Singapore has established itself as one of the world’s top hotspots for commercial innovation. It is a small island nation of only 5 million people with an international reputation for innovation and entrepreneurship, and it is the perfect place to start your business. The country has one of the top 12 startup ecosystems globally. The number of startups (now approximately 55,000) has almost doubled in the last ten years.
When planning to kick start your business journey in a foreign land, there are many aspects you need to consider. You need to know about the business environment, taxation, legalities, infrastructure of the country, and how to register a company in Singapore. Also, you must research the target market, customers, and, most importantly, the competition.
Nevertheless, if you are still unsure about starting your business in Singapore, here are the top five reasons:
1. Ease of Doing Business
Singapore tops the World Bank’s “ease of doing business” rankings for the second consecutive year. The country consistently ranks as one of the most business-friendly economies and an accessible place to do business for the past decade. This is due to the country’s efficient and straightforward company registration process.
2. Low Taxation
Singapore has a desirable corporate tax rate of 17%, one of the lowest globally. There is also a wide range of tax incentives and rebates available for businesses. Even though the personal income tax rates are slightly higher, they are still much lower than in most developed countries.
3. Highly Developed Infrastructure
The country has a world-class infrastructure that many developed countries envy. The transportation system is excellent, with an efficient Mass Rapid Transit (MRT) system and an extensive network of roads and expressways. It also has modern telecommunications infrastructure, with high-speed broadband and mobile connectivity.
4. Highly Skilled Workforce
The Singaporean workforce is highly skilled and educated. More than half of the population holds a tertiary qualification, and the unemployment rate is low at around 2%. The country also has an extensive pool of foreign talent, with over 60% of the workforce being foreigners. This makes it easier for businesses to find the right talent to grow their company.
5. Strategic Location
The country is located in the heart of Southeast Asia, making it the ideal base for businesses looking to expand into the region. It has an extensive network of air, land, and sea transportation links that connect it to the rest of the world.
In addition, it also has a stable political environment, a strict rule of law, and a pro-business attitude. If you are seeking a better location to start your business, this place should be at the top of your list.
Tips for Business Success
While setting up your business in Singapore may be relatively easy, making it a success is another matter. Below are some tips to help you achieve success in the Singaporean market:
1. Understand the local market
As a foreigner, it is vital to understand the local market before setting up your business. This includes understanding the local culture, customs, and business practices.
It is also crucial to research your target market and competition. This will give you a better chance of success in this highly competitive market.
2. Have a strong online presence
It is crucial to have a strong online presence in today’s digital age. This means having an up-to-date website and active social media accounts.
It is also important to create content that is relevant to your target market and SEO-friendly. You’ll be able to increase your client base and develop your business.
If you want to register a company in Singapore, you can use professional service providers to help ensure the whole process goes smoothly. Many incorporation service providers can help you with the process. It will ensure that your business is legally compliant on all fronts, helping you avoid penalties.
In conclusion, these are the top reasons for starting your business in Singapore. Professional service providers can help you with the process of company registration and business licensing. With a bit of planning and preparation, you can be on your way to starting a successful business.