5 Reasons why need to setting up business in Singapore
1. Conduct Your Business with Ease
Ranked #2 in the world by World Bank’s Doing Business Report (2020), establish your corporate footprint the fuss-free way in Singapore. The city-state boasts good regulatory practices, from enforcing contracts to dealing with construction permits.
2. Take Your Business Forward
Among the World Economic Forum’s top 10 countries for ICT adoption, digital skills, and digital legal framework for 2020, Singapore is forward thinking and well-positioned for businesses looking to thrive in the digital era.
3. Seize Cost Advantage for Your Business
With only 1 Singapore Dollar (SGD) as your minimum issued capital, no capital gain taxes levied, low corporate tax rates, and tax incentives for certain industries, your business already gains several headstarts right from its incorporation. Singapore has also signed Avoidance of Double Taxation Agreements (DTAs) with major economic partners like China, India, and the US.
4. Focus on Your Business
Singapore has a highly developed and successful free-market economy that is remarkably open and corruption-free. Low unemployment rates, strong governance, and a per capita GDP that is higher than that of most developed countries all lend strength to the stability of Singapore’s economy.
5. Empower Your Business via Global Networks:
Having signed over 21 free trade agreements (FTAs) with global trading powerhouses such as China, the EU, India, and the US, Singapore allows you access to strategic connectivity for your business plans and needs. The city-state is also a member of several key international organisations including the Asia-Pacific Economic Cooperation (APEC), the Organisation for Economic Cooperation and Development (OECD), and the World Trade Organisation (WTO).
Singapore’s economy is expected to grow over 5%, led by the government’s fiscal stimulus targeted at job support and rent relief. There is also greater support for the local biomedical industry, driven by global demand for pharmaceuticals. With the improving COVID-19 situation, deployment of vaccines, and reopening of the economy after the government implemented circuit breaker period from April-June 2020, this growth may be higher.
A positive correlation to the Chinese Renminbi (CNY), which is expected to post gains moving forward, may see the SGD appreciate against the USD to 1.30 by Q3 2021.
Growth Industries[3]
- Banking and Financial Services
- E-commerce
- Healthcare
- Logistics
- Technology
