Here is why Singapore appears as the most fertile land for businesses over the years.)
Singapore is on the way to become the next tech hub of the world. Besides, the island is known for educated workforce and pro-business regulations. No wonder that why many tech giants are moving to the city. Singapore’s Economic Development Board or EDD claims that 80% of the top 100 global tech firms have operations in Singapore. The city has been placed on the sixth rank on the 2017 Bloomberg Innovation Index, ahead of the U.S. Japan and China. To conclude, Singapore appears as the most fertile land for businesses over the years. And here are the driving factors behind that…
Being Connected and Open:
The strategic location of Singapore makes it connected to the both East and West. The city shares an easy connectivity with the cities of China, New York and Sydney. It is a mix of both east and west. Air travel is frequent with daily inbound and outbound flights.
The country is open to the western lifestyle, languages and business practices. That’s said, people are still proud of their Asian culture. This way, Singapore is connected and open, creating a suitable landscape for the global businesses.
Attractive Tax Laws:
Singapore has one of the attractive tax structures in the world. Singapore has entered into over 70 double taxation avoidance treaties with other nations. The Government actively benefits foreign business with reasonable tax rates, tax exemptions schemes, rebates and incentives.
Business-Friendly Laws:
New company can be registered in just three steps which can be done within a day or two. The process is efficient while compliance services are simple to understand. Getting permits, credit and contracts are easy in Singapore compared to most nations.
Skilled and Highly Educated Workforce:
English is one of the key languages spoken in the nation. Most people are educated here. This is why international business can find skilled and educated workforce in Singapore.
Intellectual Property Protection:
Singapore is known for providing protection related to IP, infrastructure and incentives. The strict cyber laws and measurement also ensure protection to the firms.