Singapore ranks high in several lists of most business-friendly countries. In 2020, it placed 2nd in the World Bank’s Doing Business report in terms of ease of doing business with a score of 86.2, bested only by New Zealand with a score of 86.8. Since the ranking of economies was introduced in the said report in 2006, Singapore has consistently placed in the top 2 spots for the countries that provided entrepreneurs and companies with a welcoming business environment. Likewise, the country has also claimed the top spot in the Economist Intelligence Unit (EIU)’s global and regional lists of the best countries to do business in. The EIU forecasts that Singapore will maintain its top position in the said ranking in the next few years as well.
If you’re planning on setting up a company in Asia, no matter if it’s a startup or an expansion of your ongoing business ventures, Singapore presents an easily navigable business environment that offers plenty of opportunities for growth. Here are a few of the most compelling reasons why you should seriously consider opening a company in Singapore.
Singapore’s economy is one of the most stable in the world. Despite the many uncertainties brought about by the pandemic, in 2021, the country was able to exceed its projected economic growth and hit 7.6% gross domestic product (GDP) growth. Analysts agree that the latest set of economic data collected from the country highlight the resiliency of Singapore’s economy. In 2022, Singapore’s GDP growth forecast is expected to remain between 3 and 5%.
The country is also poised for future growth. In a 2018 report prepared by the World Economic Forum, Singapore is shown to be one of the countries paving the way for advanced manufacturing and the future of production. The city-state has a high level of economic complexity, well-developed manufacturing capabilities, and a future-oriented government. It has also showcased strong competencies in research and development, as well as product design.
Startups and established companies owned by locals and foreigners alike can access plenty of support in the form of grants and incentives from the Singapore government. These include in-kind assistance, programs to fuel research and innovation in a variety of sectors, training grants to help companies grow and diversify their capabilities, and initiatives that aim to help companies quickly access business opportunities.
People and organizations that want to start or expand their business in Singapore can depend on clear and concise information from the Singapore Economic Development Board (EDB). Incorporating company in Singapore means going through 5 major steps. These are choosing a business structure, registering your business or opening a representative office in the country, complying with regulatory requirements, accessing incentives and schemes that will help your business get off the ground, and taking care of visa and immigration matters. Singapore rates high in regulatory efficiency and low in corruption, so business owners can expect a quick and straightforward response from the government agencies that they are dealing with.
Singapore heavily invests in its people, and the country’s education system is frequently hailed as one of the best in the world. Businesses that are based in the country can tap into Singapore’s highly educated workforce. In addition, the country is also quite relaxed with its immigration policy. About a third of its workforce is made up of foreign nationals, and the country continues to attract world-class talents who want to work in a highly competitive environment. At the same time, there are also streamlined visa and immigration programs for foreigners who are investing in businesses based in Singapore.
Singapore is centrally located in Southeast Asia, and this makes it a great starting point or headquarters for businesses that aim to expand into nearby countries in the future. It’s also just a stone’s throw away from important and emerging and developed markets like China, Hong Kong, Australia, Vietnam, Thailand, Malaysia, and the Philippines. While the country has limited natural resources, it has busy but highly efficient shipping facilities and airports that can transport goods and people with relative ease. People and businesses based in the country can also access a well-designed transportation system that will conveniently and quickly take them to and from their local destinations.
These qualities and capabilities make it clear why Singapore is a preferred base of operations for companies that are aiming to make it big in Southeast Asia. If you’re considering incorporating a company in the country as well, make sure to check out the programs and incentives that you are qualified for so that you can get all the assistance you need to maximise your business venture’s chances of success.
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