Singapore: Top Destination For Business Conventions
Singapore has ranked as the top Asian destination for business expos and conventions based on the latest research by the International Congress and Convention Association (ICCA). Singapore has topped the rankings, according to the study, for straight ten years.
In 2011, the country had a whopping total of 13.2 million visitors, a majority of which are composed of business travelers. These visitors have contributed to over SG $5.6 billion in travel expenses.
The main beneficiary of the increase in annual visitors is the Meetings, Incentives, Conferences and Exhibitions (MICE) cluster of the business tourism industry which registered a 46% year-on-year growth.
Singapore has been steadily catching the attention of tourists and investors from the world over for its bullish and open economy, great sights, strategic location and accessibility to other Southeast Asian countries and its favorable tax scheme.
The island state is just a short flight or train ride away from Indonesia and Malaysia as well as bigger markets such as China, India, Hong Kong, and Japan. Among these competitive markets, Singpore has the lowest corporate income tax rate which is pegged at a flat rate of 17% for revenues over SG $300,000.
The country has been one of the most favorable business destinations of global companies for its soft tax treaties. Foreign companies are also protected from double taxation and can enjoy tax exemptions and incentives should they wish to establish subsidiaries in the country.
Singapore is also one of the top choices of not just investors but also students and professionals who would like to further their studies and careers.
The country owes much of its potential to attract businesses for holding conventions in its shores due to its growing events management cluster. The country will also see a boost in business tourism as it is reported to be hosting over 17 world congresses in the next four years.
Singapore also made it to the top five convention destinations globally along with Paris, Berlin, Barcelona, and Vienna.