Singapore is one of the top destinations on the planet to launch your own business. If you’re an adventurous entrepreneur who is ready to take risks, you’ll benefit enormously from going out of your comfort zone, jetting overseas, and setting up base somewhere else like Singapore.
In today’s business climate, a talented workforce can be found all over the world. Rather than staying in one place, you may decide to venture across continents to get what you’re looking for. Singapore is often perceived as the connector between the East and the West. Although tradition is preserved in its cultural heritage, Singapore’s business style is very much in adherence to the west.
Singapore heavily relies on foreign investments. To keep these coming in, the state city provides incentives based on the total amount of employment opportunities, investment involved and contributes towards its financial and industrial growth. If you’re looking for new business opportunities, here are some top reasons why a move to Singapore may be the answer.
Availability of Talent
For a business to grow, it’s essential you’ve got the right people working for you. Over the years, there has been a steady increase of talent from all over the planet making their way to Singapore. You will find countless expats all over the island who have come to start a new life armed with excellent transferable skills and attributes that your business may benefit from.
There are large giants housed in Singapore that welcome professionals from all sectors. Whether it’s business, finance, tech, or engineering, whatever kind of company you run, if you’re looking to hire top talent to support your brand and keep the operation alive, you’re bound to find the right people for the job in Singapore.
High Quality of Life
Many expats who wish to start businesses in Singapore may wish to bring their families along. Like with anywhere you choose to live, thoroughly researching the quality of life in the area is essential. The great news is Singapore offers its residents an excellent quality of life.
The city state has efficient private and public transportation, an advanced healthcare system, prestigious schools, and a safe living environment. Regarding where to live, you may need to take out a home loan to facilitate the purchase of property. Check out PropertyGuru who can assist you with this. They can help you secure the best in line residential property and HDB bank loans.
Great Work Culture
Another alluring benefit of Singapore being good for business is simple -the country has a work hard, play hard culture. If you’re an expat ready to start afresh, you can enjoy a wonderful lifestyle because of the brilliant amenities and wide availability of Wi-Fi across Singapore.
The state city fosters a relentless work culture. Reports suggest that Singaporean businesspeople work more hours than any other company in the world. This type of work ethic helps businesses grow, and most importantly, put forth their best work 24/7. One of the major attractions of Singapore is the nightlife. The beaches also serve as lovely places to relax and recharge. Many of Singapore’s start-ups and companies have young talent who identify and appreciate the city’s work and play ethic.
Nestled in the centre of Southeast Asia, Singapore is in a strategic location that’s alluring for business-minded folk. Setting up a company in this state city enables you to reach out to an eyewatering market of just shy of three billion! Singapore also has one of the planet’s busiest ports. The airport welcomes over 15 million people each year too.
The city-state is also a prime location in the Asia-Pacific region. Businesses in Singapore have convenient access to all of Asia’s major markets too. If you want to venture home to visit loved ones, simply head to the airport and hop on one of the dozens of flights that leave the island each day.
The Tax System
For any entrepreneur, taxation is a crucial point to bear in mind. One advantage of setting up a company in Singapore is its low effective corporate and personal and tax rates. Individual income taxes work on a tiered system. This begins at 0% and reaches up to 22%. For profits up to $S300,000, corporate tax is below 9%. This is for private limited companies. For profits exceeding $S300,000, there is a 17% capped flat rate.
Singapore doesn’t have capital gains taxes. There’s a single-tier policy for this, where any income taxed at corporate level results in dividends potentially being distributed to shareholders without taxation. Expats who have companies in Singapore with income arriving in from overseas will benefit from Singapore’s avoidance o Double Taxation Agreements.
There are countless reasons why it may make sense to make the move to Singapore for business purposes. Thanks to the country’s favourable tax laws, strategic location, lack of corruption, and the availability of a highly skilled workforce, business owners from all walks of life may see their operation flourish once they land in the state city and get to work.