Many opportunities of Singapore as a business hub for Asia- Hopping on the innovation roller-coaster
Both an eclectic melting-pot and contemporary hub for global businesses, Singapore is a pioneer in sustainable technology and digital communications. Blessed with a multi-talented workforce and prime access to Asian markets, here is why you should incorporate in this prosperous port-nation.
A thriving business terrain
This kaleidoscopic nation, sporting one of the world’s most diversified economies, has been consistently accoladed by authorities like the World Bank and World Economic Forum for prime logistics performance and global competitiveness, due to its laser-focus on prime international connectivity and R&D centers catering to a variety of fields. Singapore is the type of nation that will tick all your requirements for excellent PESTLE factors, from a stable and transparent political and legal framework to a variety of avenues for companies to expand into, all supported by excellent infrastructure amenities. However, it is essential to be well educated on the Singaporean scheme of doing business, as, despite its modern exterior, the cores of its practices are tradition-based. Establishing a credible reputation, showcasing your competencies to the right people, and being both empathetic and resourceful, will get you far in this high-context culture.
Favourable Investor Policies
A cutting-edge economic ecosystem conducive to innovation and synergized collaboration, reinforced by numerous cost-competitive government schemes; Singapore is nothing short of a haven for FDIs. For instance, not only does the government actively help new ventures develop their export potential and form secure global partnerships, the Economic Intelligence Unit endorses Singapore as an investment location that nurtures start-ups in a competitive economy. For instance, Startup SG is a local support initiative with manifold services, from providing early-stage financing and mentoring to connecting SMEs to accelerators and incubators. Other major perks of setting up in Singapore include extremely low corporate tax rates, no restrictions on foreign ownership, and zero impediments to profit repatriation.
Facilitation of international trade
Singapore is a flourishing free-market economy located smack dab at the heart of Asia, which channels 60% of the world’s trade. Singapore’s trade volume is a stunning three times it’s generated GDP, and its Export Development program is geared towards optimal export competency. In addition to this, Government agencies such as International Enterprise (IE) Singapore support businesses and trade associations to collaborate towards International Trade Conventions and overseas business ventures that help local companies go global. For instance, initiatives such as the Market Readiness Assistance (MRA) grant and Internationalisation Finance Scheme help businesses of different calibres to come up with effective strategies to chisel a niche in foreign markets.
A straightforward starting-up process
Regardless of whether you are setting up a biotech research firm or aim to start a chain of best-value hotels in Singapore, similar to the Destination Singapore Beach Road, you will find that provisions have been made to minimize hassle and maximize efficiency. For instance, it’s a relatively simple process to get the Singaporean work visas approved by the Ministry of Manpower (MOM), and convenient options such as the EntrePass, which enable entrepreneurs to start on launching and operations without delay. The Global Investor Program (GIP) is another gateway into this welcoming economy, requiring an investment of at least S$ 2.5 million.