What Makes Singapore a Great Place to Start a Business?

Starting a business overseas is among the most challenging ventures an entrepreneur can make. But it can be highly rewarding as well, especially if you pick a good country to get started in. 

Singapore is considered one of these good countries; in fact, it is among the best in Asia and the rest of the world and has high company incorporation rates to show for it. But what makes our small city-state an  attractive place to do business in?

From straightforward corporate registration processes to favorable tax rates, let's review several reasons to consider Singapore for your global expansion. 

Why Should You Consider Doing Business in Singapore?

Good Geographic Position

Singapore's location at the heart of Southeast Asia makes it a vital gateway to various markets in neighboring regions. These include the ASEAN nations, China, India, and Australia. Its position as a bustling shipping route also means businesses can have an efficient supply chain. 

Furthermore, Singapore is generally free from major natural disasters like typhoons and earthquakes compared to neighboring nations, so you need not worry as much about your operations getting disrupted by such situations. 

Supportive Business Policies

Singaporean government does its best to foster a  business-friendly environment for investors by promoting various policies, such as: 

• A corporate income tax (CIT) rate of 17% — the lowest in ASEAN. 
• A single-tier tax system wherein businesses only pay taxes on chargeable income
• CIT rebates of up to 50%
• Tax exemptions for expenses related to research and development activities 
• Cash grants and financing schemes to support growth and innovation in certain business sectors 

Political Stability and Fair Legal Systems 

Singapore has one of the lowest corruption levels in Asia and ensures businesses can operate under clear, enforceable laws. Entrepreneurs can also enjoy a fair and efficient judicial system should they run into issues such as contract disputes and copyright infringements. 

Moreover, investors will also have more peace of mind that their enterprises are relatively safe from political upheavals. 

Minimal Bureaucratic Red Tape

A no-nonsense government also means there's very little red tape to deal with when operating in Singapore. 

Let's take the company incorporation process for instance. There's no need to go to a physical office to register, as everything is now done through their online service portal called BizFile . In most cases, it only takes around 1–3 days to incorporate in Singapore — though the timeline can extend depending on other steps you still have to complete. 

Some people do hire corporate registration services to smoothen the experience even further, which can be helpful when they have numerous requirements that they struggle to comply with on their own. 

World-Class Infrastructure 

Singapore also boasts some of the best infrastructure in Asia to make living and doing business easier for locals and foreigners alike. 

These include the following:

• High-speed internet connectivity 
• Comprehensive public transport system 
• Integrated urban planning and development programs
• Data center and cybersecurity
• Smart tech initiatives 

Talented Workforce 

Singapore has one of the most skilled workforces in Asia thanks to the country's commitment to a rigorous education system and upskilling programs. Many employees are also multilingual, making them ideal for both domestic and international activities. 

Drawbacks To Consider Before You Begin

There's no denying our country's appeal as a global business hub. But no market is without its challenges. 

Here are some considerations to keep in mind if you're set on your company's incorporation in Singapore: 

• Singapore is one of the world's most expensive nations. You need to account for high operational costs when planning your budget. 

• Since Singapore lacks natural resources, you'll need to import most raw materials overseas, which can drive up production costs. 

• The country's status as a global business hub attracts many competitors. This requires you to be even more strategic in order to stand out. 

• Though highly skilled, Singapore's local talent pool is small and often expensive. You may have to consider bringing in foreign employees, which would require work permits. 

Start Your Business Journey in the Right Place

Singapore is no doubt one of the best nations in the world to do business. While hurdles do exist, the pros outweigh the cons for investors who are ready to adapt and compete in our country. 

If you need help with your company's incorporation , don't hesitate to consult a local  corporate registration service . They can guide you through each step of the process so you can comply with all your requirements. 

So what are you waiting for? Go ahead and start chasing your entrepreneurial dreams in Singapore today.