Starting out on a new venture can be a monumental task but it becomes even more strained when you don’t know where you’d like to settle for a home base. If you are exploring world economies to find the perfect city in which to set up shop, have you thought about Singapore? There are a number of compelling reasons why Singapore is the perfect place to start a business. Here is some food for thought.
Location, Location, Location
In the world of real estate, the most oft used expression is “location, location, location”. Whether you are thinking of moving an existing business to Singapore or are contemplating a start-up venture, this is the perfect location to do so. Just think about the fact that Singapore is the epicentre of commerce in Southeast Asia where you have almost three billion potential customers within a matter of just a short flight, a few hours at most. Let that sink in for a moment. Not 3 million, but billion – 2.8 to be almost exact. That’s a pretty large market to capture!
Thriving Multicultural Population
Business shouldn’t be the sum total of your life, but even if it is, you couldn’t find a better place to live and work. Singapore is a thriving multicultural city/nation that holds the honour of being in first place for places to live in Asia. Some other facts you might find interesting are:
Rated #1 in ease of doing business by World Bank
Rated the best global workforce (bosses should love this!)
Forbes Magazine ranked Singapore the third wealthiest economy globally
Ernst & Young ranked them in third place for globalisation amongst 60 of the top global economies
And that is just a ‘taste’ of what this amazing multi-cultural city has accomplished within just a few short decades. With all this being said, imagine the recreational opportunities in a city that boasts a little something for everyone of any ethnic background. Whether for your own down-time enjoyment or to take clients out on the town, you won’t lack for something to do or see in Singapore.
The Best of Everything
When you are told Singapore has the best of everything, it isn’t just a sales pitch by some overzealous real estate agent. Singapore not only has the distinction of having the largest reserve of foreign currency per capita of any nation but it has the highest standards in healthcare and education as well. Jim Rogers, a US investor, predicts that Singapore is headed towards being one of the leading financial centres globally in a very, very short time.
Let’s Talk about the Tax Man – If You Can Find Him in Singapore!
One of the most alluring prospects that draws fledgling businesses to Singapore is that the government has a commerce friendly regime. Corporate taxes are remarkably low and there are absolutely no dividend or capital gain taxes. Now, for the average worker, consider this. Personal income tax begins at 0% and, hold on to your chair, maxes out at only 20% if your income goes above the equivalent of $320,000 US dollars. That’s £208,319. You’d be paying a whole lot more to the tax man back home, wouldn’t you?
There is so much more which could be said about the benefits of doing business in Singapore, but for this article that’s quite enough. Before reading this you may not have been looking to do business in Singapore, but it would be a safe guess to say you are now considering the possibilities. If you are on a quest to find the ideal location for a new venture, take the time to learn about all that Singapore has to offer. You can find out more here: http://www.servcorp.com.sg/en/news-articles/business-articles/how-to-do-business-in-singapore/.