Singapore Continues to be the World’s Best Business Environment for 15 Years

Singapore has been on the top of the list as the global leader in terms of offering the most conducive business environment for the fifteenth straight year. Known for its sophisticated commercial infrastructure, supportive business environment, skilled workforce, and global connectivity, the country continues to attract wealth creators and entrepreneurs.

Despite its lack of natural resources and a limited domestic market, Singapore has overcome economic crises in 1997 and 2008. Currently, it boasts one of the most stable economies in the world. The country has witnessed the generation of consistent surpluses with no foreign debt and high revenue for the government. As Singapore stands tall as a global economic hub, forward-thinking foreign players continue to establish their commercial identities in the country.

The Economist Intelligence Unit’s (EIU) recent rankings for the second quarter of 2023 reveal that Singapore is likely to offer the best global business environment for the next five years. While countries like Canada and Denmark closely follow, Singapore remains ahead in the race through continuous innovation. With this consistent excellence, the country will dominate the global list for the 16th consecutive year.

What Sets Singapore Apart for Business Enthusiasts?

In this edition, let’s explore the factors that set Singapore apart for global business enthusiasts.

1. Strategic Geographic Advantage

Singapore is located close to major markets like China and Japan. Thus, it gains easy access to more than 3 billion consumers. Its bustling port, one of the world’s busiest, and the extensive connectivity of the Changi International Airport make it an ideal hub for business ventures. Currently, more than 20 million people use this airport. This provides a strategic reach to business minds to the global business hub.

2. Tax-Friendly Policies

In Singapore, the corporate income tax rate of 17%, is the lowest in the world. The country has a well-structured tax framework that lures businesses. International players look forward to capitalizing on financial advantages and riding the growth opportunities in Singapore.

3. Financial Power

The seamless accessibility to the international business community makes Singapore one of the most well-planned financial centers in the Asian market. With revolution in technology, the country is witnessing a surge in its financial power. According to rankings published by the GFCI, Singapore occupies the third position on the list of vibrant financial hubs in the world. Only London and New York enjoy better positions compared to Singapore.

4. Conducive Business Environment

In terms of ease of doing business, Singapore is one of the leading nations in the world. According to the World Bank, it currently occupies the second position amidst ongoing business tensions. Naturally, business enthusiasts find a safe haven in Singapore.

5. Transparent Regulations and Permits

The authorities in Singapore have streamlined the process of obtaining business permits in the country. With professional support from established companies and transparent processes, forming a company in Singapore is relatively easy.

6. No Double Taxation

In a strategic move to bolster international business, Singapore has signed bilateral tax treaties with more than 50 countries to prevent double taxation. This benefit passes on to entities from different countries engaged in international business in Singapore.

7. World-Class Infrastructure

The sophisticated business infrastructure in Singapore meets global standards. This establishes a solid foundation for businesses across different industries, ranging from biotechnology to fintech and logistics and green initiatives.

8. Skilled Workforce

With a pool of highly skilled and diverse talent, Singapore offers businesses access to a productive workforce. This is essential for sustained growth and success for any business.

9. Incentives

Singapore offers a wide range of incentives to businesses, ranging from tax exemptions and financing schemes to investment allowances. These perks further empower businesses in different sectors to innovate and thrive in Singapore.

Get Professional Help for Company Formation in Singapore

With the startup ecosystem in Singapore looking robust, entrepreneurs are willing to make the most of the business-friendly environment in Singapore. The IMC Group is one of the most revered teams of professionals offering comprehensive assistance for company formation in Singapore . It’s logical to have an experienced team on your side for accurate guidance and mentorship as you expand to this vibrant business hub in Southeast Asia.