Why Singapore is the Best Place to Start Your Business in 2024: Key Advantages Revealed

There are several advantages of establishing your business in Singapore, making it the best place to start your entrepreneurial journey. The appealing and strategic location, along with the simplified tax policies, facilitates the ease of doing business in Singapore. This has also been observed by several business giants across the globe, who have strategically moved or expanded their operations to this island nation to unlock these advantages. This article will help you understand the reasons why Singapore is an attractive place for entrepreneurs around the world to set up and expand their business.

1.?????? Strategic Location:

Singapore’s strategic location is long recognized as a pivotal factor in its economic success. The country is situated at the heart of the major shipping routes in Southeast Asia and functions as a thriving international trade hub. Such prime location not only places Singapore in the close proximity of the neighboring countries but also facilitates stronger connections with the emerging worldwide economies. Whether you are a startup or if you are a seasoned business looking to expand, Singapore offers enormous advantages and opportunities.

2.????? Advanced Infrastructure

Singapore has an astounding and most advanced infrastructure which includes commercial complexes and businesses parks, highways and world-renowned Changi Airport of Singapore – connectivity with great economies. It also has exceptional telecom facilities and high-speed internet facilitating smooth business operations. As per IMD World digital competitiveness Ranking, Singapore ranks 3 in terms of the worlds most digitally advanced economies for the year 2023. This high ranking portrays Singapore's dedication to keeping up and improving its digital systems which has attracted various multinational companies to set their headquarters here,

3.????? Ease of doing business

With no minimum shareholder requirement and paid-up share capital requirement it provides with a free and open environment for the investors. Furthermore, incorporating a business is efficient and easy as the process only takes a day or two. Singapore also has immigration policies and work permit schemes that attracts talented professionals and opportunists from across the globe.

Singapore ranks number one country in the world as per the Heritage Foundation's index of economic freedom and EIU and number two as per the World Bank Group for the ease of doing business ranking. Efficient regulatory environment and pro-business policies can give a kick-start to your business plans.

4.????? Political Stability

Singapore has one of the most stable political climates in Asia that provides entrepreneurs and investors with a high level of security and confidence. The country's judicial system is renowned for its efficiency and effectiveness in Asia, upholding anti-corruption laws that allow investors to operate without concerns about bureaucratic delays.

Additionally, Singapore's strict law enforcement contributes to its consistently low crime rate, ensuring a high degree of personal safety for its residents. For anyone thinking to do business in Singapore, such opportunities in dynamic market offers can facilitate in building a successful and profitable venture.

5.????? Appealing Tax Policies

The major incentive for the entrepreneurs is the tax laws in Singapore. Singapore follows territorial tax system which means that only the income derived from Singapore is taxed making foreign sourced income exempt. It has an extensive network of Double Taxation Avoidance agreements with around 90 countries. It has the most competitive corporate tax rate of 17% in the world. The business is provided with various tax exemptions and incentives such as start-up exemption, partial exemption and Research and Development incentives, uniform and Goods and Service Tax and many more. The tax benefits and deductions offered by the country’s government act as a highly favorable environment making it attractive destination for entrepreneurs.

6.????? Protection to Intellectual Property

The Global Innovation Index 2023 ranks Singapore as 5th most invocative country in the world. With the prevailing favorable conditions and tax incentives which makes entrepreneurs and investors seek business opportunities in Singapore, and in order to protect the invocation and creativity, the country has developed strong protection of IP rights.? Singapore ranks second in the world and first in Asia for having the best IP protection. ?Overall, Singapore is ranked first as the world's most competitive country. Such robust framework provides with a secure foundation for growth and competitive advantage in the global economy.

7.????? Virtual office and Virtual Banking:

Singapore allows establishing a business virtually instead of physically. This facilitates running operations remotely while providing with the official business registration in Singapore. Moreso, virtual bank accounts can be opened with Singaporean banks. This will help in the management of all the finances without any single hassle. Among other reasons, the existence of remote accounts makes international transactions and managing finances highly convenient, simple, and streamlined.

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In conclusion, setting up a business in Singapore offers multiple benefits, from strategic location and robust infrastructure to attractive tax incentives and strong IP protection. The country's business-friendly environment and efficient regulatory framework make it an ideal destination for entrepreneurs and established businesses. However, to fully derive these benefits, it is crucial to choose the right business structure that is in alignment with your business goals and operational needs.

At Water & Shark , we specialize in guiding businesses through the process of setting up and expanding in Singapore. Our expertise ensures that you select the right business structure and navigate the regulatory landscape with ease. Partner with us to unleash the full potential of your business and thrive in one of the world's most dynamic markets.