11 Reasons why Singapore is the world’s best place for business
The “Doing Business 2014” report credits many third world countries and emerging economies in making it easier to start new businesses. These countries governments attract foreign corporations by reducing bureaucratic entry barriers and by providing tax incentives and investments protection via business friendly government policies.
According to the report annual competitiveness survey, Singapore is the world’s best place to run a business.This Asian finance center topped the survey for a decade, with New Zealand, the US, Denmark and the Netherlands rounding out the top five for 2013.189 countries were ranked on 10 categories. These rankings carry a huge weight in the international business community and are used to prioritize strategic investments and international business positioning.Many countries are making it simpler to start a new business or attract a foreign business, with low income economies moving faster than bigger ones.
So, what makes Singapore attractive to foreign Corporations and International Investors?
- Singapore’s Strategic Location. Singapore is situated in the heart of Southeast Asia, making it possible for businesses to access a market of 3 billion people within a few hours flight. Singapore’s port is one of the busiest in the world, making Singapore a premier International Maritime Center.
- Singapore’s modern and efficient Airport serves 20 million passengers annually and ranks “Best Airport in the World” for 20 consecutive years.
- Singapore is Pro-Business.
- Singapore’s government is pro-business and requires minimum “red-tape” to open a business. Singapore is the easiest place in the world to set up and manage a business.
- Singapore’s Tax System is the best in the world.
- Singapore’s tax rate is one of the lowest in the world, with a 20% maximum tax rate for income above $320,000. Corporate tax rate is capped at 17% for profits above $300,000. There is no capital gain tax, and Singapore’s VAT rate is 7%, one of the lowest in the world.
- Flexible Immigration Policies.Singapore’s open Immigration policy eases the relocation of foreign nationals who wish to setup businesses there.
- Intellectual Property (IP) Protection. Singapore has become a one-stop center for businesses seeking to protect their IP. Singapore has very strong copyright, trademark and patent laws.
- It’s Easy to Work with the Government.Singapore’s Government is business friendly and its goal is to attract new business in order to guide this nation to the front of the industrialized nations.
- The World’s Best Professional Work Force. Singapore has built a world-class, productive and highly educated work-force. Singapore’s highly technical and business savvy labor market attracts talent from all over the world. This intelligent and innovative workforce is well suited for meeting the challenges of the sophisticated future international marketplace.
- Quality of Life. Singapore provides its residents with excellent transportation and communication system, a top quality healthcare system, a healthy and clean living environment, an outstanding support system for businesses and corporations, and an endless selection of cultural and educational opportunities.