Starting a Business in Singapore: Why Is Singapore a Prime Destination to Start a Business?
There is no denying that Singapore is one of the wealthiest countries in Southeast Asia and one of the most developed countries in the world. Singapore being a leading financial center in the world, it is easy to understand why it has such a booming economy, and why almost every major business in the world is interested in setting up shop or having operations in Singapore. The prospects of starting a business in Singapore is thus an alluring one, and if you are an entrepreneur trying to decide whether or not Singapore would be an excellent destination for your next exploits, then we would like to let you know that the city-state has everything going well for you, and if you take your time and do things right, there should be nothing to stop you from starting a business in Singapore, and make it strive just like the rest. With that said, here are some of the reasons which make Singapore such a prime destination to start a business-:
An excellent business environment
One of the greatest attractions to Singapore by multinationals is in its business environment. Doing business in Singapore is so different from other countries, and the government has put in place outstanding measures to encourage foreigners to come and invest in the country. According to the Ministry of Trade and Industry, it is estimated that there are about six thousand multinational companies operating in Singapore, and this should give you confidence that indeed, you will not be alone and if other businesses have had and are still having success in Singapore, then you should also try it and you will have higher chances of succeeding.
It is also pleasing to observe that according to World Bank Doing Business Report, Singapore was ranked as the easiest destination to do business, pitching it before giants like the United States and Hong Kong. The report also noted that Singapore had the best business environment in the Asia Pacific, and the third best in the entire world. All these make a solid case for considering the country as your next destination for starting a business in Singapore and expanding into the Asian market.
Effective Transportation System
Changi International Airport in Singapore accommodates over 80 international airlines plying over 190 routes in 160 countries. The airport also handles over 38 million passengers every week and about 2 tons of air freight. This should be good news for every foreign investor because, with a highly developed transport system, other cogs within the economy are bound to move smoothly, implying that starting a business in Singapore will also be relatively easy compared to countries with a terrible transportation system.
Other than the airports, the island has over 70 railway stations, which when combined with the Mass Rapid Transport System, getting from one place to another in Singapore becomes a breeze. For efficiency, the government has only two public bus companies with over three thousand fleets of single and double deck buses which transport close to 3.2 million people every day. As such, you can never be worried about wasting a lot of time in traffic or having to contend with the inefficiency of the transport systems as is always the case in some other countries.
Singapore has a highly educated workforce
If you are searching for a destination with a highly educated workforce for your business, then Singapore will be highly beckoning for you. It will surprise you to know that the country has the most educated workforce in the world. It surpasses global giants such as the US, France, UK, and even Canada. According to the latest statistics, the literacy rates stand at 96%, and this is very good for every business, simply because you will not have to worry about bringing in expats for the various positions you may desire to fill in your business. At your disposal when starting a business, therefore, will be a strongly qualified human resource which you can always count on to meet the employment needs of your company.
Good support system for new and established businesses
Singapore’s rise to economic stardom is a result of the sweat, blood, and tears of certain pioneer businesspeople and entrepreneurs. Entrepreneurship is one thing that the government of Singapore supports in word and deed. You will be surprised to learn that there is a ministry dedicated to nothing else but entrepreneurship, and as such, there are a myriad of government support system to help both budding and established businesses to become successful.
These come in the form of tax rebates, tax cuts, and exemptions, and several schemes to encourage local as well as foreign startups in the country. For example, the government has reward schemes for foreign companies with their regional headquarters in Singapore. Then there is also very enticing corporate tax reliefs for newly formed business, both for locals and foreigners. Very few countries have such a measure to encourage business in their territories, and this is why Singapore scores so highly. All these should make the prospects of starting a business in Singapore to be so alluring to every serious investor.