered to be one of the most preferred destinations for foreign investment. It has a perfect blending of exuberant natural resources and vibrant infrastructure which really works in its advantage in attracting foreign investments. It has vast resources of natural gas and oil. The country’s strengths include a highly skilled and multilingual workforce, a flexible labour market, ultramodern infrastructure (telecommunications, transportation, etc.) and attractive tax incentives for companies. Copenhagen’s ambition is to become the first carbon neutral city in the world by 2022. The business environment is so highly developed that the World Bank has ranked Denmark 3rd place (out of 190 countries) in its classification Doing Business 2017.
Main Sectors of Investing
There are five main sectors that need special attention in Denmark in terms of investing. These sectors include Life Sciences, Maritime and Renewable Energy and Information and Communication Technology (ICT). Apart from these the main industries worth investing in Denmark include non-ferrous metals, iron and steel, pharmaceuticals, electronics and many more. The Foreign Affairs Ministry of Denmark is doing all the possible things that it could to attract foreign investment. For this, it has set up an agency known as the Invest in Denmark to help investors establish a base in Denmark. It concentrates on marketing efforts and provides a detailed insight to investors about the prevailing business opportunities in Denmark. The fast recovery, massive infrastructure, less bureaucracy and zero levels of corruption all these factors really make Denmark a safe haven for investors who wish to expand their business across boundaries. Bribery is unknown in Denmark and as a result, Denmark was always considered a safe and transparent country in terms of business. Besides, the very low level of corruption in Denmark, also contributing to the attractiveness for foreign investors. Denmark offers great access to the European market with more than 100 million consumers. This is possible through a great transport network for airplanes, ships, trains and automobiles. Its infrastructure serves a great number of markets, especially in the Northern Europe, with shortest goods transit times.
Most Competitive Asian Country
On the other hand, reputed for its integrity, quality, reliability, productivity, rule of law, and enforcement of intellectual property rights, Singapore is a sure bet for future investments. Known for its pro-business environment as well as ability to attract sizeable foreign investments and business entrepreneurs, Singapore’s world-class reputation is what makes it a key regional and global hub for entrepreneurs. Probably the biggest draw for doing business in Singapore is the investment environment. The national reserves are abundant enough to withstand 10 years of recession, the government consistently stays stable with 1 party in power and has one of the lowest corruption rates in the world. According to the Singapore Economic Development Board Singapore is ranked as the world’s easiest place to do business, the most open economy for international trade and investment, the best business environment in Asia Pacific and third best worldwide. These conditions combine to make Singapore the most competitive Asian country and an ideal place to do business.
Strategically Advantageous Geographical Position
Singapore has fully profited from its strategically advantageous geographical position to become one of the world’s top transportation hubs with the busiest port in the world. Often referred to as one of Asia’s economic ‘tigers’, Singapore has its roots as a natural trading port linking East and West. A financial and commercial centre, Singapore is often viewed as accessible by Chinese and Indian businesses and as an English speaking gateway to the Asian market for Europeans and Americans. The Singapore Government too recently started an initiative called Future Singapore, which is designed to investigate and propose solutions in wellness, ageing, healthcare, urban living, and lifestyle issues. SPRING, IE Singapore, IDA and even IPOS all have multiple grants and funding available for any business in any stage of development. Each statutory board offers a grant of sorts for their relevant subject, like IPOS offering subsidies for any trademark requirements, and IE Singapore offering assistance for overseas expansion and research. SPRING especially, has very good funding for local startups like the ACE startup grant which funds up to $50,000 with a $7 to $3 capital matching.