Why Singapore’s Economy Makes it a Great Place for Businesses

Whether you are looking for a place to start a new business, or are looking to expand an existing enterprise into Asia, there is a lot to be said for Singapore as a business destination. 40 years ago, Singapore was a country with no special business credentials, yet now it is one of the world’s most significant business hubs, and offers plenty of advantages to businesses of all sizes. It has long been said that in the 21st century, heading to Asia is the best thing you can do in business, and if this is something you are looking to do for your current or future company, then Singapore may well be the place to do it. Here we look at why:

Singapore

Strength in the Asian and Global Economy

However you look at it, the Singapore business economy is robust. It was rated by leading analysts Ernst & Young as the world’s most globalised economy, and is also listed by Forbes magazine as the third most wealthy nation in the world. This effectively makes it a kind of Asian equivalent of Switzerland, if you think about it! Singapore is also rated by the World Bank as the easiest country for doing international business from. Add to this the fact that it is consistently rated the most stable country in Asia politically, and it is clear that this is a safe and welcoming environment for business.

Tax Reasons Why Singapore Helps Businesses

Singapore truly supports entrepreneurs and businesses who want to expand using the country as a new headquarters. This is very clear from how easy they make it to start a company here, and also from the way they tax businesses. Personal taxes in Singapore begin at nothing, and the most anyone ever has to pay is 20% if their income goes above $320k per year. When you compare this to the UK where anything over £150,000 per year is at 50% tax, it is clear that Singapore offers a very good deal to high earners. Equally, corporation taxes are low, with the standard rate at 17% for profits over $300k, and a rate as low as 8.5% for businesses making less than this. There are also no estate, death or inheritance taxes, so if you want to pass your business or wealth down through your family Singapore makes this easier. Equally, there are no capital gains or dividends taxes, making it a good place for people to invest.

Other Things Drawing Executives to Singapore

Money and the economy are not everything, and you need to be happy where you live and work! Singapore is also rated as the best in Asia for quality of life, and also is ranked as having the best workforce in the world.

Singapore is not the cheapest place in Asia to start doing business, but it is in many ways the most sensible due to its stable, thriving economy, business favourable taxes, and great quality of life.