Various organizations ranging from Fortune 500 companies to small and medium enterprises (SMEs) are attracted to Singapore’s vibrant business landscape.
A bustling multicultural city-state, Singapore remains the business epicentre of Asia and one of the fastest growing metropolitan cities in the world.
Top 5 reasons why Singapore is a great place to set up your business
A Favourable Business Climate
Numerous Multinational Corporations (MNCs) have chosen Singapore as their Asia Pacific base due to its fertile business climate.
Known as the easiest place to do business in the world, Singapore has consistently topped the World Bank’s annual “Ease of Doing Business” report. Moreover, Singapore emerged as the top city in Asia and third in the world in the recent EIU (Economist Business Unit) “Benchmarking Global City Competitiveness” report.
Congruently, Singapore has topped similar surveys by independent bodies, emblematic of the government’s efforts to provide quality public services to support a robust private sector growth.
World Class Transportation System
Singapore’s Changi International Airport is one of Asia’s best airports, with over 100 airlines flying to over 240 cities in approximately 60 countries and territories around the world. In December 2012, the renowned airport broke its 31-year record to cross the 50 million passenger mark, registering a remarkable traffic of 51.2 million transit passengers from all regions worldwide. In addition, Changi Airport has received numerous accolades and awards over the years, due in large part to its high efficiency and quality of service.
Although private road transport is relatively more expensive compared to other major global cities, Singapore offers one of the world’s most sophisticated and efficient public transportation systems. The city-state’s public transportation network is efficient, frequent and convenient. A wide range of commuter routes spanning the entire island are offered via the Mass Rapid Transit (MRT) system, buses, and taxis.
Singapore’s connectivity is consistent with Singapore’s reputation as Asia’s financial hub, and bodes well for entrepreneurs seeking to establish a presence in the region through the incorporation of Singapore companies.
Highly Educated Workforce
Singapore has a highly skilled, highly educated workforce.
Singapore has one of the highest literacy rates in the world, and one of the globe’s best education systems. Education has always been a priority expenditure for the government, and the Republic has consistently invested in its long-term growth. Over the years, Singapore’s universities — such as the National University of Singapore (NUS) and Nanyang Technological University (NTU), among others — have consistently placed highly in various global university rankings. In general, Singapore’s strong education system has produced leaders and achievers who are driven to excel. As such, the city-state has access to an extensive pool of highly qualified human resources.
In addition, Singapore is a destination for top-tier professionals from around the world. Through the Singapore Personalised Employment Pass (PEP), gold collar expatriates with exceptional qualifications have relocated to Singapore and joined the city-state’s diverse workforce.
Extensive Support for Emerging and Established Entrepreneurs
Singapore fosters entrepreneurship and offers various avenues to support emerging entrepreneurs. Budding entrepreneurs can benefit from various support systems, including lower corporate tax rates, tax exemption schemes, and a range of financial assistance and funding programmes for qualified businesses, among others. There are also a number of non-profit organizations, such as the Spirit of Enterprise, that are committed to honoring exceptional entrepreneurs, as well as providing a support network of like-minded individuals who can meet and share ideas.
Clean and Efficient Public Sector
The public sector in Singapore has a reputation for being very supportive of private sector initiatives and growth. The city-state maintains a pro-business regulatory framework to sustain a robust private sector growth. In fact, Singapore was ranked as the least bureaucratic place for doing business in Asia by the respectable Political and Economic Risk Consultancy (PERC) agency. The IMD World Competitiveness Report 2008 also ranked Singapore 3rd in the world and 1st in Asia for having the least corruption in its economy. Corrupt practices by public officers are investigated by the Corrupt Practices Investigation Bureau (CPIB). Any malpractice identified is heavily subjected with disciplinary action, public attention in the media, fines and/or jail sentence.