Gone are those days, when China’s central coast, Shanghai used to remain among the top attractions for the tech-based companies! Now, its Singapore, the popular sovereign state of Southeast Asia which has been setting the new standards and emerging as the top-notch choices for IT companies in regards to openness, business integrity, regulatory transparency, technology ecosystem, ease of doing business, legal and financial stability.
Here, in this article, we will talk about Singapore, which has emerged as the top-notch destination for the IT companies, with further discussion on the top reasons that have been making it the perfect choice for startups and IT firms.
The moment, when someone talks about Singapore, the first picture that comes into our minds, especially when we are from a developing or underdeveloped nation is tall buildings, clean air, world-class education, and perfect infrastructure. But, if we observe carefully, then there are a lot more facts about Singapore, which are quite interesting and helpful in attracting all the techies from all around the world, which we will be discussing in the following context.
Ease of doing Business
According to a report published by the World Bank in the year 2016, Singapore is ranked number one in regards to ease of doing business in the world. It means Singapore is not only popular for the infrastructure that it has been offering, but, also regarded as the most business-friendly country in the world.
Friendly Tax System
As per the World Economic Forum's report, Singapore ranks among the top ten countries with the lowest tax rates. Broadly, the Singapore government charges merely 17 percent as Corporate Tax, which is eventually lower, when compared to other countries, like India where Corporate Tax is 34%, Australia has 30% and Switzerland has 17.92%.
In this globally connected world, where the internet has been playing a major role across all the businesses. Singapore is well-recognized for internet connectivity. It has over 217 internet service providers, 43,000 public Wi-Fi access points and more than 15 million mobile subscribers. Thereby, business owners find themselves connected online almost everywhere and anytime.
Singapore is home to a number of skilled labors. According to the World Economic Forum and Human Capital Report 2015, almost 54% of Singapore’s workforce is highly skilled and talented. This percentage is relatively higher than the other countries like Australia and New Zealand.
Friendly immigration policy
Migrating and setting up a business in Singapore is quite easy! It involves three procedures that can be completed in as low as three days, that too at a very low cost compared to various other countries. Further, the immigration policy in Singapore is transparent, open and business-friendly, thereby, offering excellent work visa provisions.
All in all, Singapore, a nation that stands as the second-most freest economies in the world, is an ideal place for the startups and the IT companies. The currency is strong and stable, infrastructure is perfect, capital flow is easy and smooth in and out of the country. All these parameters makes Singapore an ideal place to work.