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Various Asian countries have established themselves as global entrepreneurial hubs. These include India, China, Vietnam and Malaysia.
However, Singapore stands out from the rest when entrepreneurs seek to launch or relocate their companies. Here are five reasons why Singapore is the perfect place to start and grow a business:
1. Singapore’s Infrastructure
In the field of telecommunications and information technology, Singapore has a mobile penetration rate of 159 per cent. It also has a submarine cable hub that connects to 23 fully functional submarine cables.
Singapore has one of the strongest and most consistent electricity supplies in the world. It plans to roll out 5G connectivity throughout the country by 2022.
2. Global Connectivity
Singapore’s strategic location makes it ideal to access the world's largest consumer markets. Almost half of the world's population lives within a six-hour flight.
Moreover, Singapore's seaport has been one of the best in the world for over a decade. There are approximately 600 global ports and 200 shipping lines passing through Singapore.
3. Tax Structure
Over 25 free trade agreements have been signed by Singapore, as well as about 70 comprehensive agreements to avoid double taxation. As a result, business and trade are easier.
These policies have significantly reduced the taxation barriers to trade and investment. Also, Singapore's reputation as an arbitration centre is very strong.
Due to Singapore’s zero capital gains and dividend tax, it has become a desirable destination for business registrations and top-tier global talent.
4. Funding Benefits
With over 128 commercial banks, more than 31 merchant banks and approximately 604 capital markets, Singapore provides one of the largest trading centres in the world, known as the Singapore Exchange (SGX). This makes Singapore one of the easiest countries to raise capital for starting or growing a business.
Its government is very supportive of the country's start-up and SME scene, for which they offer many grants, and subsidies and have even started an initiative called the ‘Startup SG’. It offers a starting point for all entrepreneurs which enables them to connect to an established local and global network.
5. Business-friendliness:
Singapore ranks as one of the top countries that offer Ease of Doing business according to the World Bank. The country is also rated as one of those that offer the best IP protection infrastructure and incentives in the continent. These ranks are maintained by the World Economic Forum’s Global Competitiveness Reports.
6. Easy Business Setup
Regardless of whether you are based in Singapore or not, your business can be set up with convenience due to everything being fully digitalized.
A new business can be registered in Singapore in less than 15 minutes and with a full company set up achievable in just two days. This is seventeen times faster than the global average.
With a minimum issued capital requirement of just SGD $1 to register a new local company, why not get started today?