Published on December 14th, 2018 | by Bibhuranjan0
Starting a Business in Singapore
The emerging economies of China, India, and other Asian nations have brought an increasing number of companies to the region to take advantage of the sizable domestic markets, low cost labor, and enhanced infrastructure. Singapore is among the Asian areas that are attracting more and more businesses. The nation is known for its transition from a third world country to a first world country in a single generation, which occurred under the leadership of its founding father, Lee Kuan Yew. Singapore is a global hub for education, entertainment, finance, human capital, innovation, logistics, healthcare, technology, manufacturing, trade, tourism, and transport. Singapore has been recognized as the most technology-ready nation and has also been named the world’s safest country, ranked the third-largest foreign exchange market, and been recognized for one of the world’s largest financial centers.
Business Prospects in Singapore
Singapore also ranks high on the UN Human Development Index and is placed high with regard to key social indicators, including quality of life, housing, and life expectancy. The nation has a highly developed market economy, which is known as one of the freest, most competitive, most innovative, most dynamic, and most business-friendly.
It is easy to see why businesses would look to Singapore as a location for foreign expansion. Singapore is already home to some of the world’s top organizations across many industries and time zones, due to its location. Add in all of the other clearly advantageous offerings, including highly developed seaport infrastructure and broadband network, and any business from startups to larger corporations could likely benefit in some way by expanding to Singapore.
How Hard is it to Start a Business in Singapore?
Starting a business in Singapore is known to be hassle-free. The country hosts over 128 commercial banks, many of which have headquarters located in Singapore. It is also an important hub for investments and wealth management in Asia. One of the nation’s initiatives in gaining foreign investment is called Startup SG, which is a launch pad for entrepreneurs that provides a platform to connect them with access to local support initiatives and a global entrepreneurial network.
Companies starting a business in Singapore can also take advantage of extensive trade agreements and attractive tax frameworks. The nation has signed over 20 free trade agreements, which help to facilitate business and trading across borders and are aimed at diminishing any tax barriers to investment, flows of trade, and more. The corporate tax structure of the nation is one of the most attractive in the world. There are also incentives offered for multinational companies who relocate their headquarters to Singapore.
The legal system is strong and the political environment is stable, both of which offer security and comfort to those starting a business in Singapore. In the event of any cross-border disputes, businesses are able to rely on Singapore’s reputation as a well-known world-class arbitration facility.
The workforce in Singapore is also highly skilled, highly effective due to effective company policies and good working environments, and is overall very highly educated. Studies indicate that Singapore enjoys higher rates of productivity and better working conditions due in large part to more open communication channels and solidarity between employers and their employees.
Starting a Business in Singapore with Virtual Phone Numbers
In the event your company is interested in the business prospects of Singapore, yet you are not quite ready to establish a physical presence in the nation, it may be of your benefit to create a virtual presence there using a website, a Singapore virtual phone number, and marketing campaigns targeted towards markets most relevant to your business. Small business telephone providers offer excellent options for obtaining local phone numbers for markets all over the world, including Singapore, which can help you create a presence in the Singapore market in a very short amount of time. Among the best of these providers is unitedworldtelecom.com, a company that specializes in global virtual phone numbers.
Between quality of life, economics, commerce, trade, and investment scenarios, starting a business in Singapore is clearly an attractive option. The weather is warm year-round, there is a thriving sporting and leisure scene, and there are many beautiful, well-tended outdoor spaces to enjoy. The nation enjoys a unique position in the global market and already plays an important role with regard to business in Asia. Entrepreneurs with businesses of any size and in any market would benefit from learning more about all of the merits offered by doing business in Singapore or expanding upon their already existing business by placing themselves in the Singaporean market.