Doing Business in Singapore
Singapore, over the past few decades, has skyrocketed to one of the best places in the world for the formation and running of a successful business. The World Bank ranks Singapore as #1 for the overall ease of business, putting it above even such economies as Hong Kong, the United States, and the United Kingdom. The criteria for this overall rating is based on rankings such as getting credit, ease of startup, and how good the country is at protecting investors.
There are many reasons that factor into why Singapore is an excellent location for starting and operating a business. One aspect that makes it stand out from other business-oriented marketplaces is its strategical geographical location. Not only is Singapore a central location in Asia, it is also a gateway to rich Asian marketplaces with billions of potential consumers such as China or India. More so, Singapore’s world-class seaport and international airport which are critical for individuals and corporate entities conducting international business activities.
Another important aspect is the government of Singapore tends to have a simpler approach to dealing with businesses and provides very affordable tax rates. Their flexibility with regard to immigration makes it easier to move to Singapore than many other locations around the world and their stance on intellectual property rights has recently being looked at as one of the best in the world.
Singapore also boasts of a beautiful location with excellent scenery and a thriving culture. Their workforce is highly skilled and the quality of living in Singapore is, like so many other things about the country, rated as one of the best in the world.
It is easy to see why it would be an incredible destination for international businesses, but choosing to start or move your company to Singapore is only the first step to success. Once you’ve made the decision, you have to begin to look into how you are going to get your company going in this thriving economy. Of course the details of housing, immigration, and other personal matters should be at the top of your list, but so will looking into how you are going to either begin or move your company.
Most people who are starting a business, especially an international one, choose to incorporate it. If you are going to have a business in this growing economy, you will need to look into the incorporation of your new Singapore company. This can seem like a daunting task, especially as many businesses struggle to get approval for incorporation on their own because of minor details that are missed or done incorrectly. Companies like Richmond Corporate Advisory specialize in helping businesses establish themselves in Singapore and can get you started off on the right foot.
Singapore is a growing destination for many businesses and several large corporations have recently moved their headquarters to the country. This is one of the best times to join the movement and be a part of what helps them continue to grow into one of the strongest and largest economies in the world.