Key reasons why Singapore is World’s Best to set up a business
Owing to the pro-business regime in Singapore, global businesses today are deciding to base their headquarters in the country. Well-connected globally, Singapore offers a conducive environment for business. Few vital facts and statistics support this fact. The country has been ranked as Number One in the world for offering an environment where doing business is easy. It is the third most globalized among all the large economies, which has been stated in a report released by Ernst and Young. Additionally, businesses here benefit in a great way as there is no dividend or capital gains tax.
An ideal environment
The environment in Singapore has been able to attract foreign investors and business entrepreneurs. Incorporating a company in Singapore is hassle-free and easy. Contrary to most of the Western countries, incorporating a company in Singapore takes only 1 to 2 days. Most importantly, the country has been recognised as one of the most competitive in the world where there is a lot of emphasis on innovation along with research and development. This steers the businesses towards organizational performance which in turn helps them to survive in the competitive environment.
Incorporating a business is easy
The greatest challenge of doing business in other countries is the unstable economical and political climate. Volatile economy can affect a business process outsourcing in a great way. However, Singapore has a stable political and economical climate which makes it the ideal place for entrepreneurs to set up their businesses. The work culture in Singapore attracts the hard working, smart and highly educated professionals from across the world. This creates a cosmopolitan environment where the workforce is well-equipped to meet the challenges of a sophisticated international marketplace.
Steps taken by the Singapore government
The primary goal of the Singapore government is to attract new businesses and guide the nation towards towards greater industrialization. Most importantly, the government aims at increasing the gross expenditure on research and development. Not only this, but it is in a constant endeavor to protect the intellectual property which makes it a suitable place for most businesses who aim at innovation and growth.
Although, there are many other reasons why Singapore is the best destination to set up a business, the above ones are the most important.