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5 REASONS FOR SETTING UP YOUR BUSINESS IN SINGAPORE
If you have been wondering if you could move into Singapore
to set up a business since you have heard so much good
things about it, well here are some reasons why you should:
- Best Place to Start a Business
Singapore consistently scores high marks in global and regional rankings of the factors that matter to businesses. These range from political risk to workforce productivity, from the quality of life to the prospects for making profits.
- Best Labour Force - ranked 88; ahead of US (74) and Switzerland (73). Source: BERI’s 2005 Labour Force Ranking
- Vital Air Travel Hubs - Ranked 4th, ahead of New York (5) and Tokyo (9). Source: National Academy of Science, 2005
- Least Bureaucratice Place for Doing Business, Asia - Ranked first, Scored 2.2; ahead of Hong Kong (3.1), Japan (4.6); South Korea (4.9) and Taiwan (5.5)
- Ease for Doing Business - Ranked 3rd, behind New Zealand and the US
- Corporate Governance Standards - Ranked 1.49, ahead of Japan (3.43) and Hong Kong (4.65)
- Close Proximity to Regional Markets
Singapore's strategic location has made it one of the most attractive business locations in Asia. It is situated within ASEAN (Association of Southeast Asian Nations), which represents a combined market of more than 500 million people. From Singapore, you can also access a market size of 2.8 billion people within 7 hours' flight time.
- Reasonable Corporate Tax - only 20% from Financial Year 2005.
- Efficient Manpower
Singapore's well-educated and skilled workforce has been ranked the top in the world for quality and productivity by the Business Environment Risk Intelligence (BERI) Report. BERI has actually ranked Singapore as the top nation for the years 2001, 2002, 2003 and 2005.
- Low Cost of Living
Singapore's standard of living is comparable to many First World countries. It offers a safe yet dynamic environment to work, live and raise a family in. Living conditions in Singapore are amongst the best in Asia with state-of-the art facilities for education, shopping, sports and recreation.
Its inflation rate is comparatively lower than most other countries. Mercer's Cost of Living Survey 2003 listed Tokyo, Moscow, Osaka, Hong Kong and Beijing as the most expensive cities. Singapore was placed 32nd. The survey measures the comparative cost of more than 200 items in each location, including housing, food, clothing and household goods, transport and entertainment.
Please contact
us for assistance on relocating to Singapore. Let
us know your needs and we shall suggest what you could
do.
Some Reading Materials
- Handbook for Businessmen. Author: Goh TianWah. Call No: SING346.5957065 HAN
A must-read bible for anyone interested in doing business in Singapore with updated contacts of the relevant agencies. This latest revised edition incorporates the Home Office (HO) scheme, introduced in June 2003. Other new additions are information on foreign entrepreneurs and employment of foreigners and how to set up a factory. The book also provides the usual information on Registration of Businesses and Companies, Highlights of The Company Act and Employment Act, Investment Incentives, Central Provident Fund and Taxation in Singapore.
- The Investor’s Guide to Singapore Author: Singapore International Chamber of Commerce
This single volume is a handy one-stop investment guide for entrepreneurs who wish to invest in Singapore. One section clearly spells out the various government incentives and financing schemes available.
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