Entrepreneurs can easily adjust to the lifestyle in Singapore due to the mixture of cultures and opportunities abound due to the presence of multinational brands in the country. The world-class city boasts of low-crime rate, efficient transport system, and stable economy.
Global businesses have situated their business in Singapore due to the benefits of Double Taxation Avoidance Agreements. The country was a humble fishing village which was transformed into a bustling hub for the world. Singapore has a land area of about 710 square kilometers with a dynamic landscape of high rise buildings and gardens. The country known also as “The Little Red Dot” has garnered the title of “Trade Hub” due to its strategic location and as a preferred location for businesses looking to tap into the global market. The country boast of being consistently ranked no. 1 as “The World’s Easiest Place To Do Business”” according to the yearly report published by the World Bank.
Many multinational companies have established their offices in Singapore aiming to take advantage of the Free Trade Agreements of Singapore. Currently, there are 18 FTAs enforced and with 24 trading partners worldwide including ASEAN, USA, China, Japan, India, Brunei, Jordan, and more. Entrepreneurs and their families have migrated to Singapore to take advantage of the quality life and the strong presence of the Singapore brand in the international market. Singapore is consistently ranked high in various surveys and rankings for education, quality of living, work conditions, and more.
If you are an entrepreneur looking to increase your presence in Asia or gain more benefits through Singapore, here are some benefits to look forward to when you establish your company in Singapore.
- World’s easiest place to do business
Consistently chosen as the world’s easiest place to do business by the World Bank and now on its 7th year, the country has the best policies in place for businesses. Easily register your business online in a few minutes.
- Free Trade Agreements
As of date, Singapore has 18 Free Trade Agreements in place in 24 trade partners. Due to the FTAs import duties are reduced to 0% either immediately or gradually. With the FTAs the business can easily enter the market and remove trade barriers. Further, entrepreneurs are granted easy travel to participating FTA countries. (source: www.fta.gov.sg)
- Stringent Intellectual Property Protection
Singapore offers a good environment for businesses to strive with their ideas and innovations well protected through the Intellectual Property Law.
- Low Tax rates
The country has one of the lowest corporate tax rates in the world at 17% and individual tax rate at 0 to 20%. In addition to this, Singapore will implement a 30% tax rebate for YA 2016 and YA 2017 at a reduced cap of $ 20,000 per company per year. Corporate taxes are exempt from first year to third year of operation. For new companies they can claim full tax exemption for the first $100,000 for each of the first three years of operation. Further, from YA 2008, an additional 50% exemption is given to the next $200,000 for each year during the first consecutive year. Those who do not qualify for this scheme are eligible for a partial tax exemption. (source: www.iras.gov.sg)
- Most Preferred Destination of Expatriates
The city is voted as the preferred destination for Asian expatriates as of the 2007 survey of ECA International. The quality life being offered by Singapore allows multinational and small and medium companies to have opportunities to attract and employ the best manpower in the region.
- Efficient Transportation and Communications
Singapore has an efficient public transportation by bus, Mass Rapid Transit system, and taxis. The country has been dubbed as having the best logistics supply chain in Asia. It is also the most network-ready country in Asia. Changi International Airport is multi awarded and it is connected to 280 cities in 60 countries. (source: www.edb.gov.sg).
Singapore also has the busiest sea and air cargo making it the world’s top choice as transportation hub. There are 200 shipping lines connected to 600 ports in 123 countries.
Benefits to Families Who Migrate to Singapore
Singapore is a vibrant city state with a diverse culture stemming from a population composed of four major races namely Indian, Chinese, Malay, and Eurasian. English is considered the language of instruction and each major ethnicity has their own language.
Consistently recognized as a green metropolis, Singapore is home to over 5 million people according to the Singapore Department of Statistics as of 2013.
The country boasts of the reputation of having a low crime rate, orderliness, and cleanliness. The low incidence of crime has offered a safe environment especially to foreigners, entrepreneur and expats who are migrating to the country with their families.
Dependants of entrepreneurs, Employment Pass holders, SPass holders and other foreign tourists will be glad to know these facts:
- Low Crime Rate:
Dependants who are migrating to Singapore with their children will be safe in traveling in the metropolis at any time of the day. The country has placed no. 1 in the Mercer’s Quality of Living survey and the top-ranked Asian City in the 2011.
- Quality Living:
Singapore attracts expatriates, foreigners and travelers from around the world. It has a convenient location in Asia which allows its population to travel, do business, and tour in neighboring countries. It is also recognized as one of the cleanest and greenest cities in the world. It’s healthcare and transportation are among the best in the world. Aside from this, the country is a haven for events, concerts, performance productions, exhibitions. It also boasts of a fusion of many food from the country’s multi cultural cuisine.
- Quality Education
The country is very well known for its high standard education and quality schools. Foreigners who are interested to live in Singapore will be able to have the best schools to choose from for their children. According to the Global Competitiveness Report 2013-2014, Singapore is no. 1 for quality of math and science education. The top university in the country, National University of Singapore (NUS) is no. 1 in Asia’s Top 300 universities according to the QS University Rankings-Asia 2014.
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