Besides the century-old temples, clean air and lush green spaces, there are a lot more things that make Singapore, an ideal place to live and work. Today, Singapore ranks as the second-best place to do business across the other 190 economies in the world. (Source: World Bank's Annual “Doing Business” 2019 report). So, what makes it stand among the top places to do business? Let’s find out!
What makes Singapore the Centre of Innovation?
The Singapore government has been playing an important role in making Singapore, the top-notch centers for innovation. It has been offering a conducive environment to the start-ups, global companies, and investors that have been attracting entrepreneurs to the shores of Singapore.
Excellent Internet Connectivity
Expecting fast internet services in a country like Singapore is nothing off-topic talks! Singapore offers great internet connectivity to businesses and individuals. Thereby, one can access any information from anywhere, with a single tap.
Ease of Starting a Business
Setting up a business in Singapore is quite easy, as the registration procedure takes quite less time and can be completed on the same day. This eventually makes it a hassle-free experience for the entrepreneurs who are all set to establish their business.
High degree of personal safety
Another interesting thing about Singapore is its efficient judicial system, that enforces anti-corruption laws. Thereby, the investors and business professionals can constitute their business practice without any bureaucratic malaise.
Excellent Air Connectivity
Singapore offers great connectivity to over 100+ countries. Every week, around 7,200 flights land and depart from the Singapore Changi International Airport, flying to over 400+ cities in about 100 countries and territories.
Economical Corporate Tax Rates
Next, we talk about the Corporate Tax System in Singapore. Surprisingly, it is the third-lowest in the world. Currently, its 17%, which is quite less in comparison to the other countries in the world. (Source: Rikvin Corporate Tax Survey)
Affordable Access to Funding
Singapore is home to 125 commercial banks, 531 capital markets services license holders, and the fourth largest forex trading center, the Singapore Exchange (SGX) in the world, which makes it easy for the organizations to seek funds for their business needs. (Source: Rikvin Banking Survey, Asia)
All in all, Singapore is a nation with enormous opportunities to explore for businesses across all the domains. Besides, offering excellent connectivity, great infrastructure, and friendly corporate policies, it’s well known for the innovative initiatives taken by the Singapore government, to create a smart nation for the people.