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Asia Quickly Becomes the Next Business Powerhouse. How Does Singapore Compare to Thailand?
Stability, safety and business-friendly. Here’s how doing business in Singapore vs Thailand is going to be like for an investor.
Both countries are located only a few hours apart. Yet the difference in terms of doing business in Singapore vs Thailand could not be more different. Singapore is still ahead in many ways. Although Thailand is much more significant than its island state counterpart, Singapore remains the more vibrant of the two economies. Low inflation rates and strong fundamentals when it comes to growth are what has helped Thailand maintain its competitive edge.
Here’s how these two countries stack up against each other in terms of doing business in Singapore vs Thailand:
|Business Environment (Ease of Doing Business Report 2016)||Ranked #1||Ranked #49|
|Best for Business (2015 Best Countries for Business Report)||Ranked #8||Did not feature among the Top 50|
|IP Protection (2015-2016 Global Competitiveness Report by World Economic Forum)||Ranked #4||Ranked #113|
|Trade Openness (2014 Global Enabling Trade Report by World Economic Forum)||Ranked #1||Ranked #57|
|Transparency (2015 Corruptions Perception Index)||Ranked #8||Ranked #76|
|Foreign Ownership||100% foreign ownership allowed||Approval required from the Board of Investment (BOI). Applying for a BOI is both time consuming and strenuous.|
|Directors and Shareholders||One of each required as a minimum to setup a business||Number of directors and shareholders depends on the type of business entity.|
|Corporate Tax Rate||17%||0 to 20% (Depends on profit)|
|Business Language||English, Malay, Chinese, Tamil||Thai. Although English is spoken, there’s a very low proficiency rate|
|Incorporation Process||Within 24-hours. Requires only two procedures.||4-5 days. 5 procedures must be completed.|
Need More Help? We’re Got You Covered
At 3E Accounting, our quest is to provide you with the best. With decades of experience in all things incorporation, let us help you make your business setup quick, easy and efficient. For more information on doing business in Singapore vs Thailand and our range of incorporation services, contact our team today.