Singapore is an Asian country with a population of about 5.6 million people with a GDP of $527.0 billion at a growth rate of 3.6% and an annual growth of 3.5%. Its per capita is $93,906 and an unemployment rate of just 2.0%. Its inflation stands at 0.6% and an FDI Inflow of $62.0 billion.
Singapore is one of the world’s most prosperous nations. The services industry dominates the economy, but it’s a major manufacturer of electronics and it operates one of the world’s largest sea ports.
Singapore is ranked 2nd among 43 countries in the Asia-pacific, and its overall score is above the world’s averages. It has a remarkable open and corruption-free business environment, a transparent legal framework and a prudent monetary and fiscal policies.
Singapore has been ranked by numerous organizations as one of the top countries for ease of starting and doing business. In 2016, World Bank ranked Singapore as the best country in the world in “ease of doing business” among 189 countries.
Singapore is ranked as 2nd for its intellectual property protection in WEF. Forbes also ranks Singapore as the third wealthiest countries in the world based on its GDP. Company formation in Singapore is one of the best decisions you will make.
Below are 4 reasons why you should open a company in Singapore:
A Robust Economy
Singapore is a free market economy that is based primarily on manufacturing, finance and trade. The service industry accounts for 75% of the country’s GDP and it employs 80% of its workforce.
In 2014, the country grew at 2.7% and its per capita GDP was at $80,000. Its total exports stood at about $500 billion. The country has no external public debt.
The country has a subsidy program for – housing, transport, education and healthcare subsidies. Singapore is a very robust and well managed country, even though it has a very small amount of natural resources.
Ease of Incorporating a Company
Singapore has one of the world’s most bureaucracy-free regulatory frameworks in the world. World Bank has ranked Singapore as the best country for its Ease of doing business survey.
To incorporate a company in Singapore, the requirements are straightforward and the procedure is simple. It takes less than a day to open a business in Singapore. Company formation in Singapore is as easy as anything you can imagine.
Productive Human Resource
Singapore has one of the world’s most excellent educational system. The students coming out of these institutions make up the total workforce and bring similar excellence to their workplace. Singaporeans have built overtime a reputation of being hardworking, productive and rule-following.
Singapore also makes it easy for global talent to come and work for them by providing them with so many juicy benefits. It has a very easy system to acquire visas and work permit.
Support for Startups
The Singapore government have been able to introduce a growth and innovation friendly policy for startups. Startups in Singapore can easily access favorable tax incentives, grants and so many other related schemes.
The government also offers subsidized labor cost for certain types of businesses. It also has a well nurtured funding community.
These are the 4 top reasons why you should open a company in Singapore and succeed beyond your wildest expectations. Singapore really is one of the world’s best investment destinations.