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When East Competes Against West, Which Country Emerges on Top?
There are several considerations to think about when doing business in Singapore vs USA. This guide takes a look at how the two countries stack up against each other.
As far as ease of trade goes, Singapore still commands the #1 spot while the USA comes in at #22 in the World Economic Forum’s Global Enabling Trade Report 2014. One of the many things that give Singapore an edge is the stability of its economic and political environment.
Doing Business in Singapore vs USA
Which country would be better for your business? That would depend on what your business requires. Both Singapore and the USA have their unique strengths to offer. It boils down to the nature of your business and which environment you believe it would thrive in best.
Some of Singapore and the USA’s most distinguishing factors include the following:
|Environment||The World Bank’s Ease of Doing Business Report 2019 ranks Singapore 2nd in the world among 190 countries.||The World Bank’s Ease of Doing Business Report 2019 ranks Singapore 8th in the world among 190 countries.|
|Company Incorporation||Involves two procedures. Can be completed and incorporated within 24 hours.||Involves six procedures. Company incorporation takes up to 6 days to complete.|
|Paying Taxes||Ranks #8. The country has a much lower tax burden rate.||Ranks #37. The country has a reputation for having some of the most difficult tax systems worldwide.|
|Protecting Intellectual Property||Ranked #7 by Forbes Magazine||Ranked #15 by Forbes Magazine|
|Global Scale Competitiveness||#2 in IMD’s World Competitiveness Yearbook 2018||#1 in IMD’s World Competitiveness Yearbook 2018|
|Transparency and Corruption||Ranked #3 in Transparency International’s Corruption Perception Index 2018.||Ranked #22 in Transparency International’s Corruption Perception Index 2018.|
|Business Language||English is the main language medium. Other languages include Mandarin, Tamil and Malay.||English is the main language medium. Spanish is the second most widely-used language.|
|Filing Requirements||Revenue is declared to the Inland Revenue Authority of Singapore (IRAS)||Revenue is declared to the U.S. Securities and Exchange Commission.|
|Visa and Immigration Options||Employment Pass and Entrepass||B-1 Visa (90 Days)|
|Corporate Tax Rate||17%||Between 15-35%|
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